Study On The Asymmetric Difference Of The Commercial Credit Financing And Credit

With the deepening of China’s market-oriented reforms of economic,commercial credit status and role become more and more important in the micro-economic.In the industry and market non-equilibrium state,micro-enterprise often use commercial credit financing supplement daily operation needed liquidity,and also often use commercial credit credit to develop new markets.Comparison,commercial credit financing capabilities enable enterprises to occupy other enterprises’ s money,but commercial credit credit is that credit enterprises allow other enterprises to occupy money by compensation for the use.In this period,enterprises not only have to pay the cost of credit,but also including the opportunity cost,even the cost of bad debts.Thus instinct speaking,enterprises generally want to occupy other’s money,not want to their own funds have been occupied by others.On the corporate balance sheets,business owners will instinctively wish that “cope”should be more than “accounts” by commercial credit,it not only effectively increase the resources companies dominated,but also effectively improve the enterprise’s cash flow by operating activities.In this paper,viewed China’s electronic information industry companies as samples,used the annual report relevant data,in the the objective description of the asymmetry difference of commercial credit financing and credit of the premise,the focus from the business and financial situation started to explore factors that lead to commercial credit financing and credit,In this paper,according to the theory ananlysis——empirical research——conclusions and strategies’ s research ideas opening,in order to businesses effectively use commercial credit financing and credit,achieve financing more than credit and “accounts payable” more than “accounts receivable” provide ideas,methods and reference.First of all, in this paper,sorts and summarizes the research literature of the domestic and foreign on commercial credit financing and credit influence factors. Then expounds the basic theory of the commercial credit financing and credit, to the back of the empirical analysis providing theoretical guidance; Later, this paper analyzes sample enterprise’s scale and level of commercial credit financing,credit and net financing,and finds the commercial credit financing, credit and net financing have the following features: from the point of the commercial credit scale, commercial credit financing,credit and net financing scale witnessed a gradual growth trend, but the commercial credit financing and credit non-equilibrium state more and more obvious, electronic information industry greater use commercial credit to finance and less credit;in the level of commercial credit aspect,the commercial credit financing ratio, net financing ratio is characterized with the rise and fall, its first increase rapidly and then slow down, then has a tendency to rise, but the commercial credit credit ratio has only minor changes in 2006~2007, has been relatively stable;commercial credit finacing,credit and asymmetry difference levels has significant individual characteristics.Then, under the premise of the commercial credit financing 、credit and asymmetry differences of both in theoretical analysis and research hypothesis,through panel data measurement methods,choosed 23 listed companies as the research sample in the electronic information industry,the sample data from 2006 to 2014,empirically tested.In the selection of the model variables,the commercial credit financing ratio is viewed as the development variable,the company size and other seven indicators as explanatory variables. It was found that the electronic information industry’ company scale,rate of return on common stockholds’ equity and net financing ratio present positive correlation,but not significantly,this may be related to the charateristics of electronic information industry in China,current ratio, current assets turnover,asset collateral value and net financing ratio present significantly positive correlation, asset-liability ratio,the GDP growth rate and net financing ratio present significantly negative correlation.At last,the article included,China’s electronic information industry has shown the favorable situation that commercial credit financing is greater than credit, “accounts payable” more than “accounts receivable”,are able to take advantage of the commercial credit financing functions to supplement the daily operation of liquidity,increase dominated resources.In the future business activities, Electronic information industry should maintain and expand this situation,specific measures include: enhance the strength of enterprises and commercial credit initiative;strengthen liquidity and make full use of financial leverage;enhance enterprises operations and profitability.