Standard Audit Opinion,Monetary Tightening Policy And Commercial Credit Financing Of Enterprises

Nowadays the commercial credit has been widely used in the enterprises.The existing research can mainly be divided into two directions:Some scholars focus on internal factors,such as company scale,financial condition and cash flow condition,how to impact on the commercial credit.The other part of the scholars research the macroeconomic environment policy such as monetary policy,financial crisis and so on,how to affect enterprise commercial credit.The There are very few researches about the standard audit opinion how to impact on enterprise commercial credit.The research under the background of monetary tightening is fewer.This article focus on the perspective of the auditing opinions,found that the standard audit opinion can increase the volume of trade credit.Add the property nature variable and monetary tightening variable,found the standard audit opinion’s positive effect on non-state enterprise is more significant.At the same time the positive effect in monetary tightening is more than in monetary loosing.It not only extended a new perspective for the study of commercial credit financing,but also make up for the influence of auditing opinions on commercial credit,what’s more,it has a practical significance on non-state enterprise which worst affected by the monetary tightening.This article reviews the literature into three aspects,commercial credit,monetary tightening and commercial credit financing and audit opinion and commercial credit financing.Then put forward theoretical analysis and hypotheses.This article selected the financial data from 1998 to 2015 listed companies as the research sample,then selected valid research data,and set up research model according to the research hypothesis.This research uses descriptive statistics analysis,correlation analysis,multiple regression analysis and robustness testing to verify this hypothesis.And at last get the conclusion,the corresponding policy suggestions and prospect for future research.The results show that:(1)In the monetary tightening period,commercial credit and bank loan has substitution effect;(2)Standard auditing opinions has positively related to enterprise next year commercial credit financing;(3)Compared with the state-owned enterprises,the standard audit opinion’s positive effect on the non-state enterprise commercial credit financing is more significant;(4)In the period of monetary tightening,compared with the state-owned enterprises,the standard audit opinion to the non-state enterprise commercial credit financing’s positive effect is more significant.