Life Cycle,Regional Finance And Trade Credit Financing

Trade credit has become an important way of enterprises financing.Enterprises in different stages of life cycle of commercial financing needs are different,the difference of commercial credit financing is worth exploring whether there are some differences.The development of regional financial has great influence on the regional corporate bank credit financing,thus affecting the dependence of enterprises in different the life cycle stages on commercial credit financing.Through the research of these problems,we can realize the characteristics of enterprises financing in different stages of life cycle,explain the influence of regional finance development on enterprises financing in different stages of life cycle,and form suitable policies.This paper first explains the definition and characteristics of commercial credit,then from the external and internal factors the two different perspectives to expound its impact on commercial credit,to study their review,analysis,summary,and then through the combination of theoretical analysis and mathematical model,put forward this research hypothesis.In this paper,the use of 2005-2014 listing Corporation financial data in Shanghai and Shenzhen A shares.Using empirical research methods study the different stages of the life cycle of enterprises,the impact of regional financial development on corporate business credit financing.Firstly.According to the full sample divided into different stages of the life cycle stages,and then the difference of commercial credit financing between the growth stage and the non-growth stage is analyzed and contrasted,then,the non-growth stage is divided into two stages: mature stage and recession stage.Comparative analysis of the commercial credit financing difference.Secondly,the paper analyzes the impact of regional financial development level on commercial credit financing.,Finally,this paper further studies the difference between growing commercial credit financing and non-growing commercial credit financing in the regions with high level of financial development compared with the regions with low level of financial development.This paper makes regression analysis,correlation test,T test and robustness test.The main conclusions of this paper are as follows:(1)compared with the non-growth enterprises,the growth stage of the enterprise obtaining a higher proportion of commercial credit financing.(2)In the region with the higher level of financial development,the proportion of commercial credit financing is lower;in the region with the lower level of financial development,the proportion of commercial credit financing is higher(3)compared with the low level of regional financial development area,in the regions with relatively high level of financial development,the proportion of commercial credit financing in the growing enterprises is higher than that in the non-growth enterprises.Indicating that the financial development level of different life-cycle financing gap between enterprises with "amplification effect".