Accounting Conservatism,Marketization Process Andcommercial Credit Financing

Commercial credit is the short-term loan method formed between the upstream enterprise and the downstream enterprise due to the credit relationship between the purchase and sale of goods and the advance payment of goods and the supplier or the customer in the daily production and operation process.In the process of sustained and rapid economic growth in China,due to the imperfect financial system and the imperfect capital market,many enterprises still face the problem of financing difficulties.As an important form of informal finance,commercial credit has not only been widely used in actual economic activities,but also relieved the financing problems of enterprises to a certain extent,and also played an important supporting role for the healthy development of the entire national economy.However,due to the asymmetry of information and the incompleteness of contract,enterprises often appear to default and damage the interests of suppliers and customers.Therefore,how to reduce the information asymmetry between the two parties and the incompleteness of the contract is to support the development of commercial credit.A key issue.This paper considers accounting robustness as a practical credit protection mechanism,which can effectively improve the quality of accounting information,reduce information asymmetry,protect suppliers and customers when contracting with suppliers or customers,and reduce their transactions.However,so far,there has been relatively little research on the role of accounting conservatism in the field of commercial credit financing.In addition,under the background of China's economic transition,the marketization process in different regions is very different.Studies have shown that the degree of marketization in the region where the enterprise is located will have an impact on the economic behavior of the enterprise.Therefore,whether the degree of marketization will affect the accounting stability The role of sex in commercial credit financing is also a perspective worth studying.Based on the above research background,this paper first summarizes and organizes the literature on accounting conservatism,marketization process and commercial credit financing,and then reviews the domestic and foreign literatures on this basis.Then combined with the theory of credit rationing,information asymmetry,contract theory and social capital theory,the paper analyzes the relationship between accounting conservatism,marketization process and commercial credit financing,and puts forward the rationality based on the status quo of listed companies in China.In the empirical analysis part,this paper selects the A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2016 as research samples,discusses the impact of accounting conservatism on the level of corporate commercial credit financing,and further tests the different property rights of enterprises in different markets.Under the process of globalization,there is a significant difference in the impact of accounting conservatism on the level of corporate commercial credit financing.The study found that the higher the accounting stability of enterprises,the more commercial credit financing is obtained,and whether there is a state-owned enterprise or a non-state-owned enterprise,accounting conservatism is significantly positively correlated with commercial credit financing;in addition,marketization in state-owned enterprises The process has strengthened the impact of accounting conservatism on commercial credit financing,but the regulatory role of the marketization process in non-state-owned enterprises has not been fully reflected.The innovation of this paper is that there is no literature research on the role of accounting conservatism in obtaining commercial credit financing,and considering the market environment,consider the impact of accounting conservatism on commercial credit financing under different marketization processes.The research in this paper enriches and expands the research results of accounting conservatism economic consequences and commercial credit influencing factors,which helps to strengthen the enterprise's emphasis on accounting conservatism,and thus exerts its positive role in the process of enterprises entering into commercial contracts.In addition,considering China's special institutional background,further analyzing the nature of property rights,research and analysis of accounting conservatism,marketization process and commercial credit financing can provide more targeted assistance to enterprises in solving financing problems,and also Accelerating market-oriented reform has certain enlightenment significance.