An Empirical Study On The Impact Of Corporate Credit On Financing Efficiency Of Listed Companies

With the deepening of China's reform and opening-up and the acceleration of globalization,enterprises are in a more intense market competition environment,but the fact is that the vast majority of enterprises financing efficiency is low,financing is difficult,financing cost is high.Till 2018,the scale of bond defaults reached 100 billion yuan.In 2018,there were 119 bond defaults,which is more than the total of the previous four years,seriously affecting the development of the social economy and the stability of the financial system.Social Economy is based on credit,and enterprise financing is also a problem of social economic development,which is the key problem of social economic development.With development of China's social credit system,the rational allocation of credit-oriented funds has become a new solution to the problems of low financing efficiency,financing difficulty and high financing cost.So,can credit guide the rational allocation of funds? Can credit affect financing efficiency and debt financing? How,and what are the consequences of that? It is very important to study the influence of enterprise credit on financing efficiency and debt financing.This paper analyzes the influence mechanism of enterprise credit on financing efficiency and debt financing by studying relevant literature and theory,and deduces four influence paths then puts forward four hypotheses.Further,through the analysis of the present situation of the listed companies in our country,the present situation of Enterprise Credit,financing efficiency and debt financing is analyzed macroscopically,and the relativity among Enterprise Credit,financing efficiency and debt financing is analyzed microscopically.And it has analyzed the heterogeneity of the different profession,and discovered that the construction real estate profession enterprise has the particularity.In the empirical part,this paper selected 11364 samples of panel data of2201 listed companies in China from 2008 to 2017 according to the data screening principle and the sample of 2571 principal credit ratings of 672 listed companies.By constructing the OLS regression model,this paper studies the effects of enterprise credit on the financing efficiency and debt financing of listed companies.Taking the manufacturing industry and the construction real estate industry as examples,this paper makes a structural analysis of the subdivided industries,and further probes into the impact of enterprise credit on financing efficiency and debt financing.Theoretical research shows that enterprise credit has a positive impact on financing efficiency and a negative impact on the scale and cost of debt financing.Further,the analysis of the present situation of the enterprise credit and financing efficiency of listed companies in our country shows that: macroscopically,the correlation of the enterprise credit and financing efficiency of our country is divided into two stages,2008-2014 is positive correlation,2015-2017 is negative correlation;microscopically,the higher the enterprise credit is,the higher the financing efficiency,the smaller the scale of debt financing,and the lower the cost of debt financing are.There are big differences among different industries in enterprise credit with financing efficiency,the scale of debt financing,and the cost of debt financing.And the construction real estate industry may have the phenomenon of invalidation in credit-induced rational allocation of funds mechanism.The empirical results show that when the credit is good,the financing efficiency is high,the scale of debt financing is small,and the cost of debt financing is low.The influence of enterprise credit on financing efficiency,scale and cost of credit financing does not necessarily exist,it is proved that in the construction and real estate industry,there is a phenomenon of invalidation in the rational allocation mechanism of credit-guided funds.In addition,the analysis of the influence of enterprise credit on financing efficiency,the scale of debt financing and the cost of creditor's rights financing shows that the impact path of different forms of enterprise credit on financing efficiency is different,and under different credit level,the same influence path has the opposite influence on the financing efficiency,the scale of debt financing and the cost of debt financing.It is found that credit rating has a more direct impact on financing efficiency and debt financing by comparing the impact path of two kinds of enterprise credit.