The Research On The Impact Of Credit Environment On The Interaction Between Commercial Credit And Bank Credit

As an informal capital acquisition channel for enterprises,commercial credit is widely used by enterprises,and enterprises pay more and more attention to the role of commercial credit in short-term capital turnover.And bank credit,for Chinese enterprises,has always been the main way to obtain funds.Commercial credit and bank credit not only affect the enterprise’s operation from the aspects of enterprise funds,from the configuration between two kinds of capital in the enterprise and the enterprise capital structure influences the development of enterprise.Both commercial credit and bank credit exist as financial contracts,and the new institutional economics always emphasizes the decisive role of the system to the contract.The informal system may play a more important role in China,where the formal system of the law is not yet perfect,and in the period of economic transition.Therefore,in this context,the paper probes into whether the difference of the credit environment affects enterprises’ access to commercial credit and bank credit,as well as the influence of their interactive relationship.It is beneficial for the development of the real economy to deepen the research on the effect of the informal system and improve the efficiency of the allocation of financial resources among enterprises.This paper summarizes the effect of credit,commercial credit and bank credit interaction.Based on the theory of alternative financing,buyer’s market theory,transaction cost theory and quality assurance theory,classify commercial credit by differentiating the types of monetary policy,articles demonstrate honesty environment from the Angle of theory level how to affect the use of the enterprise commercial credit and bank credit,interaction of different types of commercial credit and bank credit,honesty environment on the effect of the interaction,and join the legal environment to verify integrity environmental utility robustness.This paper firstly studies the influence of credit environment on enterprise commercial credit and bank credit usage.The results show that the improvement of credit environment can promote enterprises to obtain more commercial credit and bank credit.This is mainly the improvement of the credit environment,which makesthe trust among enterprises higher and the regional information exchange mechanism more perfect.Secondly,under different monetary policies,the motivation of enterprises to use commercial credit is different.Therefore,according to the commercial credit of commercial credit during the period of monetary policy tightening,and the commercial credit in the period of monetary policy easing under different monetary policies,the interaction between different types of commercial credit and bank credit is studied.Research conclusion is as follows: monetary policy tightening in the period of commercial credit,loose monetary policy in the period of commercial credit and bank credit is a kind of alternative relations,and the tight monetary policy the trade-off of commercial credit and bank credit performance is more obvious.Finally,based on the above research,this paper studies the influence of credit environment on the interaction between commercial credit and bank credit.The results show that the improvement of the credit environment has weakened the commercial credit and the substitution of bank credit in the monetary policy tightening,and the substitution relationship between the commercial credit and the bank credit has been enhanced.This conclusion the main reason is that,the good faith the improvement of the environment for enterprise information enables Banks to grasp,to the credibility of enterprises to improve,to enterprises in the tight monetary policy can be used to lower cost of bank credit financing,commercial credit to bank credit instead of less;During the period of the loose monetary policy,based on the transaction motive use of commercial credit for enterprise to bring the interests of the bank credit does not produce,the improvement of the environment to ensure the commercial credit for the implementation of the contract,and enterprises to a certain extent,using commercial credit instead of bank credit as enterprise funds.In addition to the formal system of the legal environment,the role of the honest environment is still stable,and in the areas of high legal environment,the credibility of the business credit and the bank credit alternative relationship with the credit of the monetary policy is reduced,and the increased role of the trade credit and the bank credit alternative to the monetary policy is reduced.