Supplier Concentration,non-Standard Audit Opinions And Trade Credit Financing

Trade credit is an important way for enterprises to finance.In recent years,the scale of trade credit financing of A-share listed companies has been increasing year by year.The scale of trade credit financing is affected by macro and micro factors.Macro factors such as monetary policy,financial development level,institutional environment,and industrial environment and micro factors such as the property rights,internal control,profitability,and information disclosure quality of the enterprise have been extensively studied on the impact of trade credit financing.Compared with the above factors,supplier concentration and non-standard audit opinions are important reference factors for formulating credit policies,and the impact on trade credit financing is direct and important.Whether the effect of supplier concentration on trade credit financing is positive or negative,whether different types of non-standard audit opinions have different impacts on trade credit financing,whether the effect of audit opinions on the relationship between supplier concentration and trade credit financing is strengthened or weakened,these are subject to further argument.However,there are less relevant studies,which have not attracted the attention of the researchers.In order to further reveal the influence of supplier concentration and non-standard audit opinions on corporate trade credit financing,this thesis takes A-share listed companies as a sample and uses panel data fixed effect model to test the relationship.It further explores the influence of different types of non-standard audit opinions on trade credit financing and the influence of related party relationship on the relevance of supplier concentration and trade credit financing.The research finds that:(1)The supplier concentration is negatively related to the scale of trade credit financing.(2)Non-standard audit opinion will reduce the scale of trade credit financing in the following year.The degree of reduction will be different due to the different types of non-standard audit opinions.The degree of reduction from high to low is: disclaimer of opinion>qualified opinion> unqualified opinion with the paragraph.(3)Compared with the supplier concentration,non-standard audit opinions have stronger negative effects on the scale of trade credit financing.(4)The non-standard audit opinion is complementary to the supplier concentration,which can reinforce the negative effect of the supplier concentration on the scale of trade credit financing.(5)The related party relationship between the enterprise and the supplier will promote the scale of trade credit financing of the enterprise,the non-standard audit opinion will amplify this impact and turn the negative effect of supplier concentration on trade credit financing into a positive effect.According to the conclusion,this thesis puts forward some suggestions to enterprises and suppliers respectively.Enterprises should strengthen the management of supplier relations,improve the quality of accounting information,and regulate the management of related party relationships to promote the scale of trade credit financing.Suppliers should fully identify the content of audit opinion information,make reasonable arrangement of transaction volume with enterprises.