Research On The Influence Of Supply Chain Relationship On Corporate Debt Financing Capability

Along with the integration of the global economy,the manufacturing industry has become the main force supporting the national economy,contributing to the global economic development,contributing to the gross national product,and improving the competitiveness of the industry and the innovation of science and technology.Economic and industrial development has always placed manufacturing in the first place.Therefore,the Chinese government has proposed a "Made in China 2025" program of action to achieve the international leading level.Small and medium-sized manufacturing enterprises have a strong "engine" effect on China’s economic promotion,and have a greater impact on China’s science and technology,people’s livelihood,employment and economic growth.The relationship between enterprise and supply chain upstream suppliers and downstream customer groups has been widely concerned by the global academic community.What kind of supply chain relationship and supply chain relationship have affected the debt financing ability of enterprises has been gradually studied and discussed by the academic community.Therefore,this paper uses the 2013-2017 financial data of listed companies in the small and medium-sized board manufacturing industry,focusing on the concentration and trust of supply chain relationships,exploring its impact on commercial credit financing and bank borrowing financing capabilities,and further testing different property rights.The influence of supply chain relationship on debt financing ability under the nature and bargaining power provides policy recommendations for China’s small and medium-sized manufacturing enterprises in the construction of supply chain relations and corporate debt financing.After research,the paper draws the following conclusions: First,there is a significant negative correlation between enterprise supplier concentration and commercial credit financing ability.Customer concentration,supplier trust and customer trust are significantly positively correlated with corporate commercial credit financing ability.Relationship;Second,the higher the concentration of enterprise suppliers and customers,the stronger the bank loan financing ability,the higher the trust of the supplier and the higher the trust given to the customer,the weaker the bank borrowing ability;third,the nature of different property rights Under the circumstance,the concentration of non-state-owned enterprise suppliers and customers has a greater impact on the commercial credit financing ability of enterprises,and the influence of state-owned enterprises on suppliers and customers’ trust is more obvious.Compared with state-owned enterprises,non-state-owned enterprises the concentration of corporate customers has a greater impact on bank borrowing financing capacity.Compared with non-state-owned enterprises,the concentration of suppliers,supplier and customer trust of state-owned enterprises have a deeper impact on bank borrowing financing ability.Fourth,different bargaining power,under the strength of the ability,whether it is the concentration of suppliers,customers or the trust of suppliers and customers,the commercial credit financing ability of enterprises did not show obvious differences.After returning to bank loans,it was found that the concentration of suppliers and customers with weak bargaining power and the degree of supplier and customer trust have a greater impact on corporate bank borrowing financing ability.Therefore,enterprises should pay attention to supply chain relations,establish a stable supply chain relationship,and deliver reliable and reliable news to the outside world,reduce information asymmetry between banks,and enhance the company’s commercial credit financing ability and bank loan financing ability.