Supply Chain Relationship,Internal Control And Trade Credit Finance

At present,China is in the process of economic transformation.The financial system and the capital market still need to be improved.The problem of information asymmetry makes enterprises easily restricted when they obtain financing from banks and other financial institutions.The financing problem of enterprises has attracted much attention.Trade credit financing has a more cost advantage than other financing methods,and plays an important role in easing financing pressure,enriching financing channels,and promoting capital turnover.At the same time,the provision of trade credit financing by enterprises is equivalent to giving preferential treatment and providing product quality assurance,which helps to promote sales and seize the market.It has a business function;on the other hand,the provision of trade credit financing means that its own funds are The possession of others also faces the risk of payment.The use of trade credit financing is also related to the survival and development of the enterprise itself.Previously,the academic community has carried out some research on trade credit financing,but more research on trade credit demand and its influencing factors is less researched from the perspective of trade credit financing,for supply chain relations and trade credit.The internal relationship between financing supply and demand has yet to be further studied.In fact,it is equally important for companies to obtain trade credit financing from suppliers to cope with financing difficulties and provide trade credit financing to customers to play a business role.The supply and demand of trade credit financing are affected by the relationship between suppliers and customers.First of all,based on the analysis of information asymmetry theory,signal transmission theory,credit rationing theory and co-opetition theory,the article establishes the theoretical model of supply chain relationship,internal control and trade credit financing.Secondly,according to the data of China's Shanghai and Shenzhen Ashare listed companies in 2011-2017,use Stata14.0 software for empirical data analysis,study the impact of internal control on the supply and demand of trade credit financing,and examine the regulatory role of supply chain relations in internal control affecting trade credit financing;again,further analysis It also examines the channels of influence between internal control and trade credit financing,and based on the overall supply chain perspective,studies the relationship between supply chain ternary relations,internal control and net trade credit,and further tests the competition in the supply chain.The economic consequences of cooperation;again,using the 2SLS method,Heckman test for endogeneity test,and the robustness test by surrogate variables,the research conclusions are more stable;finally,based on the empirical test results,relevant recommendations are given to indicate the limitations of the article and Carry out future prospects.Through research,the main conclusions are as follows:(1)The quality of internal control helps enterprises to improve the demand and supply of trade credit financing;(2)The enterprise with high supplier relationship is not conducive to the trade credit demand of enterprises,and the enterprise with high customer relationship will increase.Trade credit supply;(3)Supplier relationship plays a negative adjustment role between internal control quality and trade credit demand,while customer relationship plays a positive role between internal control and trade credit supply;(4)Accounting Information risk,agency cost and agency efficiency are important channels for internal control quality to trade credit financing;(5)In the supply chain ternary relationship,the overall supply chain relationship plays a negative adjustment between internal control and net trade credit..This study comprehensively considers the role of supply chain relationship and internal control in the supply and demand of trade credit,and provides a new perspective for the study of trade credit-related theoretical research.The research conclusions also provide empirical reference for enterprises and relevant government departments to make decisions,and it has a positive effect on alleviating the problem of corporate financing difficulties.