Research On The Impact Of Monetary Policy And Accounting Conservatism On Trade Credit Financing

At present,China's economy is in a critical period of development and transformation.Good policies for the development of private enterprises have been issued continuously,and the environment of private economy has been optimized.At the same time,private enterprises are also facing unavoidable challenges.That is to say,private enterprises,which have suffered from credit rationing for a long time and face credit discrimination,are facing more difficulties in financing under the environment of financial deleveraging and increasingly stringent financial supervision.In this context,trade credit,as one of the debt financing modes of enterprises,has many advantages,such as less restrictions,low cost,easy operation,strengthening economic ties between enterprises,accelerating the circulation and turnover of funds,etc.It has been highly sought after by private enterprises.In the face of complex economic environment,what are the factors affecting private enterprises to improve trade credit financing? This is exactly what this paper needs to study.Enterprise's environment includes internal and external dimensions.From the internal environment,accounting conservatism,as an important indicator to measure the financial quality of enterprises,can avoid a series of problems,such as information asymmetry,and protect creditors' interests to a certain extent by conveying signals to creditors about the operation status of enterprises.Creditors may therefore relax their loan requirements and make private enterprises run smoothly.It is possible to reduce the financing cost.From the external environment,monetary policy as an important means of national macro-control,monetary policy adjustment will inevitably have a certain impact on the economic behavior of micro-entities.Therefore,it is necessary to analyze the trade credit financing of private enterprises from two aspects: internal micro-accounting conservatism and external macro-monetary policy.Based on the analysis of relevant theories and the current economic development situation,this paper constructs the research framework of the impact of monetary policy and accounting conservatism on trade credit financing,and what effect will accounting conservatism have on trade credit financing when monetary policy is tightening,that is to say,what effect will accounting conservatism have on the relationship between them? And introduce the "scale" of the individual characteristics of the enterprise to analyze whether the effect of this kind of influence is different.In order to solve the above problems,the private listed companies of A shares in Shanghai and Shenzhen Stock Exchanges from 2013 to 2017 are taken as samples,and the individual fixed effect model of panel data is used to explore.The research finds that:(1)compared with the period of monetary policy relaxation,the trade credit financing of private enterprises tends to decrease when the monetary policy is tight;(2)compared with enterprises with low accounting conservatism,enterprises with higher accounting conservatism are more likely to get trade credit and ease financing constraints;(3)Although affected by the monetary policy tightening,the trade credit financing of enterprises has declined.However,accounting conservatism can effectively mitigate this negative impact,that is,the accounting conservatism of enterprises themselves can affect the relationship between monetary policy and trade credit financing;(4)the larger the scale of enterprises,the more significant the impact of accounting conservatism on the relationship between monetary policy and trade credit financing.In view of the above conclusions,this paper puts forward corresponding suggestions from the aspects of monetary policy,accounting conservatism and trade credit financing.On the one hand,it provides experience for private enterprises to conduct trade credit financing,on the other hand,it provides micro-evidence for the government to improve the financing of private enterprises.