Research On The Influence Of Information Transparency On Trade Credit Financing

In recent years,China's economy has made great progress,and enterprises as an important part of the economic body have developed rapidly,but the financing difficulties of enterprises are still serious.A large number of enterprises are facing the "dilemma" of internal and external financing,especially in the current capacity reduction and deleveraging Under the environment of strong supervision,financial institutions shorten the loan cycle and shrink the scale of credit,resulting in a substantial reduction in the financing opportunities available to Chinese companies,and funds are the foundation of enterprise development.How to solve the difficult financing situation is the most concern of enterprises.Trade credit financing,as an informal financing mechanism,has the characteristics of easy access and low cost.It can supplement the existing formal financing mechanism,thus effectively alleviating the difficulty of corporate financing.The level of information transparency of an enterprise is closely related to its internal governance level,enterprise performance,and external financing costs.The acquisition of trade credit financing,as an important external financing decision for an enterprise,is bound to be affected by information transparency.After reviewing and reviewing the previous literature,the research results on the influencing factors of trade credit financing are quite rich.From the macro and micro perspectives,monetary policy,economic cycle,enterprise size,market position,financial status,etc.will all affect trade credit Financing,but there is little literature on the relationship between information transparency and trade credit financing,and the impact of the nature of property rights,enterprise size,and industry characteristics on the relationship between the two is rarely involved,so this article focuses on the relationship between information transparency and trade credit financing,and the impact of the nature of property rights,enterprise size,and industry competition on the relationship between the two.By studying the relationship between information transparency and trade credit financing,we have expanded the research on the influencing factors of trade credit financing and enriched the research on the economic consequences of information transparency,and further discussed the heterogeneity of the relationship between the two to make the research perspective more comprehensive and avoid previous research.Information transparency and trade credit financing are biased due to the neglect of factors such as enterprise characteristics and industry characteristics.This paper firstly conducts theoretical analysis based on the theory of financing comparative advantage,optimal order financing theory,information asymmetry theory,signal transmission theory,and principal-agent theory,and proposes research hypotheses,and then selects Shenzhen A-share listed companies from 2010 to 2018 as Sample,construct a fixed-effects model that includes the year effect,empirically test the relationship between information transparency and trade credit financing,and further group them according to the nature of property rights,enterprise size,and industry competition,and test the heterogeneity of the relationship between the two.The following conclusions are drawn:(1)Under the same conditions,the transparency of information is positively related to trade credit financing.(2)In the group discussion of the nature of property rights,compared with state-owned enterprises,the positive effect of information transparency on trade credit financing is more obvious in non-state-owned enterprises.(3)The scale of the enterprise will significantly enhance the positive correlation between information transparency and trade credit financing.(4)The degree of industry competition will significantly enhance the positive correlation between information transparency and trade credit financing,that is,the positive effect of information transparency on trade credit financing is more important among enterprises with high industry competitiveness than enterprises with low industry competition Significantly.On the basis of the above conclusions,this article puts forward corresponding policy recommendations from three aspects: enterprises,industries,and regulatory agencies:(1)For enterprises,it is necessary to pay attention to the construction of their own efficient information disclosure mechanism to achieve timely and accurate Information disclosure.(2)Monopolistic industries will cause non-market interference to trade credit contracts.Therefore,the degree of monopoly in certain industries should be reduced,and competition mechanisms should be introduced to create a better market environment.(3)For regulators,it is necessary to strengthen the information disclosure mechanism of listed companies,improve relevant systems and regulations,and regulate the trade credit market.