Research On The Relationship Between Bank Lending And Commercial Credit Financing

Since the 20 th century,commercial credit financing,as an informal financing method,has gradually become an important supplement to the formal financial system.As the most important way of financing,bank credit and commercial credit have attracted extensive attention of scholars.Commercial credit financing and bank loan are of great significance to meet the financing needs of enterprises and ensure the sustainable operation of enterprises as two important short-term financing methods.Scholars always focus on debate on if these two financing methods are complementary,alternative or dynamic in enterprise financing behavior and no consensus has been formed so far.At the same time,in view of China’s national conditions,there are some problems in credit rationing in China’s financial market,especially the difference of enterprise ownership,which makes it difficult to meet the needs of enterprises through formal financing channels.Therefore,the study of the relationship between commercial loans and bank loans is of positive significance to China’s credit marketing.This paper is selected from the unbalanced panel data of Listed Companies in Shanghai and Shenzhen from 2010 to 2020 as a sample.Through constructing a fixed effect model,this paper tests the characteristics of commercial credit financing and bank credit signal effect under China’s current economic system.There is a nonlinear u-inverse relationship between them,which provides theoretical support for the integration of the two relationships,rather than a single complementarity or substitution.After that,from the perspective of property right heterogeneity,A further investigation into the relationship between the two financing methods will be made to determine whether the signal rate of return can alleviate the credit discrimination of private enterprises or reduce the credit discrimination of credit users and enterprises,and then reduce the supply shortage caused by credit asymmetry,so that it will play an active role in the allocation of resources in the credit market.The empirical results show that:Firstly,there is a significant positive correlation between commercial credit financing and bank loans in China.The scale coefficients of commercial credit financing of all models are at a positive significant level,indicating that there is an obvious commercial credit signal transmission effect in China’s economic system.Secondly,when bank loans are obtained before the optimal limit,there is a significant positive correlation between commercial loans and bank loans.If the optimal limit is exceeded,there will be a significant negative correlation between commercial credit financing and bank credit financing.Third,there is a positive correlation between commercial loans and bank loans of private enterprises.From the nature of ownership,the signal effect of commercial credit financing enables private enterprises to alleviate the bank loan dilemma caused by information asymmetry in the credit market.The research conclusion of this paper provides a certain reference basis for government departments to formulate the relevant system of commercial credit financing and listed companies to optimize the mismatch of credit resources.