Research On The Impact Of Corporate Financialization On Commercial Credit Supply

In recent years,China has been in an important period of industrial transformation and upgrading and economic restructuring,and its economic growth rate has slowed down significantly.During this period,the contradiction between supply and demand in the real sector has become increasingly prominent,and the willingness to invest has declined significantly.On the other hand,the financial sector has attracted a large amount of capital inflows due to its high return on investment.Enterprises constantly deviate from the real economy and devote themselves to finance,real estate and other industries.Industrial capital forms "idling" in the financial field,which eventually leads to a typical trend of "moving from real to virtual",that is,"financialization".Although enterprise financialization can help enterprises to maintain a certain amount of liquidity,enterprises should also be alert to the possible negative consequences.Existing studies have found that the financialization of enterprises has a positive effect on easing the capital pressure and improving the efficiency of resource allocation.At the same time,it has also found its negative impact on squeezing out real investment,curbing innovation investment and improving financial risks.Commercial credit supply decision is an important part of enterprise business strategy decision.The implementation effect of this decision not only affects the smooth development of enterprise production and operation activities,but also is related to the survival and development of other enterprises in the same supply chain.After the financialization of real enterprises,how will the policy of providing commercial credit of enterprises change? This thesis will start a study with this question.This thesis builds A theoretical analysis framework of enterprise financialization and commercial credit policy,in 2008-2021 China a-share non-financial listed companies as A research sample,elaborated the enterprise financialization of commercial credit supply and mechanism,and further from the perspective of property rights and industry competition analyzes the influence of the heterogeneity,but also examines the internal control,financial regulation of the representative internal and external governance factors regulating the relationship between financialization and commercial credit supply.The study found that:(1)generally speaking,enterprises allocate financial assets more out of the market arbitrage motivation than out of the precautionary savings motivation.Enterprise financialization has an obvious inhibitory effect on the supply of commercial credit,That is,with the improvement of the financialization degree,Companies will reduce the commercial credit supply to external customers,And this conclusion is still true after using the robustness test such as instrumental variable method,propensity score matching,variable replacement and subsample regression;(2)Through the test of the influence mechanism,Enterprise financialization can restrain the supply of enterprise commercial credit by intensifying the intermediary channels of financing constraints and improving investment income;(3)To distinguish between the long-term and short-term structure findings of enterprise financial asset allocation,Compared to the long-term financial assets,The holding of short-term financial assets by enterprises has a greater inhibitory effect on their commercial credit supply;(4)The results of the heterogeneity analysis indicate that,For state-owned enterprises and enterprises with a low degree of industry competition,The negative impact of enterprise financialization on commercial credit supply is more significant in non-state-owned enterprises and enterprises with high degree of industrial competition;(5)This thesis also examines the internal and external governance factors in the adjustment between enterprise financialization and commercial credit supply,The improvement of internal control quality and the strengthening of regional financial supervision can improve the negative impact of enterprise financialization on commercial credit supply.The possible contribution and significance of this thesis lie in:(1)On the basis of the existing research exploring the economic consequences of enterprise financialization from the perspective of entity investment,enterprise innovation and business performance,this thesis includes the commercial credit provision policy into the research scope of enterprise financialization,which is to supplement and perfect the research on the economic consequences of financialization of enterprises.(2)Based on the intermediary effect model,it identifies the role of financing constraints and investment returns on the influence path of enterprise financialization on the supply of commercial credit,so as to reveal the mechanism behind the influence of enterprise financialization on the supply of commercial credit,and open the "black box" of financialization on the supply of commercial credit.(3)The internal control and regional financial regulation of enterprise financialization and commercial credit supply regulate the relationship between the two,help enterprises and the government to further understand the system of enterprise financialization causes and consequences,for the current comprehensively promote internal control system construction and under the new situation to strengthen financial supervision to provide empirical evidence and reference Suggestions.