Study On Enterprise "Quasi-Credit" And Capital Market Pricing Efficiency

For a long time,China’s economy has shown a very strong form of "financial repression",which has led to the continuous development of inter-enterprise lending behavior outside the formal financial system,and a large number of enterprises with financing advantages have begun to bypass the formal financial system as credit intermediaries,allocating cheap funds or surplus own funds to enterprises subject to financing constraints,forming enterprise "quasi-credit".The formation and development of enterprise "quasi-credit" provides new ideas and methods for promoting the effective flow of funds and optimizing the allocation of market resources,which constitutes an important component of capital reallocation in China’s capital market.However,at the same time,as a loan model that is free from the traditional banking system,the credit risk and operational risks of "quasi-credit" of enterprises are constantly exposed,and some enterprises use the weak supervision and high concealment of "quasi-credit" to start to carry out earnings manipulation,which has an important impact on the company’s information environment.The essence of the capital market is the market of information,and its core function is to use the signal mechanism of stock prices to achieve optimal allocation of resources,and the ability to reflect the fundamental information of stock prices is an important symbol to portray the pricing efficiency of the capital market.Compared with mature capital markets,due to the poor information environment of Chinese companies,the pricing efficiency of the capital market is low,and it is difficult to give full play to the guiding role of resource allocation.Therefore,discussing how micro-enterprise behavior affects the pricing efficiency of China’s capital market by affecting the company’s information environment has important theoretical value and practical significance for improving the efficiency of capital market resource allocation,improving the effectiveness of capital market,and promoting the high-quality development of capital market.Therefore,this thesis aims to focus on whether the issuance of "quasi-credit" by enterprises affects the pricing efficiency of the capital market by affecting the company’s information environment.This thesis uses the manually collected and collated entrusted loan announcement data,uses entrusted loans as the proxy variable of enterprise "quasi-credit",and takes Shanghai and Shenzhen A-share listed companies from 2007 to 2020 as a sample,aiming to study whether the issuance of "quasi-credit" by enterprises will have an impact on the pricing efficiency of the capital market.The main conclusions of the research are as follows: the issuance of "quasi-credit" by enterprises reduces the pricing efficiency of the capital market.The mechanism of action shows that the issuance of "quasi-credit" by enterprises reduces the pricing efficiency of the capital market by worsening the corporate information environment.Further,when enterprises issue non-equity-related "quasi-credits",borrowers are non-listed companies and non-state-owned enterprises,the scale of the issuer company is relatively small,the degree of competition in the corporate industry is more intense,the uncertainty of external economic policies is high,and the period of easy monetary policy,the issuance of "quasi-credit" by enterprises is more likely to significantly reduce the pricing efficiency of the capital market.With the improvement of corporate governance,capital market information increase in the intermediary participation,the tightening of the external regulatory environment,and issuance of external regulatory policies will help optimize the corporate information environment,thereby reducing the negative impact of enterprises’ issuance of "quasi-credit" on the pricing efficiency of the capital market.The innovation of this thesis lies in:(1)Starting from the "quasi-credit" of enterprises,this thesis deeply explores the impact of "quasi-credit" issued by companies on the capital market from the perspective of capital market pricing efficiency,and opens the "black box" of the impact of "quasi-credit" issued by companies on the capital market,which makes a certain incremental contribution to the research on the economic consequences of corporate informal financial activities.(2)The impact of informal finance on the sustainable and high-quality development of China’s capital market was discussed,and a new influencing factor of capital market pricing efficiency was added.At present,China’s economy is in the process of rapid development,and the demand for funds in the capital market is large,which promotes the rapid development of informal finance.By studying the relationship between the issuance of "quasi-credit" by enterprises and the pricing efficiency of the capital market,this thesis discusses the impact of informal finance on the sustainable and high-quality development of the capital market,and enriches the research on the healthy development of the capital market.