Research On The Effect Of Commercial Credit On The Efficiency Of Enterprise Operation From The Perspective Of Regional Financial Development

With the development of economy, commercial credit is a indirect way to financing.Commercial credit plays an important role in the enterprise operation. Credit market is not perfect in our country, the information is not symmetrically.So, many companies face the finacingrestriction.Commercial credit reduce the finacing restriction and improve the operationefficiency.First of all, according to the profit maximization function, establish the theoretical model. Then, concluding the hypothesis between the commercial credit and the operation efficience from the model.The hypothesis is the commercial credit will reduce the financing restriction, improve the operation efficience.Secondly, according to the hypothesis, create the indexs, establish the empirical model. The forth chapter introduce the method about the index screating.This paper filtrate 500 sample enterprises,collect the financial data from the first quarter in 2011 to the last quarter in 2014,establishs the panel data model. After the model patern test and the Hausman test, this paper will establish the variable intercept random effect model.The empirical results show that, the using of the commercial credit will improve the operating efficiency. The operation efficience of the enterprise with lighter financial restriction is higher.Besides, this paper researches on the interaction effect between the independent variables.The result shows that when the financial restricion is higer,the realationshion between the commercial credit and the operation efficience is more sensitive.The reason is that,when the financial restriction is higer,the commercial credit will reduce the operation effience in a better way.And,if the enterprise is located in a lower degree of financial development,the operation efficience is more sensitive.That’s because,when the degree of financial development is lower,the financial repression is serious,the credit system is worse, the problem of low efficiency of credit resource allocation is easier to appear, the role of the of the commercial credit is more important.Besides, this paper also introduces the squared independent variable.The coefficientof squared commercial credit is not significant, that’s mean the sample companies ues the commercial credit in a rational way.The same thing, this paper introduces the squared financialrestriction, the coefficient is significant positive.The company with lower financial restriction usually has a higer operation efficience. But, when the financial restriction reach the bottom, the operation efficience will decline, that’s because the default risk is increasing, so the operation efficence is declining.In this paper, the empirical results not only test the theoretical assumptions, but also enrich the theory about the realationshipbeteween commercial credit and the enterprise operation efficiency.