Financial Environment,Bank Credit,Commerical Credit And Redistributive Effect

As an important component in credit system, commercial credit has a faraway history and also playing an irreplaceable role in the short-term corporate financing. Currently, the financial system in China is inefficient,bank credit is the main channels in financing structure, phenomenon of credit rationing in the formal financial system is serious, the difference is that Chinese economy has maintained remarkable achievements,there must be some kind of hidden financing which supporting the development of Chinese economy, the redistributive effect of commercial credit gradually becoming the focus of scholars’ attention.From the perspective of redistributive effect of commercial credit, private enterprises in high financing constraints will turn to use commercial credit in order to make up the funding gap, the corresponding is that state-owned enterprises which enjoying the finance benefits are willing to provided the credit funds throw commercial credit channels to this kind of private enterprises, reallocation of credit funds is achieved. The redistributive effect of commercial credit may play a complementary role of the formal financial system and also can amended irrational bank funds allocation, it may be an important factor in promoting Chinese economy.According to the fundamental principle of trade credit redistribution, based on financial repression and bank discrimination. This article using theoretical analysis and empirical research methods,selecting observations of the Chinese listed companies of Shanghai and Shenzhen stock markets during 2005 to 2010,combined with financial environment in China, compared the relationship between commercial credit and bank credit with listed companies in different economic benefit.In order to answer the existence value of commercial credit,inspected mechanism and system causes of the redistributive effect of commercial credit.The results show that the redistributive effect of commercial credit do exist as complement of formal financial system, some of bank credit are informally transferred from state-owned enterprises which has low performance to private enterprise which has high performance through the channel of trade credit.It can be seen that when it formal financial system is imperfect, the redistributive effect of commercial credit improved the efficiency of capital allocation, corrected the efficiency of the first allocation of financial resources, the redistributive effect of commercial credit becomes weaker as the lower the degree of financial repression.Through these findings,this dissertation draws the following revelations:Although the redistributive effect of commercial credit has a positive correction effect to the low initial allocation efficiency of financial system,slowing the drag effect from Financial repression on economic development of private enterprises. But if our current financial system do not be revolutionized, may cause market-oriented enterprises astray economic cycle system which is outside the system and Lead to adverse selection in market system. Therefore, China is necessary to ease financial repression and Establish a justice financial system at present.