The Internal Governance,Market Position Impact On Commercial Credit Financing

As a means of short-term financing,commercial credit has been widely used abroad to alleviate the problem of restricted financing.In recent decade,many domestic scholars have found that commercial credit in China is also becoming effective way of financing of non-financial institutions through theoretical and empirical research.Under the background of low finance deepening extent and credit discrimination,commercial credit could contribute to relieving the shortage of funds and limited financing problems.So what kind of business can get more commercial credit financing?What factors affect the scale of commercial credit?Research on this issue has practical significance.Firstly,review relevant literature in order to have a clue about existing research.Identify direction of this article:the internal governance,market position and commercial credit financing.Secondly,based on the theory of competitive hypothesis,buyer's market,and the incomplete contracting theory,et cetera,analyze the impact of internal governance and market position on commercial credit financing.On this basis,study has been designed:Select 2010-2014 Shenzhen Small and Medium Enterprise Board listed companies as a research sample;use principal component analysis method to construct internal governance index;carry on investigations into the internal governance and market position cause what kind of influence respectively on commercial credit financing,and the difference between different market position.Making regression analysis on the influence of internal governance and market position on commercial credit financing respectively,this paper obtain the following conclusions:The better corporate internal governance is,the more commercial credit financing to be receive;the higher corporate market position is,the more commercial credit financing to be receive.Then divide the sample into two groups according to the level of corporate market position,and use regression analysis of two sets of data respectively.This article reach the following conclusions:In the area of increasing commercial credit financing,there is an alternative relationship between the corporate internal governance and market position,and with regard to the companies which situate in disadvantageous market positions,improving internal governance is able to produce beneficial impact on getting an increasing number of commercial credit financing.Finally,according to the research results,this paper puts forward corresponding proposals countermeasures.The companies with lower market position should enhance awareness of internal governance;institute and improve internal governance mechanism;exert its action adequately.By this means,these companies can compensate for the negative impact on commercial credit financing which caused by lower market position,so as to gain more commercial credit financing.Government can also provide appropriate propaganda,and take measures to guide and standardize' commercial credit financing.