Commercial Credit, Market Position And The Growth Of Enterprise Investmen

China's economy has turned from high speed growth stage to high quality development stage.Under the background of economic development entering a new normal state,the reform and development has become the theme of the times.The nineteen major reports point out that the construction of a modern economic system needs to deepen the reform of the investment and financing system and play the key role of investment in optimizing the supply structure.The premise of investment is whether it can integrate into capital.However,due to information asymmetry,credit discrimination and transaction costs,Chinese enterprises generally have financing constraints.The source of human economic development is long,and commercial credit,as an ancient way of financing,is called "the third financing channel".With the development of market economy,business credit has become an indispensable part of modern microeconomic life,and has gradually become an important part in the process of business operation and financing.Based on the theory of credit rationing and the theory of comparative advantage,many scholars have confirmed the correlation between business credit and corporate investment.The influence of the market position on the relationship between business credit and the growth of enterprise investment,and the influence of the market position on the relationship between business credit and the growth of enterprise investment in the enterprises with different investment efficiency,will be the focus of this paper.First,we review the relevant literature at home and abroad,comb the relationship between business credit,market position and business investment growth,and then define the relevant concepts,and clarify the theoretical basis,research methods and research scope of this article.Secondly,through the analysis of business credit,market status and enterprise investment theory,the hypothesis is put forward.Finally,in order to further study the investment growth of commercial credit,market position and between enterprises,selected2007-2016 years in Shanghai and Shenzhen two A shares of 1316 listed companies,a total of13160 observations as the research samples,through descriptive statistical analysis,Pearson correlation analysis,multiple regression analysis,the relationship of commercial credit andcorporate investment the growth of this market position;while the introduction of variable,explore the regulatory role of the market position of commercial credit and investment growth,in addition,pay attention to the efficiency of investment in different enterprises under the influence of market position,business credit and investment growth relationship.The empirical results show that:(1)the use of commercial credit more and more enterprises can promote the growth of investment,there is a positive correlation between the growth of investment in commercial credit and enterprise;(2)the effect of market position factors,positive correlation between the growth of investment in commercial credit and enterprises will be more obvious,namely the relationship between investment market position of commercial credit and enterprise growth plays a positive regulatory role,indicating a high position in the market of the enterprises in the industry usually by virtue of its market position,as far as possible to get more commercial credit,and then promote the enterprise investment growth;(3)compared with investment over enterprises,market position of commercial credit and investment growth promoting effect is more obvious in the lack of investment in the enterprise.The conclusion of this paper has opened up a new vision for investigating the interaction of commercial credit and enterprise investment,and has played a certain reference and reference for further improving and perfecting the financing channels of enterprises.