Study On The Effect Of Credit Sensitivity On The Contract-keeping Behavior Of Enterprises

With the continuous development of the market economy,the upgrading of the industrial structure and the deepening of supply-side reforms,companies are increasingly facing the conditions of complicated market economy based on their own earnings,financing,scale expansion and other pressures.And the number of economic decisions that required to make is increasing.At the same time,as governments and markets increasingly call for the development of the credit economy and the increasing demand for their development,the credit behavior of enterprises is receiving more and more attention.Although the regulation is more complete and stricter,the number of listed companies in our country whose irregularities have been published increased from 37 by the year 2010 to 250 by the year 2017.And the times that irregularities been published increased from 41 times by the year 2010 to 366 times by the year2017.The growth rate reflect that the investors of our open market listed companies are not sensitive to the irregularities of the listed companies and have a high degree of tolerance to these irregularities which made the listed companies do not sensitive to their own irregularities and it will lead to a vicious circle in the end.In this paper,as the starting point,the cost of credit and credit income is first divided into the cost of keeping promises and losing promise,and income of keeping promises and losing promise.And on the basis of multiple transactions,the relevant costs and benefits are divided into current and future cost and income two categories.Then we proposed three concepts:credit sensitivity,credit tolerance and credit acceptance based on theoretical analysis with the game theory.On the basis of theoretical analysis,this paper using the publicity violations of listed companies and manufacturing which got the highest number of penalties per year as the research object and using multiple regression method to research if violations and penalties will have an impact on stock price fluctuation and stock trading volume fluctuation.We found that the influence of violations and penalties on the stock price and trading volume fluctuation is not significant.The conclusion means that China's listed companies and investors have low credit sensitivity and high credit tolerance to the enterprise irregularities.Based on the conclusions after the theoretical and empirical analysis,this paper proposes that the government should do a good job of credit supervisors and popularizers who can formulate targeted rewards and penalties policies and do a good job of propaganda and promotion of credit concepts according to the characteristics of the industry.The enterprises should do a good job of credit participants and executors who can actively participate in economic activities,improve their own awareness of trustworthiness,and enhance their capabilities of information collecting.The public should do a good job of credit supervisors and communicators who can help to improve the credit society supervision system.