Supply Chain Relationship,nature Of Property Rights And Trade Credit

As an important source of informal financing channels,commercial credit plays an important role in relieving the financing constraints and optimizing the working capital management of enterprises.Commercial credit is a kind of relational financing based on the relationship between the enterprise and the supplier and the customer.It is very common in the upstream and downstream of the supply chain.At present,scholars have mainly studied the linear impact of the relationship between enterprises and suppliers / customers on business credit,when firms are trading with suppliers or customers separately.But when the relationship transaction reaches a certain level,the inherent instability and opportunistic behavior characteristics of the relationship contract make the supplier reduce the supply of commercial credit based on risk prevention.Therefore,we can reasonably predict that the relationship between the enterprise and the supplier / customer is not a simple linear relationship to the effect of business credit.At the same time,the transaction between the upstream and downstream enterprises of the supply chain is not separate,it is carried out at the same time,and the enterprise will trade with the supplier when dealing with the customer.Therefore,it is necessary to study the influence of the relationship transaction on the business credit from the overall perspective.In addition,the special background of China has made the state-owned enterprises have a natural advantage over non state owned enterprises.Therefore,the differences in the business credit of different types of enterprises in the whole supply chain are all the problems to be studied in this paper.This article selects 2007-2015 China a-share manufacturing listed companies as research samples,on the relationship between the supply chain relational transactions and commercial credit has carried on the theory discussion and empirical test,and further to consider the heterogeneity of different property,the following conclusions:(1)With the improvement of customer concentration,more and more enterprise supply to the customer's commercial credit.However,when the customer concentration reaches a certain level,the business credit that the enterprise supplies to the customer will be reduced,and the two will show an inverted u-shaped relationship.(2)With the improvement of the concentration of suppliers,enterprises obtain more and more commercial credit from upstream suppliers.However,when the degree of supplier concentration reaches a certain degree,the business credit obtained by the enterprise from the supplier will be reduced.(3)Considering suppliers and customers at the same time,the stronger the integration capacity of enterprises in the overall supply chain,the larger the enterprise will obtain the net commercial credit financing.But the relationship is different in different property companies.Compared with non-state-owned enterprises,the integration capacity of state-owned enterprises is more significant than that of net commercial credit financing.The conclusion of this paper enriches the research on the influence of relational trading on commercial credit,and expands the understanding of the integration effect of supply chain.