The Study Of The Impact Of Trade Credit On The Operational Performance Of Listed Companies In China

All along,China's enterprise financing is mainly bank loans,and trade credit as a convenient financing channel between enterprises also plays a certain role.After the outbreak of the financial crisis in 2008,the scale of bank credit provided by commercial banks has fallen sharply.As a measure of alleviating financing constraints,trade credit has been paid more and more attention.This paper takes the 2008-2017 years of Shanghai-Shenzhen A shares listed companies as a sample to study the impact of trade credit on the future operational performance of listed companies in China.This paper finds that trade credit is significantly positively related to the future operational performance of Chinese listed companies,whether they are using asset returns or matched asset returns to measure operational performance.After studying the mechanism of trade credit affecting the future operational performance of enterprises,this paper examines the regulatory role of all ownership and industry properties in the relationship between trade credit and operational performance.As assumed,the positive impact of trade credit on the future operation performance of the listed companies is more obvious in the private and manufacturing enterprises under the same conditions.A large number of robustness tests(including the use of tool variable regression,longer forecast time windows,consideration of the impact of macro credit policies,larger early sample size and the use of more robust dual clustering methods)confirm that the previous empirical results are robust.Then,this paper examines the role of trade credit in influencing the performance of listed companies.This research results show that trade credit can significantly reduce the financial costs of listed companies,and at the same time finds that trade credit can reduce corporate financing constraints.This is the reason why trade credit improves the future operational performance of listed companies.The policy recommendations in this paper include three aspects:the first is to optimize the external environment of trade credit,the second is to strengthen the financial system to support the use of trade credit,and finally to strengthen the use of trade credit for private enterprises,manufacturing enterprises and enterprises in less market-oriented areas.