An Empirical Research On The Credit Behavior Of Listed Companies And Its Market Reaction

Trade credit refers to a spontaneous lending relationship formed in the upstream and downstream enterprises in the formation of commodity trading.Trade credit mainly in the form of accounts receivable,prepaid accounts,etc.Bank lending by financial institutions regulated more,trade credit is a part of the internal debt relations between enterprises.Trade credit is easy to obtain,simple formalities.The government will not interfere too much.Because of this,trade credit increasingly being accepted by the new industry,such as self-employed,retail trade,real estate industries.However,compared to developed countries,credit discrimination and the high standards of financial institutions borrowing makes the trade credit exists in our country."Credit discrimination" make China's private enterprises have to choose trade credit to solve the problem of financing.Now,trade credit has become an important source of funds for private enterprises in China.Although domestic and foreign scholars began to explore the development of trade credit from the 1960s.But scholars only studied the reasons for the existence of trade credit,the relationship between trade credit and bank loan,they rarely study the relationship between credit behavior and the macroeconomic environment.So this paper as a breakthrough point,step more in-depth study of the commercial credit behavior.This paper use data of non financial companies listed on the main board stock exchanges during the period 1993-2013.From the perspective of trade credit supply and demand.This paper simply discusses the evolution of China's credit behavior.Combined with the situation of our country,this paper analyzes the credit difference between different industry in China.At the same time,this paper established 4 multivariate regression model,The model explanatory variables is credit supply and demand.Explanatory variables in the model is the bank credit,macroeconomic cycle,enterprise economic nature.Control variables of model is based on the size of the company,capital structure,growth.This paper focuses on the research of credit behavior characteristics of China's listing Corporation,credit behavior and the bank borrower relationship.At the same time,this paper also studied the effect of company ownership and national economic cycle on credit behavior.The study found,macroeconomic policies affect listing Corporation credit changes.' With the improvement of the macroeconomic situation,trade credit demand will increase year by year,Bank credit and commercial credit has a significant negative correlation,The more companies use bank credit,the fewer commercial credit would provide.Trade credit demand and credit supply business have a significant positive correlation.The more Provided trade credit,the more accepted trade credit.The company values and trade credit supply has a significant positive correlation.There is a significant negative correlation between the value of the company and trade credit demand.The higher the value of the enterprise,the stronger their strength,the stronger their sales.The higher the value of the enterprise,the more trade credit will provide.In contrast,companies will be less demand for commercial credit,the same time,the study found that the macroeconomic cycle,economic nature of the business,company size,capital structure,growth and other factors have a significant impact on the company's credit behavior and firm value.In the last part,the article summing up the conclusions of the credit behavior of listed companies in China.This paper presents some feasible suggestions.For example,promote the improvement of China's financial market,Deregulation of business credit behavior.