Marketization Process、Commercial Credit And Corporate Performance

At present,China is in the transition from a planned economy to a market economy,and there are major differences in the marketization process in various regions.The Third Plenary Session of the 18 th CPC Central Committee proposed to comprehensively deepen reforms and raise the important role of the market in resource allocation to play a decisive role.In recent years,it has further proposed to promote supply-side structural reforms aimed at improving resource allocation,improving economic efficiency,and correcting Structural imbalance.As the external governance environment for enterprise development,the marketization process should not be underestimated for economic development.The improvement of marketization process means that the legal level of the region is higher,the system is more reasonable and perfect,the market intermediary organization is more mature,and the information transparency is higher.It can reduce transaction costs and improve the efficiency of resource allocation.The improvement of marketization process will penetrate all levels of business management,not only the macro environment outside the enterprise,but also the micro factors inside the enterprise,especially for marketization.For developing countries whose levels are still at the underground level.From this point of view,the marketization process in the region where the enterprise is located will have an impact on the economic behavior of the enterprise.Therefore,it is necessary to consider the effect of the marketization process on the performance of the enterprise.Nowadays,the development of the capital market is becoming more and more perfect,the advantages of financing low cost of commercial credit,enhancing the convenience of transactions,and strengthening the cooperative relationship between the two parties are gradually emerging.Enterprises are increasingly inclined to use commercial credit for transactions.Foreign research on commercial credit originated earlier,and the research results are relatively mature.Foreign scholars mainly believe that the use of commercial credit by enterprises can promote the mutual cooperation and trust between enterprises,and at the same time reduce the transaction cost and other advantages to improve corporate performance.In China,due to the specific historical development and unique economic environment,the origin of commercial credit in China is relatively late,and China’s financial level is not very high,which makes the application of commercial credit to Chinese enterprises is not very high,so A well-established system theory has not yet been formed.Under normal circumstances,enterprises that use good business credit have lower financing costs,stronger cooperation with partners,and a better reputation in the industry.Naturally,they can easily obtain external funds and reduce financial risks.To make the company in an orderly and well-functioning state,so that the company’s performance is further improved.On the contrary,enterprises that use improper business credit will not only improve the financing cost and financing difficulty of the enterprise,but also affect some of their reputations due to some untrustworthy behaviors in the transaction process,which makes it more difficult for enterprises to obtain commercial credit financing in the future.Vicious cycle state,reducing corporate performance.From this point of view,the impact of business use of business credit on corporate performance can not be ignored.In recent years,domestic scholars have relatively little research especially in the study of the relationship between the two under different marketization processes and corporate property rights.From the perspective of long-term development of enterprises,commercial credit is the core competitiveness of enterprise development,which makes the rational use of commercial credit become a new means to improve corporate performance.The development level of commercial credit in China is still not very mature.There is still a lot of room for the rise of commercial credit in Chinese enterprises.Therefore,whether it is theoretical or practical,the role of corporate commercial credit in corporate performance is studied.necessary.However,what is the mechanism of the influence of marketization process and commercial credit on corporate performance? What kind of relationship exists between them? Therefore,this paper will analyze the marketization process and the role of commercial credit on corporate performance,and further change the role of commercial credit in corporate performance under different property rights and different marketization processes,trying to find some new ones.The law.This paper selects the enterprises listed in Shenzhen-Shanghai A-shares from 2012 to 2016 as research samples,and studies the above issues in combination with norms and empirical methods.Firstly,the related literatures and basic theories at home and abroad are sorted out.Based on this,theoretical analysis is carried out to make assumptions.Then,collecting the data and constructing a model for regression analysis,and the robustness test is carried out.And the final conclusion is drawn.The research in this paper finds that the faster the marketization process,the higher the performance of local enterprises;the higher the business credit,the better the enterprise performance;compared with the state-owned enterprises,the commercial credit of private enterprises is positively correlated with corporate performance.compared with regions with lower marketization,the positive correlation between commercial credit and corporate performance is stronger in regions with higher marketization.The above results show that the high marketization process plays an active and effective role in the relationship between them.This paper presents several recommendations for reference to the conclusions of the study.In terms of regional marketization process: clarify the relationship between the government and the market,reduce the government’s intervention in the economy;target commercial credit: optimize the rule of law environment,strengthen the protection of creditors’ rights and interests;strengthen cooperation with suppliers,strive for superior position;strengthen enterprises Internal understanding of untrustworthy behavior,strict prevention of commercial credit failure and so on.