Research On The Influencing Factors Of Commercial Credit Financing Of China's Multinational Manufacturing Enterprises

The introduction of the important strategic initiative of “ The Belt and Road” promotes the vigorous development of China's foreign trade,brings great opportunities for China's multinational corporations.multinational corporations have drawn great development prospects.multinational corporations have gradually grown into the backbone of China's economic development.In addition,the reports of the 19 th National Congress put forward the slogan of “must focus on the development of substantial economy” and “promoting China's substantial industry to move towards the high-end of the global value chain.” It blew the horn of China's manufacturing industry from large to strong,providing a powerful driving force for the internationalization of China's manufacturing industry.Compared with other financing methods such as financial liabilities,trade credit financing has many unique advantages.In the mature western capital market,trade credit is widely used in the settlement of transactions between the two parties.similarly,in China,the relative amount and absolute amount of trade credit financing are considerable,and they are increasingly favored by both parties.trade credit financing has always been the focus of discussion and discussion hotspots in academic circles at home and abroad.This paper summarizes the relevant literature,concepts and theories of commercial credit financing,chooses 89 non-ST multinational manufacturing enterprises with complete data from 2013 to 2017 from CSMAR database as the research object,and uses Stata statistical software to analyze the influencing factors of commercial credit financing of 89 multinational manufacturing enterprises in China.Combining relevant theories and empirical analysis,the main conclusions of this paper are as follows:First,in the long-term production and operation process,the efficiency and cost brought by different financing methods are different.trade credit financing,as a low-cost,low-threshold financing method,has an alternative relationship with financial liabilities.Second,the better the business situation of the company,the easier it is for the company to obtain trade credit financing.therefore,enterprises must not only maintain a good capital structure in the production and operation process,but also maintain good operational capabilities.Through good business capabilities,companies can increase their creditworthiness and increase their trade credit financing scale.Third,in the process of enterprise production and operation,state funds can not only solve the problem of shortage of funds,but also promote the credibility of enterprises and increase the scale of trade credit financing.Fourth,there is a positive correlation between the level of corporate market status and corporate trade credit financing.this shows that the higher the market position of the company,the easier it is to obtain lower-cost trade credit financing.Fifth,the innovation activities of enterprises promote the trade credit financing behaviors of enterprises.on the other hand,the innovation activities of enterprises improve the performance of enterprises in the long run.reasonable innovation activities are conducive to establishing a good corporate reputation.the good reputation of enterprises is beneficial to enterprises.get more trade credit financing.Sixth,a reasonable enterprise scale also improves the trade credit of the enterprise to a certain extent,and maintaining a reasonable enterprise scale is also beneficial to the enterprise to obtain trade credit financing.