Empirical Research On The Relationship Between Corporate Bank Loan And Trade Credit

Due to the tightening of the current financial environment,the scale of social financing in China has fallen sharply,and the degree of risk appetite of financial enterprises has declined.Under this circumstance,the financing problems faced by private enterprises with insufficient capital and collateral are becoming more and more serious.The investigation shows that there are three prominent structural characteristics in the financing needs of private enterprises in China: first,the demand for liquidity funds is greater than the demand for investment funds;second,the demand for technology upgrade funds is greater than the demand for capacity expansion;third,the demand for financing expansion is strong.However,investment demand has been suppressed by market expectations and high corporate costs.Since the 1960 s,people have discovered that monetary policy has not played its intended role.Commercial credit has entered the field of research scholars,and research on commercial credit has become increasingly rich,including the negative role of enterprises in using commercial credit financing to offset monetary tightening.The mutual substitution relationship between commercial credit and bank loans,and the study of enterprises that increase the value of enterprises by increasing profits and using commercial credits with lower financing costs during the period of monetary easing.However,the relationship between bank loans and commercial credits has always remained in the alternative or complementary relationship,but the mechanism of action between them has not been studied in depth.Therefore,this paper uses the external guarantee,a variable that reflects the internal control ability of the enterprise,as an explanatory variable,and conducts an empirical study on how the total external guarantee of the enterprise affects the ability of the enterprise to obtain commercial credit.First of all,this paper sorts out the research status from the three perspectives of commercial credit,external guarantee and bargaining power,and analyzes the status quo and literature of key variables from its definition,production mechanism and influencing factors.Secondly,the relevant theories are analyzed and put forward related hypotheses.Based on this,the empirical part of this paper is to analyze the mediating role of external guarantee in the relationship between bank loan and commercial credit and the adjustment effect of bargaining power on the latter half of mediating effect from the two levels of mediation effect and regulation effect.Based on the purpose of this paper,the problem of financing difficulties of private enterprises is solved.Therefore,according to the nature of corporate equity,the adjustment effect of bargaining power is compared.The empirical results show that: First,there is a significant negative relationship between bank loans and commercial credits.To undertake part of the intermediary effect;second,the bargaining power plays a negative role in the second half of the bank loan through the external guarantee to reduce commercial credit financing;third,compared with the state-owned enterprises,the private enterprise's external guarantee for commercial credit financing The negative mediating effect is more pronounced.Based on the above literature review and empirical research,this paper summarizes the conclusions at the end and proposes two levels of macro policy and corporate strategy.This paper supplements the theoretical research of commercial credit,and provides reference in the government implementation policy and business strategy.