Research On The Effect Of Redistribution Of Trade Credit

The redistribution of trade credit refers to the process of redistributing resources by transferring some of the bank loans that the enterprises obtain through trade credit channels to the other companies in the form of accounts receivable and bills receivable.According to the latest iFinD data,the balance of accounts receivable of Chinese listed companies reached ?4.86 trillion in 2018Q2,while the balance of accounts receivable only ?1.26 trillion in 2010,an increase of nearly three times.The informal financing channels represented by trade credit and the formal financing channels of bank credit complement each other,which will help to solve the current problems of financing difficulties and financing expensive for China's SMEs.As China's economy enters the “new normal”,the role of informal financing channels such as trade credit cannot be ignored.Whether the effect of redistribution of trade credit still exists.Due to the dual ownership structures in China,does this effect show the difference in the nature of micro-subject property rights,and how does monetary policy and financial development affect it? Answering these questions has important practical significance for us to understand the differences in the nature of micro-subject property rights of Chinese enterprises,to optimize the path of monetary policy regulation,and refine the relatively different monetary policy control lines of each province.It also contributes much to taking measures to strengthen the effect of redistribution of trade credit,reducing the overall cost of social capital and improving the efficiency of capital balance among micro-individuals.Firstly,this thesis expounds the general theories of the effect of redistribution of trade credit,and compares the relation between trade credit and bank credit,and finds that the effect of redistribution of trade credit of Chinese A-share listed companies still exists under the new normal.Then,from the perspectives of the demand and supply of trade credit,this thesis qualitatively analyzes of the causes and influencing factors of the effect of redistribution of trade credit,finding that to a certain extent,property rights,monetary policy and financial development can influence the effect of redistribution of trade credit.Then,an unbalanced panel data of Chinese A-share listed companies from 2000 to 2017 is chosen as the research sample to investigate the existence and evolutionary logic of the effect of redistribution of trade credit under the new normal.Besides,the influence of monetary policy and finance development on companies' effect of redistribution of trade credit is also analyzed.Further combined with the micro-characteristics of enterprises,this thesis reveals the heterogeneous impact of monetary policy on the effect of redistribution of trade credit from the perspective of property rights.The empirical findings show that,firstly,China's A-share listed companies' effect of redistribution of trade credit still exists under the new normal,and compared with private enterprises,state-owned enterprises show a higher level of redistribution of trade credit.Secondly,as a whole the loose monetary policy will strengthen the effect of redistribution of trade credit of listed companies,and the promotion of the level of redistribution of trade credit by the short-term bank credit is more obvious,while the promotion of it by the long-term bank credit not obvious.Thirdly,compared with private enterprises,the strengthening of loose monetary policy on the effect of redistribution of trade credit of stateowned enterprises is more obvious,but the difference between the two is limited.Lastly.as a whole financial development will weaken listed companies' effect of redistribution of trade credit,and the weakening of the level of redistribution of trade credit by the short-term bank credit is more obvious.while financial development has no effect on the level of redistribution of trade credit by the long-term bank credit.This thesis summarizes the main conclusions of the research,not only providing research perspectives and analytical logic for readers to understand the financial behavior decision-making and policy coordination of the micro-subjects under the new normal.,including the initiative policy linkage of the enterprises to optimize the efficiency of factor allocation through financial decision-making in the context of supply-side reforms,to a certain extent,also providing some references for understanding and proposing the heterogeneous micro-adjustment path of monetary policy on the nature of property rights and regional financial development under the new normal.