| As an important financing method,commercial credit has become a channel for enterprises to obtain short-term funds,which not only plays an important role in alleviating the financing constraints of enterprises,but also plays an irreplaceable important factor in the life cycle of enterprise survival and development.At present,the credit mismatch caused by asymmetric information causes certain obstacles to enterprise financing.In particular,small and medium-sized enterprises suffered more serious,the impact of the internal and external environment has made it difficult for small and medium-sized enterprises with weak ability to resist risks to achieve their own development.According to the survey,SMEs contribute more than half of the economic growth value,but it is difficult to meet sufficient financing needs,even in the field of investment has a joint effect,this imbalance between supply and demand is the most important problem facing SMEs.So,under the background of this reality,it is of practical significance to explore how the two angles of information disclosure and regional trust have an impact on commercial credit from the perspective of asymmetric information at the root of credit mismatch.Therefore,this paper studies its influence on commercial credit financing from the perspective of information disclosure and regional trust,and then draws a targeted conclusion on how to enhance commercial credit financing in the process of information transmission.In addition,this paper also discusses the interaction between commercial credit financing and the investment efficiency of enterprises,and seeks a more reasonable scheme to enhance the investment efficiency of enterprises.so as to comprehensively study the role of commercial credit in the field of investment and financing,and provide a basis for enhancing the value of enterprises and enhancing their viability.Based on the quality of Shenzhen Stock Exchange information disclosure,based on trust survey data and related financial data,this paper uses the research method of combining empirical analysis with normative analysis to explore the quality of information disclosure and the influence of regional trust index on commercial credit financing on the basis of literature combing and analysis at home and abroad.In addition,this paper analyzes the robustness of the test results,using tool variables for two-stage regression,the results are relatively stable.In this paper,the fixed effect model is used to prove it by empirical test,it is concluded that the quality of information disclosure can significantly improve the business credit financing of enterprises,and it is more obvious to enhance the commercial credit financing of private enterprises.In addition,this paper compares and analyzes the influence of commercial credit financing and bank loan financing on enterprise financing.The results show that because of the existence of credit rationing,improving the quality of information disclosure will lead to a further decline in its financing ratio,and the obvious strengthening of commercial credit financing is also evidence of financing substitution theory.Secondly,through the introduction of regional trust to explore the impact of regional differences on commercial credit financing,the results of the study found that regional trust to enhance the business credit financing of enterprises has a positive role,enriched the field of commercial financing in the regional economy research.Finally,this paper discusses the investment model of Richardson(2006)under the influence of monetary policy,this paper takes commercial credit financing as the intermediate link of investment,and further examines the relationship between commercial credit financing and investment efficiency.It is concluded that in the economic environment of tight monetary policy,commercial credit financing still has a significant improvement in the investment growth of enterprises,and it has obvious improvement effect on the investment efficiency of non-state-owned enterprises with insufficient investment,that is,private enterprises have more space than state-owned enterprises to use commercial credit financing to improve the investment efficiency of enterprises;for enterprises with excessive investment,the increase of commercial credit financing will lead to the further deepening of inefficient investment.From the background of commercial credit financing,this paper discusses the effect of information level on commercial credit financing acquisition and the influence of informal system level on commercial credit financing,and further explores the relationship between investment efficiency and commercial credit financing,which not only supports the research hypothesis of commercial credit financing,but also complements the research of commercial credit financing in informal system. |
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