Director Network,product Market Competition And Commercial Credit Financing

Business credit is not only a way for enterprises to expand sales and maximize profits,but also a way for enterprises to seek alternative financing.At present,China's credit system,laws and regulations and other formal systems have not been improved.In order to meet the financing needs,enterprises rely more on informal systems.The director network has the functions of information transmission and reputation mortgage,which can provide effective guarantee for commercial credit financing.Therefore,with the help of sociological analysis tools,this thesis constructs director network and studies the influence of director network on commercial credit financing.In addition,under the condition of market economy,the product market competition is important.This thesis also analyzes the product market competition in the director of the regulating role in the network effect on the commercial credit financing,at the same time according to different nature of property rights of enterprises,the effects of product market competition may be different,this thesis further investigated the effects of product market competition.This thesis is divided into the following six parts.The first part is introduction.Firstly,based on the research background,this part puts forward the product market competition,director network and commercial credit financing,and expounds the theoretical significance and practical value of this research.Secondly,the main content and ideas of this thesis are briefly introduced.Finally,the research methods and innovation points of this thesis are put forward.The second part is literature review.This part focuses on the three core keywords of director network,business credit and product market competition to review the relevant literature at home and abroad,and make a brief comment on it,deepening the research content of this thesis.The third part is theoretical analysis and research hypothesis.Based on the theories of social network,social capital and information asymmetry,this part logically deduces the research problems of this thesis and puts forward the research hypothesis of this thesis.The fourth part is research design.This part firstly introduces the selection of sample data and the construction method of director network,then analyzes and clarifies the model design and grouping mode,and finally explains the variables in this thesis.The fifth part is empirical test and result analysis.In this part,descriptive statistics and correlation matrix are firstly analyzed to generally explain the basic situation of sample data;secondly,multiple regression analysis is conducted to verify the research hypothesis proposed in the third part of this thesis;finally,robustness test is conducted by replacing variables to ensure the accuracy of the results.The sixth part is research conclusions and Suggestions.This part firstly gives the conclusions about the director network,the competition degree of product market and commercial credit financing based on the sample data of this thesis,then gives relevant Suggestions from the regulatory level and enterprise level,finally points out the shortcomings of this thesis.Based on the existing research results,this thesis analyzesthe relationship between director network and commercial credit financing and the regulating effect of product market competition.In 2014 and 2017 Chinese listed companies as samples,select the corresponding director office information,construction of director of network,the empirical analysis of the director of the network to the influence of the commercial credit financing,in addition to the introduction of product market competition,the analysis of directors network degree of product market competition and the commercial credit financing relationship adjustment.It has enriched the research on the director network,degree of competition in product market and commercial credit financing.The main research conclusions of this thesis include:(1)the stronger the relationship between director network,the more commercial credit financing enterprises obtain.(2)the degree of competition in product market negatively regulates the relationship between director network and commercial credit financing.(3)compared with state-owned enterprises,the degree of product market competition in non-state-owned enterprises has a more significant negative regulating effect on director network and commercial credit financing.Based on the existing literature,this thesis has the following innovation points:first,it enriches the research perspective of factors affecting commercial credit financing.Existing research on the influencing factors of commercial credit financing is mainly based on the enterprise's own size,enterprise investment opportunities and external environment,etc.This thesis introduces the social network analysis based on sociology to analyze the influencing factors of commercial credit financing from a new perspective.Secondly,the individual directors are included into the social groups,and the company is introduced into the social network with the link of director's concurrent position,to explore the influence of the difference of social network location on the enterprise's commercial credit financing and other behaviors.By using the theory of social network and selecting the appropriate mathematical tool,this thesis analyzes the specific influence of director network on commercial credit financing.Finally,director network,the degree of product market competitionand commercial credit financing are integrated into the same research framework for overall analysis.