Research On The Impact Of Corporate Commercial Credit Financing On The Crash Risk Of Stock Price

As an informal financing,commercial credit financing plays an irreplaceable role in promoting the rapid development of our economy.Especially in the case of China's imperfect formal financial system and widespread credit discrimination in banks and other formal financial institutions,commercial credit financing as an alternative financing method plays an important role which can ease the financing constraints of private enterprises and promote the health development of private enterprises.However,at present,corresponding to the large-scale use of commercial credit financing,there is less research on the economic consequences of commercial credit financing,especially the impact of commercial credit financing on the capital market.Based on this background,this paper starts from the signal transmission theory of commercial credit financing and uses the asymmetry of corporate information as a starting point to study the impact of commercial credit financing on the crash risk of stock price,which not only enriches the factors that affect the crash risk of stock price,but also broadens business research on the economic consequences of credit financing.Taking the data of A-share listed companies from 2010 to 2018 as a sample,the article first analyzes the impact of commercial credit financing on the crash risk of stock price,and then examines the impact of the nature of property rights on the relationship between the two.On this basis,the article further subdivides commercial credit financing into different business credit models,and explores the impact of different business credit models on the crash risk of stock price.Through the above analysis,the article draws the following conclusions:(1)Commercial credit financing has information content,which can alleviate the information asymmetry of the enterprise and reduce the crash risk of stock price;(2)The information content of commercial credit financing differs among enterprises with different property rights.The negative correlation between commercial credit financing and the crash risk of stock price is more significant in private enterprises;(3)Different commercial credit financing models also have different information.The negative correlation between the negative correlation between advance receipts and the crash risk of stock price is the most significant,followed by accounts payable and finally bills payable.In the further analysis,the article takes stock price volatility as an intermediary variable,and through the intermediary factor test,it verifies the mechanism by which commercial credit financing takes information as a path to influence the risk of stock price crash.Based on the above conclusions,the article proposes from the perspectives of enterprises,governments and investors:(1)enterprises should use commercial credit financing reasonably and actively send signals to the outside world that they are in good business;(2)the government should improve the system of commercial credit mechanism and provides a good institutional environment for the development of commercial credit mechanisms;(3)investors should reasonably use of the information in corporate commercial credit.