Social Credit、"Outline" And Enterprise Credit Financing

In recent years,the government has paid more and more attention to the social credit system,and the level of social credit is also increasing.The "outline of social credit system construction plan(2014-2020)"issued in June 2014 officially marks that China has entered the stage of comprehensive construction of social credit system,and whether the improvement of social credit level caused by the policy has played its due role,whether and how to achieve the corresponding purpose,the effect of specific implementation,the impact on micro enterprises,and what content needs to be improved in the future are worthy of in-depth discussion.In 2020,the novel Coronavirus outbreak caused a large number of enterprises to suspend production and delay resumption of work,resulting in tight cash flow,supply chain disruption,shrinking orders and demand,and serious performance decline.In order to avoid the impact of this emergency,this paper mainly selects panel data of Ashare listed companies in Shanghai and Shenzhen from 2009 to 2019,and makes a comprehensive and in-depth study on the impact of social credit on enterprise credit financing with the implementation of the"social credit system construction planning outline(2014-2020)".Through theoretical analysis and empirical test,it is found that:(1)The improvement of social credit level has significantly promoted the credit financing of enterprises,including the increase of credit loans,the reduction of guaranteed loans,the extension of credit term and the reduction of credit cost;(2)The introduction of the outline of credit construction has significantly enhanced the role of social credit in promoting enterprise credit financing,that is,after the formal implementation of the outline of credit construction,the impact of social credit on enterprise credit financing is more significant;(3)The results of heterogeneity test show that after the introduction of the outline of credit construction,the promoting effect of social credit on enterprise credit financing is more significant in private enterprises,enterprises with high dependence on external financing,enterprises with high degree of industry competition and enterprises with high level of regional economic development;(4)The impact of social credit on enterprise credit financing is realized through"information effect"(alleviating the degree of information asymmetry between banks and enterprises)and "risk effect"(reducing default risk).This paper not only complements the relevant research on social credit and bank credit financing,but also has certain enlightenment significance for improving China’s credit construction laws and regulations and better serving for enterprise financing.