Management Tone And Commercial Credit Financing

Commercial credit has gradually become an important financing channel for enterprises,especially in the face of credit discrimination,commercial credit financing has become a trend.As the supplier of commercial credit financing,supply chain partners will pay close attention to the information disclosure of enterprises and adjust credit policies accordingly,thus affecting the scale of commercial credit financing they obtain.In recent years,performance statement will gradually become an important way of text information disclosure,and its intonation information reveals the true thoughts of "insiders" of enterprises to a certain extent,reduces the information asymmetry between partners in the supply chain and promotes the construction of a good and effective financing environment.Therefore,based on the text analysis of performance briefing,this paper studies the influence of management tone on commercial credit financing and its mechanism.The results show that there is a significant positive relationship between the net positive tone of management and commercial credit financing.Next,it discusses that the supply chain relationship plays a part of intermediary role in the process of their functions.Further analysis shows that the decrease of negative tone of management and the increase of positive tone of management jointly promote the increase of commercial credit financing,among which the decrease of negative tone plays a major role,that is,the supply chain is more sensitive to the negative signals released by enterprise management.Based on this,a series of heterogeneity analysis is conducted at the company level and individual level.The results show that the influence of management tone on commercial credit financing is significantly different under different market position,information transparency,management agency problems and management ability.This research not only supplements the related research on the tone of text information disclosure and commercial credit financing,but also has important practical significance for the information disclosure of enterprises,the protection of investors’ rights and interests,the regulation of performance briefing system by regulators,and the enhancement of information transparency between enterprises and stakeholders,thus improving the efficiency of capital market.