Research On The Influence Of Enterprise Digital Transformation On Its Trade Credit

The country’s 14 th Five-Year Plan clearly proposes to vigorously develop the digital economy.As the micro structure of macro economy,the digital transformation of enterprises has become a problem worthy of attention.As one of the important behaviors of enterprises,it is of great practical significance to study the influence of enterprises’ digital transformation on their trade credit.Based on the factors affecting trade credit,the theories of information asymmetry,signal transmission,competition and cooperation,this paper establishes the theoretical framework of the influence of enterprise digital transformation on enterprise trade credit by combing the relevant literature of trade credit and enterprise digital transformation.In the empirical test,based on the financial data of a-share manufacturing listed companies from2008 to 2020 as the research data,the digital transformation index of enterprises at the micro level is constructed to study the influence of enterprise digital transformation on business credit through the method of text identification of enterprise annual reports.Robustness tests were performed by substitution of variable measures,hysteresis of explanatory variables,and reduction of sample data.In terms of influencing mechanism,test the mediating effect of supply chain relationship.In terms of heterogeneity analysis,the differences brought by the nature of property rights,enterprise scale and industry nature on the impact of enterprise digital transformation on business credit are tested.Research findings: First,digital transformation of enterprises will expand the scale of business credit.Second,enterprises expand the scale of trade credit by improving the overall supply chain cooperation and reducing competition,which has been verified in both supplier and customer relations.Third,the digital transformation of enterprises further widens the difference in the scale of business credit obtained from suppliers and customers.Fourthly,private enterprises,small and medium-sized enterprises and non-high-tech enterprises have more significant trade credit expansion due to digital transformation.The research conclusions of this paper are helpful to understand the impact of digital transformation on corporate financing behavior,and provide some empirical evidence for policy making and adjustment.