Research On The Influence Of Director Characteristics On Commercial Credit Fiancing

Commercial credit is not only a way for enterprises to expand production and promote commodity circulation,but also an alternative financing way for enterprises to alleviate financing constraints.At present,the problem of internal and external information asymmetry is common in Chinese enterprises.Suppliers will rely more on "soft" information such as non-financial information for judgment when making credit decisions.At the same time,the appointment of directors with academic and overseas background can help the enterprise establish a good social image,convey the positive signal of perfect corporate governance ability and low default risk to suppliers,and ensure the recovery of suppliers’ commercial credit funds.In addition,institutional investors,as the external supervision of enterprises,also play a certain role in improving the level of enterprise governance.Therefore,while discussing the internal relationship between director characteristics and commercial credit financing,this paper includes the regulatory role of institutional investors in analyzing the relationship between them,which is of great significance for enterprises to build a good human resource management structure and alleviate financing constraints.Using the panel data of non-financial A-share listed companies from 2008 to 2019,this paper discusses the impact of director characteristics,institutional investors and commercial credit financing.The empirical results show that:(1)the characteristics of directors are positively correlated with commercial credit financing.Enterprises with academic or overseas directors can get more commercial credit financing;(2)The higher the shareholding ratio of institutional investors,the higher the level of commercial credit financing.Among them,the impact of pressure resistant institutional investors is significant,while pressure sensitive institutional investors do not have a significant impact;(3)Institutional investors enhance the promotion effect of director characteristics on commercial credit financing.Among them,the enhancement effect of pressure resistant institutional investors is more obvious,while pressure sensitive institutional investors have no significant impact.(4)Further analysis shows that the impact of director characteristics on commercial credit financing is different under different property rights,different regional legal levels and different degrees of information asymmetry.In non-state-owned enterprises,regions with low level of regional legal system and enterprises with high degree of information asymmetry,the impact of director characteristics on commercial credit financing is more significant.Based on the above conclusions,suggestions and countermeasures are put forward in the last chapter.The innovations are as follows:(1)this paper focuses on the background characteristics of directors,further subdivides the characteristics of directors into the characteristics of directors’ academic background and overseas background,enriches the research on the role of directors’ characteristics in commercial credit financing,and improves the research perspective on the influencing factors of commercial credit financing.(2)The characteristics of directors,institutional investors and commercial credit financing are analyzed in the same framework,which expands the research scope.