Research On The Influence Of Enterprises Settling In High-tech Industrial Development Zone On Commercial Credit Financing

National high-tech industrial development zones contribute a lot to China’s scientific and technological innovation,economic development and social progress.The government will give corresponding preferential policies to enterprises in high-tech industrial development zones to make them have certain development advantages.Then,whether the establishment of the high-tech industrial development zones will promote the companies of the supply chain to flexibly adjust the credit policies to the enterprises in these zones.Based on the characteristics of the enterprises themselves,what adjustments the enterprises will do on its capital management is of great significance to alleviate the liquidity risks that enterprises may face.Besides,it can make the overall supply chain operates effectively.Based on the theory of supply chain,the study examines what influence of the establishment of high-tech industrial development zones will have on the commercial credit financing of companies in these zones.This study used the data of A-share listed companies from 2009-2019 and combined with the empirical research methods of PSM and DID,and found that the establishment of the high-tech industrial development zones have a significant positive impact on the commercial credit financing of these enterprises.Through the regression model of intermediary effect,it is found that the establishment of high-tech industrial development zone can lead to enterprises expanding the financing scale of commercial credit by promoting innovation of enterprises.Further heterogeneity test found that when the enterprises have different property rights,length of listing time,degree of the industry competition and the degree of marketization of the region in these zones,the establishment of high-tech industrial development zone has different effects on the commercial credit financing behavior of the enterprises in these zones.Based on the research,the suggestions to policy makers include: firstly,the enterprises in these zones should establish a supplier rating system and reasonably use the commercial credit;secondly,the government authorities should guide the enterprises in high-tech industrial zones to invest corresponding resources in research,development and innovation,and closely combine with the market to promote the transformation and application of scientific and technological achievements,so that the enterprises have sufficient strength to participate in international competition.Finally,the relevant government agencies should strengthen the legislation and enforcement of intellectual property rights,so that these polices can be transformed into a competitive advantage in the product market.