The New Asset Management Regulation and Corporate Trade Credit Extension
Based on the data of A-share listed companies in SSE and SZSE from 2016 to 2020,this paper investigates the impact of the New Asset Management Regulation on corporate trade credit extension.The results show that the New Asset Management Regulation significantly improve the corporate trade credit extension.The channel analysis indicates that the expansion of production scale and the increase of R&D in-vestment are important impact channels.The cross-sectional tests suggest that for companies with low level of social responsibility,low market position and durable goods production,the New Asset Management Regulation have a more positive effect on the promotion of trade credit supply.In terms of economic conse-quences,after the implementation of the New Asset Management Regulation,the companies that provide more trade credit can achieve higher market share growth rate and better market performance.The results of the paper provide certain inspiration for understanding how financial regulation can stabilize the financial market,orderly guide social capital into the real economy and promote the transformation of domestic mar-ket from large to strong.
financial regulationthe New Assert Management Regulationtrade credit extensionquasi-natural experiment
万方数据
维普
