Does Internet Public Opinion Affect Trade Credit Financing?
The Chinese A-share listed companies from 2010 to 2020 are taken as the research object to empirically test the relationship between internet public opinion and trade credit financing.It is found that internet public opinion significantly inhibits trade credit financing and the conclusion still holds valid after a series of robustness tests andendogeneity discussions such as changing the measurement method,using the first-order difference model,and Heckman two-step method.The mechanism analysis shows that internet public opinion can reduce the quality of information disclosure and increase the financialization of enterprises,which inhibits the scale of trade credit financing and supports the"market pressure"hypothesis.Further analysis shows that the negative impact of online public opinion concerns is more significant among companies with higher executive stress sensitivity,more competitive industries,non-manufacturing companies,and companies in the eastern region.
internet public opiniontrade credit financinginformation disclosure qualitycorporate financialization
NETL
NSTL
万方数据
