A good credit environment is a basic need for smooth and stable financial exchanges,and credit construction from system to infrastructure is the root of optimizing the business environment and developing a credit economy.This paper uses the panel data of A-share listed enterprises in Shanghai and Shenzhen from 2016 to 2022 and the city comprehensive credit index published by the National Center for Public Credit Information to study the impact of the city's credit level on corporate credit financing.The findings show that,first,the high information transparency of listed firms as well as strong external regulation alleviates the information asymmetry problem and raises the cost of default,which gives them a lower risk of default compared to non-listed firms in a default environment,thus enabling them to obtain a higher proportion of credit financing.Second,in cities with a higher level of credit building,the gap in the proportion of credit financing among listed firms with different information transparency and default costs is smaller.Third,the lower the credit level of a city,the higher the proportion of long-term credit financing of listed firms,while the effect on short-term credit financing is not significant.In the future,we should further promote the sharing of credit information resources,improve the mechanism of dishonesty joint punishment,and promote the high-quality development of urban credit construction.
NETL
NSTL
万方数据
