Corporate-Scale Discrimination in Credit Financing:Perspective of Distorted Financial Risk Information
The corporate-scale discrimination in credit financing has been perplexing the healthy development of Chinese economy,but there has been no study to explain it from the perspective of distorted financial risk information.Taking the data of non-financial A-share listed companies from 2009 to 2018 as a sample,this paper proves that corporate-scale discrimination exists in both credit financing scale and credit financing cost.On this ba-sis,this paper explains the serious defects of the traditional financial risk analysis system,which confuses the business liabilities with financial liabilities and conflates capital with assets,resulting in the overestimation of the financial risk of non-financial listed companies by about 40％,and the distortion of financial risk information plays a partial intermediary role in the scale discrimination of credit financing.This effect is mainly manifested in long-term cred-it discrimination,credit discrimination in state-owned enterprises and areas with high degree of marketization.Therefore,reexamining the scale discrimi-nation phenomenon of credit financing from the perspective of financial risk information distortion and scientifically measuring the financial risk to improve the credit evaluation model are the innovative ways to alleviate the scale discrimination phenomenon of credit financing and strategically improve the quality of financial services to the real economy.
Corporate SizeFinancial Risk Analysis SystemDistortion of InformationCredit Financing
NETL
NSTL
万方数据
