The Uncertainty of Economic Policy and Trade Credit Financing:An Analysis Based on the Location of Trade Credit Network
Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2000 to 2022,this paper studies the influence of economic policy uncertainty on trade credit financing and the moderating effect of trade credit network location.It is found that in the face of economic policy uncertainty,enterprises will choose to upgrade their trade credit financing,and the central position of their trade credit network can help enterprises obtain more trade credit financing.Further research shows that in the face of economic policy un-certainty,the position of the enterprise's trade credit network is to enhance the enterprise's bargaining power and system risk position,thus enhancing trade credit financing.Facing the increase of economic policy uncertainty,the central position of trade credit network will ease the dependence of enterprises on bank credit,but when enterprises can gain the bank credit,the central position of trade credit network will further enhance their trade credit.This study suggests that enterprises should fully integrate into the trade credit network when the economic policy uncertainty is higher,and make up for the lack of bank credit of enterprises with trade credit resources.At the same time,the regula-tory authorities need to reasonably guide and optimize the allocation of financial resources to avoid excessive tilt of trade credit and bank credit resources.
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