Administrative Approval Reform and Commercial Credit Financing:From the Perspective of Supply Chain Stability
Administrative approval reform is an important initiative to improve the moderniza-tion of government governance and optimize the resource allocation of market players.Using a sam-ple of Chinese A-share listed companies from 2000 to 2020,this paper analyzes the impact of ad-ministrative approval reform on corporate commercial credit financing based on the perspective of supply chain stability.The study finds that the establishment of administrative approval reform centers significantly increases the corporate commercial credit financing,indicating that administra-tive approval reform helps to play the role of stabilizing the supply chain and optimizing resource al-location at the supply chain level.Mechanistic analysis suggests that reducing the deviation of sup-ply and demand fluctuations is a realistic path for administrative approval reforms to affect commer-cial credit financing.Further study shows that under the governance dividend of the administrative approval reform,enterprises obtain excess commercial credit financing.Moreover,the increase in the number of stationed departments,stationed matters and windows is a key initiative for the ap-proval center to exert governance effectiveness and increase commercial credit financing.Heteroge-neity analysis shows that the governance dividends of the administrative approval reform can be more pronounced for firms with higher demand uncertainty,lower levels of digital transformation,or more competitive industries.The analysis of economic consequences shows that administrative approval reform promotes high-quality development of enterprises by increasing commercial credit financing.
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