Used the companies listed on Shangha and Shenzhen A-share from 2010 to 2021,this paper empirically examines the impact of trade credit financing on the high-quality development of enterprises,and conducts an intermediary effect test from the perspective of innovation and efficiency.The results show that trade credit financing is positively correlated with high-quality development of enterprises,R&D investment,operating capability and agency cost play a part of intermediary role in the impact of trade credit financing on the high-quality development of enterprises,that is to say,commercial credit financing helps to increase R&D investment,improve operational capacity,and reduce agency costs,thereby promoting high-quality development of enterprises.
关键词
商业信用融资/企业高质量发展/研发投入/营运能力/代理成本
Key words
trade credit financing/high-quality development of enterprises/R&D input/operation capability/agency cost
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