Financial Regulation and Trade Credit Supply:Quasi Natural Experiments Based on New Asset Management Regulations
Taking non-financial listed companies in China's Shanghai and Shenzhen A-shares market from 2015 to 2021 as samples,this paper uses a generalized difference-in-difference model to exam-ine the impact of the implementation of new asset management regulations on trade credit supply.The results show that after the implementation of the new asset management regulations,the higher level of enterprises'financialization in the early stage,the more trade credit supply increases.After a series of robustness tests,the empirical results remain robust.Mechanism analysis shows that the new asset management regulations increase enterprises'trade credit supply by inhibiting corporate financialization,reducing operational risks,and alleviating financing constraints.Hetero-geneity analysis shows that a higher market position weakens the impact of the implementation of new asset management regulations on trade credit supply,while larger bank credit,looser monetary policies,and higher levels of shadow banking development can enhance the impact of the implemen-tation of new asset management regulations on trade credit supply.Further analysis reveals that the implementation of the new asset management regulations mainly promotes the supply of trade credit within one year and to downstream customers;The implementation of the new asset management regulations helps enterprises achieve their main business development by promoting the trade credit supply.The research indicates that the new asset management regulations can promote the healthy development of the real economy,assist upstream and downstream enterprises in the supply chain in driving the coordinated development,and have important policy implications for better financial service for the real economy.
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