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"Commercial credit"
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On the fast track: the benefits of ESG performance on the commercial credit financing
Under the sustainability strategy, a company’s ability to enhance its financing capacity through improvements in environmental, social, and governance (ESG) performance is crucial for fostering high-quality development. This study empirically examines the impact of corporate ESG performance on commercial credit financing (CCF) using data from China’s A-share listed companies between 2009 and 2021. The findings of the panel regression analysis revealed a significant positive correlation between a company’s ESG performance and CCF. Further analysis of the influencing mechanisms indicates that a company’s ESG performance can increase its likelihood of obtaining CCF by reducing environmental, social, and governance risks. Specifically, we found that ESG performance facilitates access to CCF by promoting green innovation, enhancing social reputation, and mitigating operational risk. This study expands and enriches the theory of informal financing of enterprises while incorporating the more comprehensive assessment criteria for sustainable development.
Journal Article
Commercial Credit Financing and Corporate Risk-Taking: Inhibiting or Facilitative?
Improving the level of risk-taking is an important measure for enterprises to realize sustainable development; in this context, commercial credit financing has become an important type of transaction and an indispensable short-term financing method. In this work, we use a sample of A-share-listed companies listed from 2007 to 2021 to test the impact of commercial credit financing on corporate risk-taking. Research shows that commercial credit financing has a U-shaped relationship with corporate risk-taking, i.e., when there is a low level of commercial credit financing, it has an inhibitory effect on corporate risk-taking, and when the level of commercial credit financing is high, it has a promotional effect on corporate risk-taking. The main reason for this, based on substitute financing and buyer market theories, is that commercial credit financing has a “double-edged sword” effect. Further research has found that corporate financialization, debt default risk, and ownership form all have moderating effects on this U-shaped relationship. Heterogeneity analysis results show that among enterprises with good cash flow conditions, low financing constraints, and a low supply of commercial credit, commercial credit financing has a significant U-shaped impact on enterprise risk-taking. However, among enterprises with poor cash flow conditions, high financing constraints, and a high supply of commercial credit, commercial credit financing shows a solely inhibitory effect on enterprise risk-taking. This research innovatively clarifies the dual role of commercial credit financing in corporate risk-taking from the perspective of the supply chain, and these findings are pivotal in guiding enterprises to rationally allocate commercial credit financing and make informed risk investment decisions to realize the simultaneous sustainable development of enterprises and supply chains.
Journal Article
Correction: Liu et al. The Impact of Commercial Credit on Firm Innovation: Evidence from Chinese A-Share Listed Companies. Sustainability 2022, 14, 1481
The authors would like to make the following corrections about the published paper [...]
Journal Article
Economic Policy Uncertainty, Accounting Robustness and Commercial Credit Supply - A Big Data Analysis Based on Accounts Receivable
In this paper, a two-dimensional panel data model of economic policy uncertainty is investigated based on the individual fixed effects of panel quantile regression, and a nonparametric panel model with individual fixed effects is established. The unfolding of nonparametric penalized spline and the introduction of Bayesian in stratified quantile are utilized to construct regression models applicable to accounting robustness, respectively. In the empirical study, the economic policy uncertainty index, accounting robustness and commercial credit supply are measured respectively. The annual data of China’s Shenzhen and Shanghai A-share listed companies during the period from 2012 to 2021 were selected as the research basis, and Bayesian quantile regression was made on the basis of correlation analysis. The coefficient of commercial credit supply is found to be -0.0821, and the variable RD1 is negatively correlated with economic policy uncertainty. This regression result confirms hypothesis H1 of this paper, suggesting that private firms invest less in innovation when economic policy uncertainty is higher. In the test of economic policy uncertainty by type, the regression coefficients of RD2, EPU, and SIZE are negative, respectively -0.0368, −0.2124, and -0.1458, which indicates that fiscal policy, monetary policy, and exchange rate and capital account policy uncertainty are negatively correlated with the supply of business credit to enterprises. Based on this correlation, this study provides guidance for the development of business credit for enterprises.
Journal Article
The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stability
The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stabilityundertakes a systematic approach to provide a complete analysis and risk assessment of each of these sectors which interact closely to financial stability.
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