信用记录
资信证明
出口信贷机构
信用增级
贸易信贷
信息不对称
业务
中国
宣传
信息共享
情感(语言学)
议价能力
金融体系
信贷紧缩
信用评级
财务
经济
信用风险
微观经济学
法学
营销
哲学
语言学
政治学
作者
Haoyu Gao,Peixuan Zhao,Huiyu Wen
摘要
Abstract This paper investigates how credit information sharing affects corporate trade credit financing. Utilising the difference‐in‐differences method, we find a significant reduction in trade credit for infra‐marginal bank borrowers following the introduction of the Chinese National Enterprise Credit Information Publicity System (NECIPS). To reveal the mechanisms underlying the reduction in trade credit, we show that the NECIPS alleviates information asymmetry and increases formal finance access. This financing substitution effect is magnified by weak bargaining power in product markets. Our findings complement the literature on the determinants of trade credit and underscore the indispensable role of the public credit registry.
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