财务共享服务中心与公司商业信用融资——基于异时DID模型研究

Financial Shared Service Centers and Corporate Trade Credit

商业信用融资作为全世界公司的重要资金来源,尤其是在新冠肺炎疫情下成为公司活下去和发展好的关键。财务共享服务中心受到我国政府大力支持并被公司大量实施,现有研究发现其有利于加强内部管控和提升会计信息质量,进一步缓解信息不对称和公司内外部关系,那么上市公司财务共享服务中心的建立是否影响公司商业信用融资规模?以2003-2018年中国A股上市公司为样本,研究发现,财务共享服务中心能显著提高公司商业信用融资规模,其是通过提高内部控制质量及降低供应商集中度的机制渠道来实现,也能提高公司未来投资水平、改善公司经营绩效等。

Trade credit is an important means of short-term financing for firms all over the world,especially under the COVID-19 epidemic,become the key to the firm's survival and good development.FSSCs are strongly supported by our government and the number of them is growing rapidly,and existing research shows that they are conducive to improving the internal control and information disclosure quality,further alleviating the information asymmetry problem.Therefore,would FSSCs influence corporate trade credit?What is the logic and specific institutional channels behind the theory?What is the economic consequences?This paper,using listed firms'data of China's A-share markets from 2003 to 2018,finds that,FSSCs can significantly increase corporate trade credit which is realized by two mechanisms of improving the internal control quality and reducing the supplier concentration.Furthermore,the effect of FSSCs on corporate trade credit is mainly concentrated in the sub-sample of non-state-owned enterprises,low institutional investor holding,high economic policy uncertainty and tight monetary policy period,etc.Economic consequences study finds that,FSSCs can ultimately increase the investment level and improve the operating performance by increasing corporate trade credit.