客户债券融资对供应商商业信用供给的影响研究OACHSSCD

Based on data from A-share listed companies in Shanghai and Shenzhen from 2008 to 2023,this study examines the impact of customer bond financing on suppliers' commercial credit provision.The findings reveal that customer bond financing significantly enhances suppli-ers'commercial credit supply by improving customer accounting conservatism and reducing cus-tomer operational risks.Further analysis indicates that the positive effect of customer bond finan-cing on suppliers' commercial credit supply is more pronounced in cases with poorer supply chain information environments,lower stability,higher relationship dependence,weaker supplier capa-bilities,and lower customer reliability.When customers exhibit higher bond ratings,larger scale,and longer maturities,suppliers demonstrate stronger willingness to provide commercial credit.Customer bond financing effectively extends the duration of suppliers' commercial credit supply and positively impacts supplier operational efficiency and performance.Accordingly,it is essential to vigorously expand direct financing channels such as bonds,actively build an integrat-ed supply chain finance ecosystem,continuously enhance regulatory effectiveness,and achieve co-ordinated development among supply chain enterprises.