How does the digital economy affect corporate business credit supply?
Abstract
Business credit supply entails a firm providing credit to its customers as a means to gain a competitive edge. The advent of the digital economy has brought about profound changes in business practices. In this context, it becomes crucial to examine how the digital economy impacts the business credit supply of enterprises. This study employs a theoretical framework to derive insights and carries out an empirical analysis using the City Digital Economy Development Index spanning from 2008 to 2021, along with data from A-share listed companies in Shanghai and Shenzhen. The objective is to explore the influence of the digital economy on corporate business credit supply and its underlying mechanisms. The findings reveal that the digital economy can enhance corporate business credit supply by reducing the incidence of bad debt, thus enabling companies to extend more credit to their customers. This research contributes empirical evidence for understanding the microeconomic impact of the digital economy, while also providing theoretical insights to advance the development of the digital economy and optimize the allocation of financial resources, thereby alleviating corporate financing constraints.
Keyword : digital economy, business credit, corporate business, bad debt, credit supply, digital industrialization, industry digitization
How to Cite
Chen, X., & Cheng, X. (2024). How does the digital economy affect corporate business credit supply?. Journal of Business Economics and Management, 25(4), 685–708. https://doi.org/10.3846/jbem.2024.22027
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chen, S. L., & Liu, X. L. (2018). Economic policy uncertainty and corporate trade credit extension. Journal of Financial Research, 455(5), 172–190.
Chen, S. L., Yue, J. J., & Zhang, H. T. (2022a). Social insurance payment and corporate commercial credit supply. Finance Forum, 27(12), 30–37. https://doi.org/10.16529/j.cnki.11-4613/f.2022.12.005
Chen, X. H., & Zhang, H. W. (2021). How does the digital economy affect the level of enterprise risk-taking? Business and Management Journal, 43(5), 93–108. https://doi.org/10.19616/j.cnki.bmj.2021.05.006
Chen, X. H., Zhang, H. W., & Chen, W. (2023a). How does enterprise digitalization affect enterprise leverage? Chinese Journal of Management Science. https://doi.org/10.16381/j.cnki.issn1003-207x.2021.0936
Chen, X. H., Zhang, H. W., & Ran, F. (2021). How does regional carbon emissions affect corporate leverage? Securities Market Herald, 353(12), 2–13.
Chen, X. H., Zhang, H. W., Wen, J., & Wu, Y. C. (2022b). Can FinTech credit scale stimulate financial institutions to increase the proportion of agricultural-related loans? Chinese Journal of Management Science, 30(5), 76–85. https://doi.org/10.16381/j.cnki.issn1003-207x.2019.1262
Chen, X., Chen, W., & Lu, K. (2023b). Does an imbalance in the population gender ratio affect FinTech innovation?. Technological Forecasting and Social Change, 188, Article 122164. https://doi.org/10.1016/j.techfore.2022.122164
Chen, X., Yan, D., & Chen, W. (2022c). Can the digital economy promote FinTech development?. Growth and Change, 53(1), 221–247. https://doi.org/10.1111/grow.12582
Chen, Z., & Huang, L. (2021). Digital twins for information-sharing in remanufacturing supply chain: A review. Energy, 220, Article 119712. https://doi.org/10.1016/j.energy.2020.119712
Cheng, X., & Chen, X. (2024). The digital economy and power consumption: Empirical analysis based on consumption intensity in China. Environment, Development and Sustainability, 26, 19755–19777. https://doi.org/10.1007/s10668-023-03435-2
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Emery, G. W. (1984). A pure financial explanation for trade credit. Journal of Financial and Quantitative Analysis, 19(3), 271–285. https://doi.org/10.2307/2331090
Fabbri, D., & Klapper, L. F. (2008). Market power and the matching of trade credit terms (World Bank Policy Research Working Paper, No. 4754). SSRN. https://doi.org/10.1596/1813-9450-4754
Faccio, M., Marchica, M. T., & Mura, R. (2011). Large shareholder diversification and corporate risk-taking. The Review of Financial Studies, 24(11), 3601–3641. https://doi.org/10.1093/rfs/hhr065
Garcia-Appendini, E., & Montoriol-Garriga, J. (2013). Firms as liquidity providers: Evidence from the 2007–2008 financial crisis. Journal of Financial Economics, 109(1), 272–291. https://doi.org/10.1016/j.jfineco.2013.02.010
Hagger, M. S., Cheung, M. W. L., Ajzen, I., & Hamilton, K. (2022). Perceived behavioral control moderating effects in the theory of planned behavior: A meta-analysis. Health Psychology, 41(2), 155–167. https://doi.org/10.1037/hea0001153
Hojeghan, S. B., & Esfangareh, A. N. (2011). Digital economy and tourism impacts, influences and challenges. Procedia-Social and Behavioral Sciences, 19, 308–316. https://doi.org/10.1016/j.sbspro.2011.05.136
Huo, P., & Wang, L. X. (2022). Digital economy and business investment efficiency: Inhibiting or facilitating?. Research in International Business and Finance, 63, Article 101797. https://doi.org/10.1016/j.ribaf.2022.101797
Jiménez, G., Ongena, S., Peydró, J. L., & Saurina, J. (2012). Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications. American Economic Review, 102(5), 2301–2326. https://doi.org/10.1257/aer.102.5.2301
Jin, W., & Zhang, Q. (2021). Decision making in trade credit financing: Impact of loss aversion and power imbalance. International Transactions in Operational Research, 28(5), 2607–2632. https://doi.org/10.1111/itor.12912
Jory, S. R., Khieu, H. D., Ngo, T. N., & Phan, H. V. (2020). The influence of economic policy uncertainty on corporate trade credit and firm value. Journal of Corporate Finance, 64, Article 101671. https://doi.org/10.1016/j.jcorpfin.2020.101671
Kara, G. I., & Yook, Y. (2023). Policy uncertainty and bank mortgage credit. Journal of Money, Credit and Banking, 55(4), 783–823. https://doi.org/10.1111/jmcb.12967
Kehal, H. S., & Singh, V. P. (Eds.). (2005). Digital economy: Impacts, influences, and challenges. IGI Global. https://doi.org/10.4018/978-1-59140-363-0
Kim, Y. S., & Kwon, O. (2023). Central bank digital currency, credit supply, and financial stability. Journal of Money, Credit and Banking, 55(1), 297–321. https://doi.org/10.1111/jmcb.12913
Kopecky, K. J., & VanHoose, D. (2004). A model of the monetary sector with and without binding capital requirements. Journal of Banking & Finance, 28(3), 633–646. https://doi.org/10.1016/S0378-4266(03)00038-4
Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates?. Journal of Financial Economics, 85(2), 331–367. https://doi.org/10.1016/j.jfineco.2005.06.001
Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
Lau, C. M., & Schaede, U. (2020). Of substitutes and complements: Trade credit versus bank loans in Japan, 1980–2012. Review of Quantitative Finance and Accounting, 55, 305–326. https://doi.org/10.1007/s11156-019-00844-1
Li, C. T., Yan, X. W., Song, M., & Yang, W. (2020). Fintech and corporate innovation: Evidence from Chinese NEEQ-listed companies. China Industrial Economics, 382(1), 81–98. https://doi.org/10.19581/j.cnki.ciejournal.2020.01.006
Li, J. X. (2023). Research on the measurement of the association fusion between digital economy & manufacturing industry and its regional heterogeneity. Chinese Journal of Management Science. https://doi.org/10.16381/j.cnki.issn1003-207x.2022.2202
Lu, Z. F., & Yang, D. M. (2011). The commercial credit: alternative financing or buyers’ markets? Journal of Management World, 211(4), 6–14. https://doi.org/10.19744/j.cnki.11-1235/f.2011.04.003
Luo, S., Yimamu, N., Li, Y., Wu, H., Irfan, M., & Hao, Y. (2023). Digitalization and sustainable development: How could digital economy development improve green innovation in China?. Business Strategy and the Environment, 32(4), 1847–1871. https://doi.org/10.1002/bse.3223
Molina, C. A., & Preve, L. A. (2012). An empirical analysis of the effect of financial distress on trade credit. Financial Management, 41(1), 187–205. https://doi.org/10.1111/j.1755-053X.2012.01182.x
Nilsen, J. H. (2002). Trade credit and the bank lending channel. Journal of Money, Credit and Banking, 34(1), 226–253. https://doi.org/10.1353/mcb.2002.0032
Pan, W., Xie, T., Wang, Z., & Ma, L. (2022). Digital economy: An innovation driver for total factor productivity. Journal of Business Research, 139, 303–311. https://doi.org/10.1016/j.jbusres.2021.09.061
Parviziomran, E., & Elliot, V. (2023). The effects of bargaining power on trade credit in a supply network. Journal of Purchasing and Supply Management, 29(1), Article 100818. https://doi.org/10.1016/j.jcorpfin.2020.101671
Peng, S., Jiang, X., & Li, Y. (2023). The impact of the digital economy on Chinese enterprise innovation based on intermediation models with financing constraints. Heliyon, 9(3), Article e13961. https://doi.org/10.1016/j.heliyon.2023.e13961
Peng, Z., Shi, X. Z., Lu, Y., & Wang, H. (2021). Unemployment insurance and financial leverage of firms. Journal of Financial Research, 494(8), 152–171.
Potter, G. (1992). Accounting earnings announcements, institutional investor concentration, and common stock returns. Journal of Accounting Research, 30(1), 146–155. https://doi.org/10.2307/2491097
Qi, H. J., Cao, X. Q., & Liu, Y. X. (2020). The influence of digital economy on corporate governance: Analyzed from information asymmetry and irrational behavior perspective. Reform, 314(4), 50–64.
Qi, H. J., Wei, Y. J., & Liu, Y. X. (2022). Corporate digital transformation and trade credit supply. Business and Management Journal, 44(12), 158–184. https://doi.org/10.19616/j.cnki.bmj.2022.12.009
Qi, Y. D., & Xiao, X. (2020). Transformation of enterprise management in the era of digital economy. Journal of Management World, 36(6), 135–152. https://doi.org/10.19744/j.cnki.11-1235/f.2020.0091
Qu, S., Qian, X. S., & Kang, J. (2023). Supply chain finance and industrial policy transmission: Theoretical modeling analysis and evidence from ten industries revitalization plan. Chinese Journal of Management Science. https://doi.org/10.16381/j.cnki.issn1003-207x.2022.0214
Raj, P. V. R. P., Jauhar, S. K., Ramkumar, M., & Pratap, S. (2022). Procurement, traceability and advance cash credit payment transactions in supply chain using blockchain smart contracts. Computers & Industrial Engineering, 167, Article 108038. https://doi.org/10.1016/j.cie.2022.108038
Rayna, T. (2008). Understanding the challenges of the digital economy: The nature of digital goods. Communications & Strategies, (71), 13–16. https://ssrn.com/abstract=1353583
Stankovic, J. J., Marjanovic, I., Drezgic, S., & Popovic, Z. (2021). The digital competitiveness of European countries: A multiple-criteria approach. Journal of Competitiveness, 13(2), 117–134. https://doi.org/10.7441/joc.2021.02.07
Tang, R. (2023). Digital economy drives tourism development – Empirical evidence based on the UK. Economic Research-Ekonomska Istraživanja, 36(1), 2003–2020. https://doi.org/10.1080/1331677X.2022.2094443
Vatamanescu, E. M., Nistoreanu, B. G., & Mitan, A. (2017). Competition and consumer behavior in the context of the digital economy. Amfiteatru Economic, 19(45), 354–366. http://hdl.handle.net/10419/169076
Wan, J., & Lee, C. C. (2023). Corporate investment and the dilemma of the monetary policy: Evidence from China. Economic Analysis and Policy, 78, 106–121. https://doi.org/10.1016/j.eap.2023.03.002
Wang, Y. C. (2014). Financial repression and credit redistribution. Economic Research Journal, 49(6), 86–99.
Wen, Z. L., & Ye, B. J. (2014). Analyses of mediating effects: The development of methods and models. Advances in Psychological Science, 22(5), 731–745. https://doi.org/10.3724/SP.J.1042.2014.00731
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