2026年2月，汕头大学黄裕洪博士、广东金融学院谌晓舟副教授、广州华商学院粤港澳大湾区研究院谌新民教授共同撰写的论文“Social credit environment and corporate trade credit financing: Evidence from China”在《Journal of Business Research》发表。

【Abstract】

We examine the impact of an improved social credit environment on corporate trade credit financing on the basis of microlevel data obtained from Chinese listed companies and a difference-in-differences model. Our findings reveal that enhancing trust and the credit environment promotes corporate trade credit access. We identify two plausible channels and reveal that the pilot policy not only mitigates corporate agency costs but also improves corporate disclosure, thereby enabling firms to secure more trade credit; moreover, these mechanisms are stronger among nonstate-owned enterprises and firms with weaker profitability. The cross-sectional results indicate that the positive effects of the social credit environment on corporate trade credit financing exhibit significant asymmetric outcomes across different regions, industry types, and firm characteristics. Our study highlights the importance of a trustworthy culture and credit environment for informal financing in emerging markets, thereby enriching the literature on the external institutional factors influencing corporate finance.