Litigation Risk and Commercial Credit

摘要

This paper takes the Shanghai and Shenzhen A-share listed companies from 2005 to 2015 as a sample to study the impact of litigation risk on the company's commercial credit. The study found that: (1) Compared with listed companies that do not have litigation risks (or higher litigation risks), the commercial credit of listed companies with litigation risks (or higher litigation risks) has been significantly affected, and the obtained commercial credits Significantly reduced, and the higher the frequency of litigation is, the greater the amount of litigation is, the greater the negative impact; (2) This effect is more pronounced in the case of off-site litigation, non-state-owned enterprises, poor legal protection and strong market competition. The conclusions of this paper are still significant after the endogenous and robustness tests. This paper reveals the influence mechanism of the uncertainty of the external environment on the commercial credit of enterprises, and has certain theoretical and practical significance for the related research of commercial credit.