The Impact of Chattel Collateral Policy on Financing Constraints: Quasi-natural Experiments Based on Two Revisions of Measures for the Pledge Registration of Accounts Receivable
The Impact of Chattel Collateral Policy on Financing Constraints: Quasi-natural Experiments Based on Two Revisions of Measures for the Pledge Registration of Accounts Receivable
ZHOU Xianping1, LUO Ruifeng1, CHEN Mingwei2
1. School of Finance, Zhongnan University of Economics and Law, Wuhan 430073, China; 2. School of Finance, University of International Business and Economics, Beijing 100029, China
Abstract Taking two revisions of Measures for the Pledge Registration of Accounts Receivable as natural experiments, and based on the panel data of A-share listed companies in China from 2011 to 2020, this paper constructs a DID model to study the policy effect from two aspects: the expansion of the industry scope of accounts receivable and the chattel types in pledge registration. The results show that two revisions can significantly alleviate financing constraints, and the effect of the latter is stronger than that of the former. Channel analysis shows that the policy effect works through reducing debt costs, smoothing debt fluctuations and improving debt maturity structures. The improvement of the quality of accounts receivable, the promotion of interest rate marketization and the tightening of monetary policy play a positive role in regulating the policy effect. Heterogeneity analysis shows that the policy effect is more significant in private enterprises, enterprises in areas with higher level of financial development and better legal and policy environment. The study results enrich the perspective that the chattel collateral policy affects financing constraints, and have a certain significance for evaluating and optimizing the chattel collateral policy.
ZHOU Xianping,LUO Ruifeng,CHEN Mingwei. The Impact of Chattel Collateral Policy on Financing Constraints: Quasi-natural Experiments Based on Two Revisions of Measures for the Pledge Registration of Accounts Receivable. Economic Survey, 2023, 40(1): 0141.
2023, Vol. 40 
