Research on the Impact of Social Credit Improvement on the Debt Financing of Agricultural Enterprises

Abstract

This study takes China’s A-shares agricultural companies as the research subjects and examines the influence of social credit environment on the debt financing of agricultural enterprises. This study has found that the improvement of social credit environment can significantly increase the debt financing scale of agricultural enterprises. After a placebo test, the replacement of explained variables, and the control of industry fixed effects, the results obtained are still significant. The mechanism test found that the scale of the enterprise has a complete intermediary effect; that is, the social credit environment can increase the scale of external financing of agricultural enterprises by increasing the scale of the enterprise. This article focuses on the impact of informal institutions on corporate debt financing, which is conducive to enriching relevant research on agricultural enterprises and has important practical significance for promoting the development of the agricultural industrial chain as well as “village revitalization.”