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1、BANK-ENTERPRISERELATIONSHIPS,TRADECREDITANDBANKLOANSEXPERIENCEEVIDENCEFROMCHINESEPRIVATELISTEDFIRMSABSTRACTSincethereformandopenpolicy,theprivatefirmshaveachievedrapiddevelopmentforthepastthirtyyears.Now,theprivatefirmshavebeomethemaindrivingforceofChineseeconomy.Howev
2、er,theproblemoffinancinghasbeenaccompaniedwiththedevelopmentofprivatefirms.Tosomeextent,thisproblemhashinderedthehealthygrowthofChineseprivatefirms.Afterthefinancialcrisisin2008,thefinancingofprivatefirmsbecomeharder.Inordertosolvetheproblemoffinancing,thegovernmentals
3、ohaslaunchedaseriesofpolicies,whichtosomeextentprovideasolutiontosolvetheproblemoffinancingofprivatefirms.However,therearestillmanyconstraintsforfinancingoftheprivatefirmsineconomytransition,which,duetotheexistenceofcreditrationing,makingbanksmorelikelytolendmoneytosta
4、te-ownedfirms.Thus,itimpactsthefinancingchannelfrombankforprivatefirms.Thispaperfocusesonthedataafterthefinancialcrisisin2008,from2009to2012,Chineseprivatefirmshowtoeasethecreditrationinghiphenomenonintheincompletefinancialmarket.Forthisproblem,theuseoftradecreditandde
5、velopingcloserelationshipwithbanksaretwoinformalsystemsapproachtosolvethefinancingproblemforprivatefirms.Thispaperexaminestherelationshipbetweentheuseoftradecreditandbankloans.Atthesametime,takingbank-enterpriserelationshipsintoaccount,thispaperresearchesbank-enterpris
6、erelationshipshowtoinfluencebankloansandbank-enterpriserelationshipshowtoinfluencetherelationshipbetweentradecreditandbankloans.Thestudyfindsthreefollowingconclusions:(1)Itexistssubstituterelationshipbetweentheuseofbankloansandtradecreditinprivatefirms.(2)Thestrongrela
7、tionshipbetweenbanksandprivatefirmshasanadvantagecomparedwiththeweakrelationshipbetweenbanksandprivatefirmsinfinancingfrombanks.Thatis,bank-enterpriserelationshipscanhelpfirmstoborrowmoneyfrombanks.(3)Bank-enterpriserelationshipscanstrengthenthesubstituterelationshipbe
8、tweenbankloansandtradecredit.Thatis,firmswhichhavestrongrelationshipwithbankswillgetmorefundsfrombanks.Itwillreduceth
