BAO Yu, CHEN Yunsen, JIANG Yan
2025, 0(5): 83-99.
In the dual context of the intensified crackdown on capital market financial fraud and the accelerated reform of supply chain management systems, investigating whether accounting supervision can exert an influence on supply chain financing from the perspective of the inspected enterprise's stakeholders holds both practical and theoretical significance.Based on the setting of the Ministry of Finance's random inspection of accounting information quality, this study finds that accounting supervision reduces suppliers' screening, negotiation, and supervision costs by improving the quality of accounting information, Increasing supply chain financing demand, and enhancing the intensity of external supervision.This cost reduction further strengthens suppliers willingness to provide trade credit, thereby promoting enterprise supply chain financing.The cross-sectional analysis conducted in this study on the aforementioned three types of costs provides supporting evidence for the role of transaction cost reduction in facilitating supply chain financing through accounting supervision.The study further examines suppliers' information processing behaviors, and finds that they can identify the differences among enterprises in the severity of existing problems and their attitude towards rectification, and are more inclined to provide trade credit to enterprises with fewer and less severe problems, and to those with a proactive rectification approach.This paper finds a supply chain financing enhancement effect of accounting supervision from the perspective of transaction cost reduction mechanisms, which provides insights for the “strict continuous supervision of listed companies” emphasized in the new “Nine National Rules”, and for the “efforts to enhance the resilience and security level of industrial chain and supply chain” put forward by the Third Plenary Session of the 20th Central Committee of the CPC.
