以政府欠款清理为准自然实验，选取2009～2023年A股民营上市公司数据，使用双重差分模型对民营企业商业信用融资的影响进行探讨。研究发现，政府欠款清理能够显著降低民营企业的商业信用融资，偿还了占用供应商的资金。其作用机制在于，政府欠款清理通过提高现金流水平、提升存货流动性以及缓解融资约束，降低了民营企业对商业信用融资的需求。当企业发展能力越强、供应商集中度越高、地区法制化水平越低时，政府欠款清理降低民营企业商业信用融资的效果更显著。

This study utilizes the government debt clearance as a quasi-natural experiment and selects data from A-share private listed companies from 2009 to 2023 to examine the impact on private enterprises’ commercial credit financing using the Difference-in-Differences model. The results show that clearing government debts can significantly reduce the commercial credit financing of private enterprises, thereby repaying the funds previously withheld from suppliers. The underlying mechanism lies in the fact that government debt clearance reduces the demand for commercial credit financing from private enterprises by increasing cash flow levels, enhancing inventory liquidity, and alleviating financing constraints. In contexts characterized by greater development capability of enterprises, higher supplier concentration, and a lower level of regional legalization, the effect of government debt clearance on reducing commercial credit financing for private enterprises is more pronounced.