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上市企业运营状况与商业信用的关系探究

发布时间:2019-03-04

摘要

  一直以来,我国企业融资是以银行贷款为主的,而商业信用作为企业之间的便捷融资渠道也发挥着一定的作用.2008年金融危机爆发后,商业银行提供给企业的银行信贷规模急剧下滑,作为缓解融资约束的一种手段,商业信用日益受到重视.

  本文以2008-2017年沪深A股上市公司为样本,研究商业信用对中国上市公司未来运营绩效的影响.研究发现商业信用与中国上市公司未来运营绩效显著正相关,无论是使用资产收益率还是经匹配后的资产收益率来测度运营绩效均结论一致.

  通过对商业信用影响企业未来运营绩效的机制研究后,本文考察所有权性质、行业性质和市场化程度对商业信用与运营绩效二者关系的调节作用.与假设的一致,在其他条件相同的情况下,商业信用对上市公司未来运营绩效的正向影响在私营企业、制造业企业和位于市场化程度较低地区的企业更明显.大量的稳健性检验(使用工具变量法、公司固定效应、更长的预测时间窗、考虑宏观信贷政策的影响、增加前期样本量以及使用更稳健的双重聚类方法等)证实了前述实证结果是稳健的.

  本文进一步讨论了商业信用影响上市公司的作用机制.研究结果表明商业信用可以显著降低上市公司的财务费用,同时发现商业信用可以减少企业的融资约束,这正是商业信用改善上市公司未来运营绩效的原因所在.

  最后,本文提出了优化商业信用外部环境、加强金融体系对商业信用运用的支持、以及强化对民营企业、制造业企业和市场化程度较低地区企业商业信用运用的支持等政策建议.

  关键词:商业信用;运营绩效;上市公司;所有权性质;行业性质

上市企业运营状况与商业信用的关系探究

  ABSTRACT

  All along, China*s enterprise financing is mainly bank loans, and trade credit as a convenientfinmcing channel between enterprises also plays a certain role. After the outbreak of thefinancial crisis in 2008, the scale of bank credit provided by commercial banks has fallensharply. As a measure of alleviating financing constraints, trade credit has been paid more andmore attention.

  This paper takes the 2008-2017 years of Shanghai-Shenzhen A shares listed companies as asample to study the impact of trade credit on the future operational performance of listedcompanies in China.This paper finds that trade credit is significantly positively related to thefuture operational performance of Chinese listed companies, whether they are using asset returnsor matched asset returns to measure operational performance.

  After studying the mechanism of trade credit affecting the fiiture operational performance ofenterprises, this paper examines the regulatory role of all ownership and industry properties inthe relationship between trade credit and operational performance. As assumed,the positiveimpact of trade credit on the future operation performance of the listed companies is moreobvious in the private and manufacturing enterprises under the same conditions. A large numberof robustness tests (including the use of tool variable regression, longer forecast time windows,consideration of the impact of macro credit policies, larger early sample size and the use of morerobust dual clustering methods) confirm that the previous empirical results are robust.

  Then, this paper examines the role of,trade credit in influencing the performance of listedcompanies. This research results show mat trade credit can significantly reduce the financialcosts of listed companies,and at the same time finds that trade credit can reduce corporatefinancing constraints. This is the reason why trade credit improves the future operationalperformance of listed companies.

  The policy recommendations in this paper include three aspects: the first is to optimize theexternal environment of trade credit, the second is to strengthen the financial system to supportthe use of trade credit, and finally to strengthen the use of trade credit for private enterprises,manufacturing enterprises and enterprises in less market-oriented areas.

  Key words: Trade Credit; Operational Performance; Listed Company; Ownership Nature;Industry Nature

目录


  1绪论
  1.1选题背景与意义
  1.2研究思路与方法
  1.2.1研究思路
  1.2.2研究方法
  1.3论文主要章节与内容安排
  1.4论文的可能创新点

  2文献综述
  2.1商业信用的内涵
  2.2商业信用动机研究
  2.2.1商业信用融资性动机研究
  2.2.2商业信用经营性动机研究

  2.3商业信用影响因素研究
  2.3.1企业规模对企业商北信用融资影响的研究
  2.3.2产权结构对企业商北信用融资影响的研究
  2.4商业信用对企业运营绩效的影响
  2.4.1理论分析
  2.4.2实证证据

  3研究设计
  3.1研究假说
  3.2运营绩效的测度
  3.3商业信用的测度
  3.4实证模型

  4实证结果
  4.1样本和数据来源
  4.2描述性统计
  4.3对假说H1的检验

  4.4对假说H2的检验
  4.4.1所有权性质
  4.4.2行业性质
  4.4.3市场化程度

  4.5稳健性检验
  4.5.1工具变量法
  4_5.2公賴定效应
  4.5.3更长的预测时间窗
  4.5.4信贷政策的影响
  4.5.5包括2008年之前观测样本
  4.5.6双重聚类
  4.6作用机制

  5研究结论及政策建议
  5.1研究结论
  5.2政策建议
  5.3研究不足与展望
  
  参考文献