摘要
基于A股制造业上市公司的面板数据,通过面板门槛模型,分别以市场化进程、银行理财产品发展为门槛变量,探讨在不同的门槛下,商业信用再配置的问题。研究发现,当以银行理财产品发展、市场化进程为门槛时,银行信用与商业信用之间存在明显的门槛效应即非线性关系,文中分别对应选择门槛个数是:双门槛,单门槛;银行理财产品发展双门槛的存在使商业信用再配置呈现倒"U"型状态;市场化进程会加强银行理财产品发展对商业信用再配置的促进作用,市场化进程高于或低于门槛值都会促进商业信用再配置,但当市场化进程大于门槛值,对商业信用再配置影响更显著。
Based on the panel data of A-share manufacturing firms,the paper discusses the reallocation of commercial credit under different thresholds by using the panel threshold model and taking the development of bank financial products and the market process as the threshold variables. The results show that: When taking the development of bank financial products and the market process as the threshold,there is a clear threshold effect between bank credit and commercial credit,which exhibits a non-linear relationship. The corresponding threshold number in the paper is the double threshold and the single threshold.The existence of the double threshold for the development of bank financial products drives the commercial credit to be reconfigured in an inverted "U"type state. Moreover,if the marketization process is above or below the threshold,it will also promote commercial credit reallocation. This phenomenon would be more significant when the marketization process is greater than the threshold.
作者
张庆君
郭永光
Qingiun Zhang;Yongguang Guo(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《会计与经济研究》
CSSCI
北大核心
2018年第6期98-112,共15页
Accounting and Economics Research
基金
国家社科基金项目(15BJL028)
关键词
市场化进程
银行理财产品
商业信用再配置
marketization process
bank financial products
reallocation of commercial credit
