摘要
本文以我国上市公司为样本,实证检验了供应商—客户关系对企业商业信用融资规模和期限的影响。结果表明:供应商集中度越高,企业的商业信用融资规模越小,融资期限越短;当企业更容易获得银行贷款、企业所在地的产品市场发育程度更高时,供应商集中度与商业信用融资规模、融资期限之间的相关关系显著弱化。本文从新的视角丰富了企业战略与商业信用研究领域的文献,也为我国进行信贷市场及产品市场建设提供了证据支持。
Abstract： Trade credit is a significant source of financing for enterprises, as well as a hot spot of research in academia. However, the existing research universally overlooked the influence on trade credit comes from supplier, which is the provider of trade credit. In this paper, we use listed companies in China as samples, empirically testing the relationship between suppliers＇ concentration and the scale and period of trade credit obtained by downstream enterprises. The result shows that the higher the suppliers＇ concen- tration, the smaller the trade credit scale, and the shorter the credit period. Furthermore, the negative relationship between these two factors will be significantly weakened when companies can get bank loans more easily or the companies locate in areas with highly developed product market. This paper not only enriched literature in the field of corporate strategy and trade credit from a new perspective, but provided empirical evidence for the necessity of China＇s construction of credit market and product market. Key words： trade credit~ credit terms; concentration of suppliers~ bank loans; development of product market
出处
《经济理论与经济管理》
CSSCI
北大核心
2016年第2期98-112,共15页
Economic Theory and Business Management
基金
教育部人文社科规划项目(15YJA630101)的资助
