摘要
本文利用中国上市公司数据,实证检验了不同货币政策下,商业信用对公司投资行为的影响。研究发现,在货币政策紧缩期,使用商业信用较多的公司投资增长更快,并且这一现象在投资不足的公司中体现的更加明显。进一步研究发现,对于投资不足的公司,在货币政策紧缩期,商业信用与银行借款存在替代关系,使用商业信用可以降低公司投资-现金流敏感性和现金-现金流敏感性,通过缓解融资约束实现投资增长。本文的研究结论为考察商业信用与公司投资行为的互动关系开拓了新视野。
On the view of monetary policy,the paper examines the role of trade credit in firm investment with a sample of A-share listed firms in China from2001 to 2013.The empirical results show that during the period of tight monetary policy,the use of trade credit can promote the investment of firms.Moreover,the paper finds that,compared with over-investment firms,trade credit has a more positive impact on investment growth of under-investment firms.Further study finds that the use of trade credit can directly ease the financing constraints of firms by reducing the investment-cash flow sensitivity and the cash flow sensitivity of cash.This paper also finds the evidence of substitutional relation between trade credit and bank loan.Under the background of monetary policy,this paper expands the vision fields of the interaction between trade credit and firm investment.
出处
《会计研究》
CSSCI
北大核心
2016年第2期58-65,96,共8页
Accounting Research
基金
国家自然科学基金(71202014
71572007)
北京高校青年英才计划项目(YETP1099)的阶段性成果
