摘要
本文采用中国A股上市公司2010~2012年的数据,检验企业市场地位对商业信用及其信贷传导效应的影响。研究发现,企业商业信用普遍向市场地位高的企业集中,而银行信用与企业市场地位间并不存在一定的必然关系。在其他条件相同的情况下,银行信用与商业信用存在替代效应,与商业信用存在传递效应;根据市场地位进行分组发现,相比市场地位低组,替代效应在市场地位高组更为显著,与此相反,相比市场地位高组,传递效应在市场地位低组更为显著。商业信用竞争在中国商业信用的传导过程中占据主导地位。
This paper uses the data of Chinese A-share listed companies during 2010-2012 to examine the influence of the market power of enterprise on commercial credits and the effects of credit transmission. It is found that the enterprise commercial credits generally focus on the enterprise with high market power, and bank credits are not certainly related to the market power of enterprise. If other conditions are same, there are substitution effects between bank credits and commercial credits, and bank credits have transmission effects on commercial credits. Grouping according to market power show that, compared to the group with low market power, the group with high market power has more obvious substitution effects. On the contrary, the group with low market power, compared to the group with high market power, has more obvious transmission effects. In China, the commercial credit competition plays a key role in the transmission process of commercial credits.
出处
《金融论坛》
CSSCI
北大核心
2014年第7期59-69,共11页
Finance Forum
基金
教育部人文社科基金(12YJA630012)
福建省自然基金(2011J01382)
中央高校基本科研业务费(JB-SK1103)
关键词
市场地位
商业信用
银行信用
替代效应
传递效应
market power
commercial credit
bank credit
substitution effect
transmission effect
