摘要
本文以我国2009-2016年间A股上市公司为研究样本,考察企业获奖与债务融资能力之间的关系,进一步研究了企业产权性质与外部市场化程度对二者关系的调节作用。通过实证检验后发现,企业获奖有助于提升企业的债务融资规模,降低企业的债务融资成本,并且不同类型的奖项产生的影响程度存在差异;在其他条件不变的情况下,相较于市场化程度高的地区,市场化程度较低地区的民营企业的获奖更有助于提升企业的债务融资能力。在进一步研究中,获奖释放了企业经营状况良好以及市场竞争地位较高的积极信号,能够提升企业在供应链中的商业信用融资能力,同时也可以减少企业的短贷长投行为。从现实角度而言,本文的研究发现有助于银行等信贷供给方更好地识别经营管理良好的优质企业,提高放贷效率与质量,对企业优化资源配置也有一定的启示意义。
This paper takes China's A-share listed companies in 2009-2016 as research sample to investigate the relationship between corporate awards and debt financing capabilities, and studies the moderating role of corporate property rights and external marketization. Through empirical tests, it is found that the corporate awards will help to increase the scale of debt financing and reduce the cost of debt financing of enterprises. Ceteris paribus, compared with the more market-oriented regions, the award of private enterprises in the less market-oriented regions will help to improve the debt financing ability of enterprises. In further research, the award releases the positive signal of good business performance and high competitive position, which enhance the commercial credit financing capability in the supply chain and restrain short-term loan and long-term investment behavior of corporates. From the practical perspective, the research findings of this paper help banks and other credit providers to better identify high-quality enterprises. This conclusion also has certain enlightenment significance for optimizing resource allocation.
作者
刘佳伟
邓博夫
于博通
吉利
LIU Jia-wei;DENG Bo-fu;YU Bo-tong;JI Li
出处
《财务研究》
2019年第5期56-67,共12页
Finance Research
基金
国家自然科学基金青年科学基金项目(71902161)
教育部人文社会科学基金项目(18Y JA630041)
关键词
企业获奖
债务融资
信号传递
商业信用
corporate award
debt financing
signal transmission
commercial credit
