摘要
基于1998~2019年我国A股公司数据,实证分析货币政策与融资约束对企业商业信用融资替代性的影响。研究发现,企业商业信用对银行信贷的替代性显著存在,且融资约束企业的商业信用融资替代性更为明显。相对于货币政策宽松期,紧缩期的商业信用替代性受融资约束程度的影响更大。没有融资约束企业更倾向于对外提供商业信用,融资约束企业通过商业信用实现银行信贷二次配置。紧缩货币政策对企业产生了非对称性影响,中小企业、民营企业等融资约束较大企业受紧缩政策的影响更大。结论表明,有必要对微观实体企业,尤其是受紧缩货币政策叠加影响的融资约束企业,实施分类货币政策。
Based on Chinese A-share companies from 1998 to 2019,this paper analyzes the influence of monetary policy and financial constraint on the substitution of trade credit financing.The study finds that the substitution of trade credit to bank credit is significant in China,and the substitution of enterprises with financial constraint is more obvious.Compared with the period of easy monetary policy,trade credit substitution in the period of tight monetary policy is more affected by financial constraints.Enterprises with non-financial constraints are more inclined to provide trade credit to the other,and financial constraints enterprises to obtain the secondary allocation of bank credit through trade credit.Tight monetary policy has had an asymmetrical impact on enterprises with financial constraints.The conclusion shows that it is necessary for monetary policy authority to accurately classify and implement for micro-entities,especially those with financing constraints that are superimposed by the tight monetary policy.
作者
符号亮
袁鲲
FU Hao-liang;YUAN Kun(School of Finance,Guangdong University of Finance and Economics,Guangzhou 510320,China)
出处
《经济体制改革》
CSSCI
北大核心
2021年第5期129-135,共7页
Reform of Economic System
基金
国家自然科学基金面上项目“金融支持视角下银行竞争对企业融资约束的影响机理与政策选择”(71573056)
江西省自然科学基金项目“税收竞争、公共品投资与企业利润”(2018BAA208027)。
关键词
货币政策
融资约束
商业信用替代性
非对称性
monetary policy
financial constraints
trade credit substitution
asymmetric impact
