摘要
本文基于我国制造业上市公司2007-2019年非平衡面板数据,研究了我国制造业商业信用供给行业同群效应的存在性、作用机制、异质性及经济后果。研究发现制造业商业信用供给存在显著的行业同群效应,当采用行业平均股票异质收益率作为工具变量检验后的结果依然成立。通过作用机制检验发现,企业商业信用供给的行业同群效应既存在竞争理论的被动反应,也存在信息理论的主动模仿。此外,商业信用供给的行业同群效应存在异质性,即在国有企业、低客户集中度及地理位置邻近程度高的企业中更为显著。其经济后果表现为放大效应和溢出效应,即基于同群效应的商业信用供给不仅会增加企业自身的流动性风险,而且会引发和增加行业流动性风险。研究拓展了企业商业信用供给的影响因素和同群效应的研究边界,揭示了企业商业信用供给的行业互动聚集现象及决策关联性带来的潜在风险,为企业制定商业信用供给决策提供了重要的经验证据。
Trade credit is rooted in the supply chain,which reflects the business association and interdependence among supply chain firms,and plays an important role in alleviating the tension of capital chain,stabilizing supply chain and maintaining market stability.Existing research on trade credit supply usually regards firms as individuals who make decisions and act independently,pays more at-tention to the impact of their own characteristics and external environment on trade credit supply,and ignores the interaction between groups.However,in the actual decision-making process,firms need to observe and learn,and respond to or even counter the deci-sionmaking behavior of the peers;moreover,the mutual imitation among firms also makes a small change spread to a wider system in the form of index,forming a social multiplier effect.Therefore,the trade credit supply of peer firms should not be underestimated.Imitation behaviors are explained by competition-based and information-based theories,but these two theories are not mutually exclusive,which will cause the peer effect of corporate decisions.On the one hand,trade credit supply is a means of market com-petition.The competition-based theory argues that firms may mimic their rivals through passive reaction to maintain competitive parity or limit the rivalry when the market competition is fierce.On the other hand,trade credit supply is a strategic tool to reduce information asymmetry.The information-based theory argues that firms may mimic their peers through active imitation to reduce the decision-making cost and credit risk when their peers are perceived to have superior information.Therefore,whether and how firms mimic their peers’trade credit supply remains to be tested empirically.Therefore,using a sample of manufacturing firms listed in China between 2007 and 2019,this paper explores the industry peer effect on trade credit supply.We provide strong empirical evidence showing that the industry peer effect on trade credit supply exists in the manufacturing sector.Our r
作者
吴娜
白雅馨
安毅
Wu Na;Bai Yaxin;An Yi(School of Accounting,Tianjin University of Finance and Economics;Department of Accounting,Management College,Ocean University of China)
出处
《南开管理评论》
CSSCI
北大核心
2022年第3期149-159,I0027,I0028,共13页
Nankai Business Review
基金
国家社会科学基金重大项目(21&ZD144)资助。
关键词
商业信用供给
同群效应
存在性
作用机制
异质性
经济后果
Trade Credit Supply
Peer Effect
Existence
Mechanism
Heterogeneity
Economic Consequences
