摘要
本文以中央企业应收账款的压降政策为准自然实验,检验了赊销管控以及由此带来的赊销交易票据化倾向对企业的影响,为近年来中国“应收账款票据化”发展的预期效果及后续举措的推出提供经验支持。研究发现:中央企业在赊销管控政策颁布后倾向于更多地将无票据赊销交易转为有票据赊销交易,这虽然在一定程度上使得企业的销售业绩受到负向冲击,但显著地改善了企业的流动性。进一步研究证实,赊销管控政策带来了应收账款质量的提升,此外企业流动性的增加来源于应收票据的贴现以及对上游企业的资金占用。在理论意义上,本文基于在法律层面对应收账款和应收票据的对比剖析,一方面拓展了有关中国国有企业商业信用供给行为的研究,另一方面从交易模式上丰富了关于赊销活动经济效果的研究。在实践意义上,本文的经验证据意味着中国的应收账款票据化能在商业信用风险防控方面发挥积极作用,但也要及时关注在推进过程中可能面临的企业销售业绩及供应链协同等方面的挑战,在不断完善产品市场竞争机制的基础上,持续引导企业以产品为本,逐渐缓解对无票据赊销的渠道依赖。
While China’s supply network develops rapidly,its stability and security also face many challenges.The report to the 20th National Congress of the Communist Party of China clearly proposes to“make China’s industrial and supply chains more resilient and secure”.As the basis for the formation of supply relations,the most representative form of transactions between Chinese enterprises is delivery before payment,i.e.,credit sales.However,as a commercial behavior with financial attributes,a large number of credit sales transactions implies the expansion of credit scale between enterprises,which may cause damage to the security of enterprises and the industrial and supply chains if not properly controlled.This article takes the credit sales control policy issued by the State-owned Assets Supervision and Administration Commission of the State Council of China in 2015 as a quasi-natural experiment to analyze the impact of the policy on credit sales transactions without bills.The results are as follows.The scale of credit sales transactions without bills has decreased.Enterprises are increasingly adopting credit sales with bills.The sales performance of enterprises has decreased.The liquidity of enterprises has increased,which is manifested by an increase in current assets and overall cash holdings.Further analysis indicates.The credit sales control policy has improved the quality of enterprises’account receivables.Notes receivables are more convenient for financing compared with accounts receivables,which explains the increase in liquidity of enterprises.In addition,enterprises may also obtain more liquidity by occupying upstream funds.The credit sales control policy has not reduced the funding provided by enterprises to the supply chain,but it may cause challenges to the coordination of funds with upstream and downstream enterprises.This article believes that firstly,the government should adhere to the policy of controlling credit transactions without bills,and guide enterprises to adopt credit transactions wi
作者
王可
钱先航
周亚拿
WANG Ke;QIAN Xian-hang;ZHOU Ya-na(School of Finance,Guangdong University of Finance and Economics;School of Economics,Shandong University;School of Finance&Investment,Guangdong University of Finance)
出处
《中国工业经济》
北大核心
2024年第2期155-172,共18页
China Industrial Economics
基金
山东省“泰山学者”青年专家项目“制度环境与我国金融资源配置研究”(批准号tsqn202103011)
教育部人文社会科学研究青年基金项目“董事会决策的社会逻辑对企业高质量发展的影响研究”(批准号23YJC630268)
广东省自然科学基金面上项目“移动端政务服务平台建设评价及其对微观企业创新的激励效应研究”(批准号2022A1515010634)。
关键词
赊销管控
应收账款票据化
商业信用
中央企业
credit sales control
billing of receivables
commercial credit
central enterprises
