商业汇票融资的行业差异及其与公司业绩的关系  

Industrious Differences of Financing by Commercial Bills and Its Relationship with Enterprise’s Performance

作　　者：陆宇建[1] 张继袖[1] 

机构地区：[1]南开大学商学院

出　　处：《金融论坛》2007年第9期49-53,共5页Finance Forum

基　　金：国家自然科学基金资助(项目号:70232020)。

摘　　要：商业汇票是企业重要的融资工具之一,而"融资难"是困扰我国一些企业的难题。本文研究发现:我国上市公司对商业汇票的使用存在行业差异,这种差异与国家有关政策和商业汇票市场发展是一致的;随着时间的推移,越来越多的上市公司使用了商业汇票融资;企业短期借款比率与应付票据比率显著负相关,增加使用应付票据,可以降低融资成本,从而提高公司业绩。国家应该鼓励各个行业充分利用商业汇票;企业应该合理利用票据市场融资,管好资产,理好财,降低企业资金成本,提高企业盈利能力。Commercial bill is one of important financing instruments for enterprises, and Chinese enterprises generally face the problem with financing difficultly. This paper shows that there exist differences in the use of commercial bills among industries, which are in line with the relevant national policies and the development of Chinese commercial bill market. There are more and more enterprises to finance by commercial bills. Due to the negative correlation between enterprise＇s short-term loan ratio and the ratio of notes payable, increasing notes payable can effectively reduce the financing costs and thus enhance enterprise＇s performance. The paper indicates that the government should encourage enterprises in all industries to extensively employ commercial bills to finance, to operate assets effectively, to reduce financing costs and to improve their profitability.

关 键 词：商业汇票 流动负债 应付票据 上市公司 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]