上市公司提供商业信用的影响因素研究  

Research on Factors of Providing Trade Credit by Listed Companies

作　　者：张铁铸[1,2] 周红[2] 

机构地区：[1]上海对外贸易学院,上海201620 [2]复旦大学,上海200433

出　　处：《财贸研究》2009年第3期121-127,共7页Finance and Trade Research

基　　金：国家自然科学基金项目"基于终极所有权结构差异的代理问题与融资决策研究(项目号:70672054)";上海市第5期重点学科建设资助项目"金融学"(项目号:J51201)资助

摘　　要：我国企业在交易中采用赊销的比例低于欧美国家。以"应收账款/流动资产"作为商业信用水平的度量指标,对影响上市公司提供商业信用的因素进行研究发现:上市公司较少依赖提供商业信用来进行质量信号传递;拥有较高存货水平的上市公司为了减低存储成本、促进销售,会采用较为宽松的信用政策,从而导致应收账款的增加;在信用普遍缺失的环境下,对坏账损失的担忧抑制了企业主动通过提供商业信用为客户融资,进而来扩大或保护自己竞争优势的行为;在行业景气的情况下,对未来的乐观预期降低了经营者对坏账的担忧,进而倾向于采用较为宽松的信用政策,导致应收账款水平提高。The percentage of credit sale in china is lower than that in developed countries. In this paper, AR/CA is used as a measure of the level of trade credit in examining factors influencing listed companies which provides trade credit. The results indicate that listed companies do not use trade credit as quality signal and companies with high level of inventories tend to adopt flexible credit policy so as to decrease stor- age cost by promoting sales and leads to the increase of AR. It also finds that under credit default environ- ment evasion of bad debt lose discourages companies to enlarge or protect their competitive advantages by providing trade credit, and in the situation of prosperous industry, optimistic expectation lowers managers＇ worry about bad debt and a flexible credit policy tends to be adopted, which leads to the increase of AR.

关 键 词：上市公司 商业信用 信用缺失 

分 类 号：F276.6[经济管理—企业管理]