商业信用、融资约束及效率影响  

Trade Credit,Credit Constraints and Impacts on Efficiency: Empirical Evidences from China

作　　者：石晓军[1] 张顺明[2] 

机构地区：[1]北京航空航天大学经济管理学院 [2]中国人民大学中国财政金融研究中心

出　　处：《经济研究》2010年第1期102-114,共13页Economic Research Journal

基　　金：国家自然基金资助项目(批准号:70502005);国家杰出青年科学基金项目(批准号:70825003);国家社会科学基金(批准号:07AJL002)的资助

摘　　要：本文从生产函数的角度检验商业信用通过什么机制影响何种效率,文章提出一个区别于以往文献的两阶段计量分析方法:在第一阶段,以我国176家上市公司1999—2006年的数据为样本,采用随机前沿模型"一阶段"方法,验证了商业信用对融资约束的显著缓解作用。在第二阶段,采用MalmquistDEA方法进行了效率的计量和分解,结果表明融资约束对规模效率的影响最大。结论认为:商业信用通过缓解融资约束促进规模效率的提高;通过资源配置机制实现比银行借款更大的规模效率。In view of abstract production function, this paper seeks to address the questions what kinds of efficiency trade credit impacts on and how. We propose a two-staged econometric method which makes definite differences from previous researches. In the first stage, a novel financing constraints measurement in perspective of investment efficiency is first applied. Using a sample of 176 listed companies＇ 8 periods data from Shanghai and Shenzhen exchanges, we present concrete evidences on trade credit＇s role of easing financing constraints where the ＂one-step＂ technique under frontier stochastic model is utilized. And in the second stage, Malmquist-DEA is first used to derive different kinds of efficiency. Then impacts of financing constraints on different kinds of efficiency are econometrically analyzed. Scale efficiency is found to be most influenced by financing constraints. Combining the results of two stages together, we argue that by financing constraints easing, trade credit can significantly improve scale efficiency; and it can exert even more improvement on scale efficiency than bank loans by the resources-allocation mechanism.

关 键 词：商业信用 融资约束 规模效率 随机前沿函数 数据包络 

分 类 号：F224[经济管理—国民经济] F272