中国企业间货款拖欠的影响因素及其经济后果  

DETERMINED FACTORS AND IMPACTS OF NON-REPAYMENT OF DEBTS IN CHINESE FIRMS

作　　者：张杰[1] 冯俊新[1] 

机构地区：[1]中国人民大学,北京100872

出　　处：《经济理论与经济管理》2011年第7期87-98,共12页Economic Theory and Business Management

基　　金：国家社会科学基金重点项目(08AJL001);国家社会科学基金重大招标项目(09&ZD020)

摘　　要：企业间货款拖欠已经成为困扰我国经济发展的重大现实问题。本文的研究发现,中国企业间的货款拖欠的影响因素,既有来自于企业自身特征的差异,同时也与外部制度环境有着密切的联系。并且,本土企业和外资企业间的货款拖欠的影响因素存在显著差异,这为理解中国企业间货款拖欠的行为特征和动因提供了来自微观层面的直接经验证据。本文进一步发现,中国本土企业间的货款拖欠会导致企业全要素生产率的降低,抑制企业的创新研发活动,这个结果证明,中国企业间货款拖欠已经是影响中国经济增长的重要障碍因素。本文的研究为理解中国企业间的货款拖欠问题以及如何采取切实有效的政策措施解决中国企业间普遍存在的货款拖欠问题,提供了独特的经验证据和解决思路。Non-repayment of debts in Chinese firms had become a major problem to obstruct the development in China. The determined factors of the no-repayment of debts not only came from the firms＇own characteristics, but also closely linked with external institutional environment. The determined factors of non-repayment of debts among the local firms and foreign firms were quite different, which provided a direct micro-level evidence to understand the behavioral characteristics and motivation of the no-repayment of debts among firms. With the appropriate instrumental variables, the further finding showed that the no-repayment of debts among the local firms of China would lead to lower total factor productivity and less R＆D activities.

关 键 词：企业货款拖欠 商业信用 影响因素 经济后果 

分 类 号：F279.2[经济管理—企业管理]