赊销战略与债权资产结构趋减之谜  

The Strategy of Credit Sale and Puzzle of Decreasing Claims Asset Structure

作　　者：屈耀辉[1] 

机构地区：[1]南京审计学院内部审计发展研究中心,江苏南京211815

出　　处：《审计与经济研究》2011年第6期64-73,共10页Journal of Audit & Economics

基　　金：江苏省高校哲学社会科学基金资助项目(09SJB630038);南京审计学院项目(NSK2009/B13);江苏省2010年"青蓝工程"优秀青年骨干教师培养计划

摘　　要：借助Tobit模型和Interval模型对我国非金融类上市公司1990年—2009年非平行面板数据进行双重实证分析后发现,省域经济景气、公司年龄、额外借贷成本、竞争优势、金融发展、法治秩序等都是影响上市公司赊销战略实施的稳健显著因素,而且除了竞争优势外,其他因素近20年来都促使债权资产结构朝着减少的趋势变化。此外,20年来上市公司赊销战略萎缩的同时赊购战略却呈扩张趋势,这可能源于上市公司低的合同执行技术和充足的流动性。With the aid of Tobit and Interval models,this paper analyses empirically the unbalanced panel data of Chinese-listed non-financial companies from 1990 to 2009 and finds the following reasons to influence implementation of strategy of credit sale： economic boom in the province,firm age,additional cost of borrowing,competitive advantages,financial development and law and order.Except for competitive advantages,the above factors also drive the claims asset structure to the decreasing direction during the past 20 years.In addition,the Chinese-listed companies＇ strategy of credit sale is decreasing while the strategy of credit purchase is increasing at the same time,which may have to do with the low contract execution technology and the abundant liquidity of listed-companies

关 键 词：赊销战略 债权资产结构 非平行面板数据 TOBIT模型 Interval模型 

分 类 号：F272.1[经济管理—企业管理] F273.4[经济管理—国民经济]