企业资本结构和供应商融资:基于违约风险的考察  

Capital Structure and Suppliers Financing:Analysis Based on Default Risk

作　　者：谢军[1] 李千子[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510006

出　　处：《财贸研究》2011年第6期144-148,共5页Finance and Trade Research

摘　　要：以2003—2009年间的1757个公司年度为样本,考察企业资本结构对供应商融资(应付账款和预付账款)的影响。研究发现:企业的资本结构(财务杠杆)对应付账款比例具有显著的负向效应;企业的资本结构(财务杠杆)对预付账款比例具有显著的正向效应;投资者保护程度较强的企业(国有控股企业和大规模企业)能够获得更多的供应商融资。This paper explores the impact of firm capital structure on suppliers financing based on default risk.1757 firm years are investigated based on 2003—2009 data,the relationship is checked among suppliers financing,capital structure,credit rating and investor protection.The research results show that financial factors（including capital structure） affecting firm credit rating have significant effects on suppliers financing,the institutional factors（including ownership） affecting firm investor protection have significant effects on suppliers financing.

关 键 词：资本结构 财务杠杆 供应商融资 信用水平 投资者保护 

分 类 号：F406.7[经济管理—产业经济]