商业信用、产权性质与企业现金持有量  

Trade Credit , Property Right, and the Cash Holdings of Firms

作　　者：李朝晖[1] 

机构地区：[1]湖北经济学院经济学系,湖北武汉430205

出　　处：《经济与管理》2012年第9期33-37,共5页Economy and Management

摘　　要：商业信用在企业的融资中占据着十分重要的地位,和银行融资存在替代性关系。以2005-2008年非金融类、正常交易上市公司为样本,考察企业商业信用融资和现金持有量的关系发现:企业商业信用融资比重的提高会引起现金持有水平的提高,商业信用和现金持有量的这一正相关关系受产权制度的影响,在国有企业表现更为明显,国有产权会强化这一正相关关系。Trade credit play an important role in modern economy, it has a substitute relation with the bank loan finance. This paper uses the observations for nonfinancial and regularly traded listed companies range from 2005 to 2008 as sample, analysis the relation of the trade credit and firms cash holdings. It finds that the more proportion of trade credit in financing could result in a higher level of cash holdings. In addition, this relation is emphasized by property right, the positive relation reflected more significantly in state owned enterprises, the government controlling could strengthen this positive relation.

关 键 词：商业信用 产权性质 现金持有量 

分 类 号：F832[经济管理—金融学]