嵌入行业周期的债务来源间替代效应研究  

Substitution Effects of Debt Sources Based on Industry Cycle

作　　者：梅波[1,2] 吴昊旻[3] 

机构地区：[1]南京大学会计学系 [2]重庆三峡学院会计系 [3]石河子大学经济与管理学院

出　　处：《经济与管理研究》2013年第8期74-82,共9页Research on Economics and Management

基　　金：国家自然科学基金项目“公司治理(环境)、产品市场竞争与股票特质性风险”(项目号:71262006);教育部人文社会科学研究青年项目“后危机时代嵌入多重计量属性的财务报告拓展研究”(项目号:12YJC790141);教育部人文社会科学研究青年项目“代理冲突及其制度渊源、事务所规模与审计质量”(项目号:10YJC790279)

摘　　要：债务来源异质性和行业异质性是学者们关注的重点,本文对嵌入行业周期的债务来源的主要成分商业信用与银行贷款之间的内在效应进行分析。研究发现:(1)其他条件相同情况下,相比于成熟期和衰退期行业,成长期行业的商业信用比例较低;市场化程度越高地区的公司其商业信用比例越高。(2)在资产负债率一定情况下,商业信用与银行贷款存在替代效应;其他条件相同情况下,相比于成熟期和衰退期行业,成长期行业缓解了银行贷款对商业信用的替代效应;相比于市场化程度低地区的公司,市场化程度越高地区的公司加剧了银行贷款对商业信用的替代效应。(3)进一步分析中支持了商业信用融资相对优势假说,但没有支持信贷配给假说。(4)相对于企业成长性特征,行业周期特征对债务来源的影响更显著,效应更大。此发现有助于理解行业周期嵌入后企业债务来源间的内在效应以及现实中企业的债务融资决策。Debt sources heterogeneity and industry heterogeneity are important research areas. This paper discusses theoretically and empirically about substitution effects of commercial credit and bank loan based on industry cycle. This study finds that ： （ 1 ） Compared to the maturity and fading of industry, commercial credit of the growing industry is lower Compared to the lower regional marketization, commercial credit is higher in higher regional marketization. （ 2 ） Based on certain asset-liability ratio, there is substitution effect between commercial credit and bank loan. Compared to the maturity and fading of industry, the growing industry mitigates substitution effect about bank loans for commercial credit;Compared to the lower regional marketization, commercial credit in higher regional marketization exacerbates substitution effect about bank loans for commercial credit. （ 3 ） This paper supports the hypothesis of comparative financing advantage of commercial credit, but do support the credit rationing hypothesis. （4）Compared to corporate growth characteristics, industry cycle char- acteristics is greater effect for debt sources. These findings help us understand internal effects of corporate debt sources, and in reality the company＇s debt financing decision of companies based on industry cycle

关 键 词：行业周期 市场化进程 商业信用 替代效应 成长性 

分 类 号：F831.5[经济管理—金融学]