商业信贷与银行信贷:替代还是互补  

Commercial Credit and Bank Credit:Substitute or Complement?

作　　者：阳佳余[1] 杨蓓蕾[2] 

机构地区：[1]南开大学经济学院,天津300071 [2]渤海银行北京分行,北京100031

出　　处：《当代经济科学》2013年第5期20-31,124-125,共12页Modern Economic Science

基　　金：国家社会科学基金(08CJL025;金融发展;比较优势与贸易结构升级)资助

摘　　要：普遍认为商业信贷能够缓解企业面临的融资约束困境,为企业融资提供替代性方案。本文采用中国上市公司1999-2009年面板数据,研究企业商业信贷与银行信贷的关系。研究表明,虽然商业信贷与银行信贷存在替代关系,但这一效应因银行信贷期限结构、企业所处供应链地位存在差异。内源资金丰厚、流动比率高、财务成本高的企业较少使用商业信贷,而有形资产占比高、存货比率高的企业则更依赖商业信贷。分类研究发现,对于成立年限短的企业和资产规模大的企业而言,商业信贷和银行信贷的替代关系更强。It is generally accepted that commercial credit can relieve the financing constraint plight faced by enterprises and provide substitution scheme for the enterprises' financing. Using the panel data of Chinese listed companies over the period from 1999 to 2009,this paper studies the relationship between enterprises' commercial credit and bank credit. The study indicates that although there is a substitution relationship between commercial credit and bank credit,the effect depends on the term structure of bank credit and enterprises' position in supply chain. Those enterprises that have more internal funds available,higher liquidity ratio and higher financial cost tend to use less commercial credit. But those enterprises that have higher tangible asset ratio and inventory ratio tend to use more commercial credit. The classification research finds that the substitution relationship between commercial credit and bank credit is stronger for younger and larger enterprises.

关 键 词：商业信贷 银行信贷 替代关系 

分 类 号：F830.5[经济管理—金融学] F224