信贷配给、所有制差异与企业存活期限  

Credit Rationing,Ownership and Firms' Survival Analysis

作　　者：叶宁华[1] 包群[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《金融研究》2013年第12期140-153,共14页Journal of Financial Research

基　　金：南开大学中央专项基金课题"中国出口贸易增长模式的转变与升级(NKZXB1226)"资助

摘　　要：融资能力对企业市场存活具有重要影响。基于工业企业调研数据,本文考察了信贷融资与商业信用这两类主要外源融资渠道对不同所有制企业生存期限的影响。研究表明,与国有企业相比,民营企业能够更有效地利用信贷资源来提升存活能力;商业信用作为非正规融资也为民营企业提供了替代性融资方案,但这一作用并未见于国有企业。本文研究表明了成熟、发达的金融体系对企业存活的关键作用,也证实了融资渠道多元化的重要性。It＇s widely acknowledged that financing capacity has important effects on firms＇ survival. This paper investigates the heterogeneous effects of bank credit and trade credit on firms＇ survival with different ownership. The results show that private firms can extend their survival duration through utilizing bank credit much more ef- fectively than SOEs; trade credit, as an informal financing channel, provides an alternative financing tool for private firms and hence improves their survival performance; however, such positive role of trade credit doesn＇t exist for SOEs. Our findings indicate that a developed and mature financial system plays a pivotal role on firms＇ survival, and also confirmed the importance of diversified financing channels.

关 键 词：融资能力 所有制差异 存活期限 

分 类 号：F832.4[经济管理—金融学] F271F224