产权性质、产业差异化与企业商业信用供给  

Ownership,Industry Difference and the Trade Credit Supply

作　　者：孙大超[1] 王伟[2] 景红桥[1] 

机构地区：[1]南开大学经济学院,天津300071 [2]中山大学岭南学院,广东广州510275

出　　处：《经济管理》2014年第3期53-62,共10页Business and Management Journal ( BMJ )

摘　　要：本文采用1999～2009年间持续经营的19000多家中国工业企业数据，对企业商业信用供给的原因进行了经验分析，并构建动态面板数据模型和面板数据分位数回归模型进行稳健性检验。研究结果表明，不同产权性质企业的商业信用供给影响因素存在较大差异，这种差异主要因为企业受到的融资约束水平不同导致。另外，企业商业信用供给具有明显的产业化差异，相对于标准化产品生产行业，差异化产品生产行业更愿意为客户提供商业信用，差异化产品生产行业商业信用供给比标准化产品生产行业平均高出60％。对此差异进一步的分析发现，差异化产品生产商和客户关系较为密切，信息透明度高，客户具有较高的转换成本，从而使得发生道德风险的可能性降低，违约概率降低。因此，差异化产品生产商为客户提供更多的商业信用。由此可见，商业信用关系本质上是一种企业之间的合作关系。Trade credit is an important source of funds for most firms and is considered to be crucial for firms that are running out of bank credit. Especially, in an emerging economy like China, where private firms receive limit- ed support from the banking system, trade credit should be playing a more prominent role. Previous empirical work has primarily investigated how the borrower＇s performance and financial health affect the volume of trade credit. We broaden the analysis in two directions. First, we show how trade credit usage is correlated not only with the firm＇s balance sheet position, but also with the characteristics of the traded product and with the suppliers＇ ownership. Second, we analyze why there is difference between different suppliers＇ behavior. Overall, while our find- ings provide some support for existing trade credit theories, they also challenge received wisdom. Different from the relevant and existing domestic literature, this paper studies the effect of product characteris- tics and property rights on trade credit supply for a sample of about 19 thousand Chinese manufacturing firms that survive during 1999 -2009. Our paper contributes to the literature along several dimensions. First, we link trade credit extension with Chinese firms＇ ability to obtain external funding via their ownership. Specifically, we investi- gate, for the first time, whether ownership which affects the ability of firms to get bank loans affect trade credit sup- ply to their business customers. The results show that firms＇ extension of trade credit is positively ＇correlated with their bank borrowing, which is relative to the ownership of firms. Second, our empirical model encompasses two recent theories in the trade credit literature. In particular, we provide further evidence that the extension of trade credit is linked with the characteristics of the transacted good. Supplier firms have an advantage relative to banks in financing their customers, as a repossessed good is worth more to suppliers than to ban

关 键 词：商业信用 产品差异化 企业产权 面板分位数 

分 类 号：F832.4[经济管理—金融学]