上市公司的信用行为及其市场反应  

Credit Behavior and Market Reaction of Listed Companies

作　　者：黄晓波[1] 雷蔚[1] 

机构地区：[1]湖北大学商学院

出　　处：《经济与管理研究》2014年第12期46-54,共9页Research on Economics and Management

基　　金：教育部人文社会科学规划基金项目"基于广义资本财务报告的理论与模式研究"(11YJA790054)

摘　　要：以1993—2012年在上海证券交易所和深圳证券交易所主板市场交易的所有非金融企业为样本,对公司的信用行为及其市场反应进行实证研究。结果发现:公司信用行为深受宏观经济政策的影响;商业信用的供给和需求与短期银行信用、长期银行信用显著负相关;商业信用需求与商业信用供给显著正相关;公司价值与商业信用供给显著正相关,与商业信用需求显著负相关,与短期银行信用需求和长期银行信用需求显著负相关;此外,宏观经济周期、企业的经济性质、公司规模、资本结构、成长性等因素对公司的信用行为和公司价值具有显著影响。Using non-financial listed companies in the main-board market of Shanghai and Shenzhen Stock Exchanges from 1993 to 2012 as a sample, an empirical research is made on the credit behavior and market reaction of listed companies. The results show that macroeconomic policy has a significant impact on the credit behavior of listed companies ; the supply and demand of trade credit has a negative correlation with short-term and long-term bank credit;the demand of trade credit has a positive correlation with the supply of trade credit ; and the corporate value has a positive correlation with the supply of trade credit. However, the corporate value has a negative correlation with the demand of trade credit, shortterm bank credit and long-term bank credit. Furthermore, the factors such as macroeconomic cycle, economic nature of the company, the scale of the company, capital structure and growth significantly influence on the credit behavior and corporate value of listed companies.

关 键 词：信用行为 商业信用 银行信用 经济周期 公司价值 

分 类 号：F270[经济管理—企业管理]