商业信用需求行业间差异及其影响动因的实证研究  

An Empirical Study on Industrial Differences in Trade Credit and the Influencing Factors

作　　者：李晓静[1] 赵雅莉[1,2] 聂广礼[3] 

机构地区：[1]北京科技大学院东凌经济管理学院,北京100083 [2]首都航天机械公司财务部,北京100076 [3]浙江大学宁波理工学院,浙江宁波315100

出　　处：《技术经济与管理研究》2015年第3期86-90,共5页Journal of Technical Economics & Management

基　　金：国家自然科学基金资助项目(71201143)

摘　　要：文章运用面板数据模型,选取我国2002-2009年沪深两市金属冶炼业和通信设备、计算机及其他电子设备制造业上市公司的财务数据作为样本作对比分析。文章从商业信用需求角度研究影响商业信用的因素,并分析这些因素对不同行业影响程度的差异。结果发现商业信用需求同本企业给予下游企业的商业信用供给程度显著正相关,同时金属冶炼行业和通信设备制造业对商业信用的需求程度确实有明显差异,后者的需求程度更大。商业信用供给水平、公司规模、从金融机构融资的能力以及企业的偿债能力对这两类行业具有显著影响。行业繁荣程度、公司运营情况、成长性等变量在两个行业间的影响差异较大。基于文章的结论,建议今后的研究可以进一步针对行业特性分别研究。With the development of the socialist market economy in China,as one of the main channels for financing,trade credit has becoming more and more important.However,whether trade credit played the same role in different sectors is still in the air.The aim of this paper is to study differences of the level of using trade credit in industries.By applying panel data model,this paper uses samples of China＇s listed firms of Shanghai and Shenzhen about metallurgy industry and communications equipment,computers and other electronic equipment manufacturing industries from 2002 to 2009 to do a comparative analysis.This paper pays attention to the demand for trade credit and studies its influencing factors.It is found that the demand for trade credit is strongly positively correlated with the level of the supply of trade credit.The level of trade demand of communications equipment,computers and other electronic equipment manufacturing industries is higher than the other one.Besides,the level of offering trade credit,the size of enterprise,profitability and the ability to finance from financial institutions and debt paying ability all have significant effect on different industries.It is also suggested that those four aspects are important factors affecting the level of credits and every part affects different industries differently.In addition,the prosperity index,operation conditions and growth also does differential effects.Based on the conclusions,future researches could focus on characters of different industries.

关 键 词：商业信用 行业差异 供给与需求 短期融资 

分 类 号：F830.33[经济管理—金融学]