商业信用能否缓解企业信贷约束——基于企业产权异质性的实证分析  

The Influence of Commercial Credit on Credit Constraints:Timely Help or Ice on Cake?

作　　者：曹云祥[1] 宫旭红[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《现代财经（天津财经大学学报）》2015年第6期82-92,共11页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

摘　　要：本文基于1999-2009年中国工业企业数据库数据,采用统计分析和分位数回归方法,考察商业信用对企业信贷约束的影响。统计分析发现,企业商业信用净供给与信贷约束之间存在"错配现象"。在厘清商业信用对企业信贷约束作用机制的基础上,进行分位数回归结果表明,商业信用对信贷约束的作用随着企业信贷约束程度的变化而不同。其中,就信贷约束比较低的企业,商业信用有效地缓解了企业的融资约束;而对信贷约束比较高的企业,商业信用未能有效缓解企业的信贷约束,这表明,商业信用对银行信贷约束的缓解仅仅起到锦上添花的作用,没有做到雪中送炭。另外,分不同所有制的回归结果发现,非国有企业的商业信用对信贷约束的作用显著大于国有企业。Based on quantile regression method, this paper focuses on the influence of commer- cial credit on credit constraints. With the industrial enterprises＇ data, we find the phenomenon of ＂mismatch＂ between enterprises＇ commercial credit supply and credit constraints. After clarifying the mechanism of the influence of commercial credit on credit constraints, we do the empirical re- search further. The empirical results find that the influence of commercial credit on credit con- straints varies with the change of the degree of enterprise credit constraint. As for the low credit constraint enterprises, commercial credit effectively alleviates the enterprise financing constraints. As for the high credit constraint enterprises, commercial credit failed to ease the credit constraint, which shows that the influence of commercial credit on credit constraints is only ice on the cake, not timely help. Thankfully, the regression of different ownerships finds that, as for non--state owned enterprises, the influence of commercial credit on credit constraints is significantly greater than state-owned enterprises.

关 键 词：商业信用 信贷约束 分位数回归 

分 类 号：F830.5[经济管理—金融学]