金融危机、财务柔性与商业信用供给  

Financial Crisis, Financial Flexibility and Supply of Trade Credit

作　　者：于欢[1] 

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《山西财经大学学报》2016年第3期32-44,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金资助项目(71271108);教育部人文社科青年基金项目(11YJC790280);江苏高校优势学科建设工程资助项目

摘　　要：利用2008年金融危机前后各三年的A股非金融上市公司数据,实证分析金融危机背景下,财务柔性对商业信用供给的作用。研究发现:金融危机对商业信用供给产生负面冲击,在银行短期借款依赖高的企业中体现更为显著;企业通过持有现金和低杠杆配合建立的财务柔性,能够有效地缓冲金融危机冲击;这种缓冲作用在不同产权性质企业间无显著差异,对金融发展落后地区及对外融资依赖程度较高的企业作用明显;同时,财务柔性对商业信用供给下降的缓冲能够显著降低金融危机对企业业绩的负面影响。This paper uses the data of the nonfinancial listed Corporation of the three years before and after the 2008 financial crisis, empirically analyzes the role of financial flexibility to trade credit in the context of the financial crisis. It is found that, the financial crisis has a negative impact on trade credit supply, and more obviously on enterprises that relying more on short-term bank credit. By simultaneously holding cash and keep a low leverage, financial flexibility can effectively soft negative consequences of the financial crisis; there is no significant difference in the role of the financial flexibility to different property enterprise, but to different financial development and external financing dependent enterprises ,the effect is more obvious; financial flexibility can buffer the supply of trade credit, and reduce the negative impact of financial crisis on corporate performance.

关 键 词：金融危机 财务柔性 商业信用 金融发展 

分 类 号：F275[经济管理—企业管理]