金融资源再配置与商业信用膨胀:路径、动因及政策效应分析  

Financial Resources Reallocation and Trade Credit Expansion:Path, Motivation and Monetary Policy Analysis

作　　者：于博[1] 

机构地区：[1]天津财经大学经济学院,天津300222

出　　处：《当代财经》2016年第9期110-120,共11页Contemporary Finance and Economics

基　　金：国家社会科学基金重点项目"新常态下我国影子银行体系的风险溢出效应及其对货币政策的影响研究"(15AJY021);教育部人文社会科学基金项目"货币政策;营运资本平滑与投资效率的动态传导效应"(14YJC630174)

摘　　要：以中国A股制造业上市企业为样本,在回顾商业信用再配置理论的基础上,将再配置效应的检验逻辑从狭义的银行信贷视角拓展至广义的影子银行视角,通过构建附加影子信贷的再配置模型,实证检验了影子信贷这一再配置路径的存在,修正了传统再配置模型对再配置强度的低估;其次,以所有制差异和产能差异为视角,对企业实施再配置的动因进行了实证检验,证明了融资比较优势下的资本逐利动机(而非买方强势下的竞争性动机)是企业进行再配置的真实动因;最后,证明了宽松货币政策既会通过刺激企业的再配置意愿来推升应收账款规模,也会通过改善资金供给环境、加速产品销售与资金回笼来降低应收账款规模,即货币政策对商业信用存在双重干预机制。On the basis of reviewing the trade credit reallocation theory, this paper takes China＇ s listed companies of A-share manufacturing industry as the samples to expand the inspection logic of the reallocation effect from the narrow perspective of bank credit to the generalized perspective of shadow banking credit. Through the construction of the reallocation model with shadow credit, it em- pirically examines the existence of shadow credit which is the reallocation path; it also corrects the underestimation of the reallocation strength by the traditional reallocation model. Secondly, from the perspective of ownership differences and capacity differences, it conducts an empirical test on the mo- tivation of corporate reallocation; the result proves that the real motivation of corporate reallocation is the ＂profit-driven motivation＂ of capital under the financing comparative advantage （rather than the competitive motivation imposed by buyer market）. Lastly, this paper testifies that the loose monetary policy can both expand the scale of account receivable through stimulating the intention of corporate reallocation, and reduce the scale of account receivable through improving fund supply environment and accelerating product sales and fund return, i.e., monetary policies have a dual interventional mech- anism on trade credit.

关 键 词：商业信用 影子银行 再配置效应 货币政策 

分 类 号：F832.4[经济管理—金融学]