市场势力、创新能力与最优商业信用供给  

Market Power,Innovation Capacity and Optimal Trade Credit Supply

作　　者：王竹泉[1] 孙兰兰[1] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《山西财经大学学报》2016年第10期36-46,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目"利益相关者视角的营运资金管理研究与中国上市公司营运资金管理数据平台扩充建设"(71372111);山东省自然科学基金重点项目"大数据背景下基于担保关系的区域金融风险防范研究"(ZR2015GZ006)

摘　　要：以2004-2014年的A股制造业上市公司为样本,实证检验了最优商业信用供给是否存在,并在此基础上研究了市场势力、创新能力对其产生的影响。研究发现:商业信用供给与公司业绩呈倒U型关系,最优商业信用供给是存在的。进一步考虑市场势力和创新作用的分析表明:市场势力越弱,企业越需要通过增加商业信用供给促进销售,以提高公司业绩,即商业信用供给的最优值会越大;在增强产品竞争优势、提高公司业绩方面,创新与商业信用供给存在显著的替代效应。Taking 2004-2014 Chinese A-share listed manufacturing companies as the research sample,this paper examines whether or not an optimal trade credit supply exists and investigates how market power and innovation impact the optimal trade credit supply of Chinese companies. The results show that there is an inverted U-shaped relationship between trade credit supply and firm performance, it implies that an optimal trade credit supply does exist. The analysis of market power and innovation impact shows that： as a company＇s market power weakens,the company need to increase firm performance and promote sales by enhancing trade credit supply, namely the optimal trade credit supply level increases;innovation and trade credit supply have significant substituted effect in strengthening the competition advantage of products and increasing firm performance.

关 键 词：商业信用供给 公司业绩 议价能力 市场势力 

分 类 号：F276[经济管理—企业管理]