企业生命周期、银行信贷与商业信用——基于中国上市公司的实证研究  

The Impact of Enterprise Life Cycle on the Relationship between Bank Loans and Business Credit——A Research into Listed Companies in China

作　　者：袁卫秋[1] 张宇华 王海姣[1] 

机构地区：[1]南京财经大学会计学院,江苏南京210023

出　　处：《兰州财经大学学报》2017年第4期21-31,共11页Journal of Lanzhou University of Finance and Economics

基　　金：国家自然科学基金项目"融资约束影响产业绩效:并购规模与并购方向的作用"(71272239);国家自然科学基金项目"基于公众认知视角的邻避项目环境风险评估与治理研究"(71671080);江苏高校优势学科建设工程资助项目(PAPD);江苏高校品牌专业建设工程资助项目;江苏省研究生科研与实践创新计划项目"货币政策;企业生命周期与银行信用"(KYCX17-1186)

摘　　要：本文通过建立固定效应模型对1225家上市公司10年期的样本数据进行研究分析,探讨不同生命周期对银行信贷与商业信用之间关系的影响。研究发现,在不同的企业生命周期中,上市公司商业信用呈现出不同的特征,具体表现为:在成熟期企业商业信用规模最大,衰退期次之,成长期商业信用规模最小;而关于银行信贷与商业信用的互动关系,在不同企业生命周期中也表现出不同的变化,在成长期和成熟期,银行信贷与商业信用为替代性关系;在衰退期时,两者为互补性关系。本文研究内容不仅丰富了有关银行信贷与商业信用关系的研究,同时为上市公司以及货币当局在制定相关决策时提供了一些参考。In this paper,the fixed effect model is adpopted to analyze the sample data of 1225 listed companies in the period of ten years. The study found that the business credit of listed companies presents different features in different enterprise life cycles： When an enterprise is in its mature stage,it takes on the largest scale of business credit,the second being the declining stage,and the minimum being the growth stage. It also shows the relationship between bank loans and business credit changes in different enterprise life cycles： the two can be replaceable in a growth stage and mature stage; while they are complementary when in a declining stage. This study not only enriches the research on the relationship between bank loans and business credit,but also provides some reference as for the decision-making for the listed companies and the government.

关 键 词：企业生命周期 商业信用 银行信贷 

分 类 号：F275[经济管理—企业管理]