中国城际高铁与商业信用供给——基于准自然实验的研究  

China’s High-Speed Intercity Railway and the Extension of Trade Credit: Evidence from a Quasi-natural Experiment

作　　者：陈胜蓝[1] 刘晓玲 CHEN Shenglan;LIU Xiaoling(School of Economics and Management,Inner Mongolia University;School of Management,Xiamen University)

机构地区：[1]内蒙古大学经济管理学院,内蒙古呼和浩特010021 [2]厦门大学管理学院,福建厦门361005

出　　处：《金融研究》2019年第10期117-134,共18页Journal of Financial Research

基　　金：国家自然科学基金面上项目(71572087);内蒙古自然科学基金面上项目(2018MS07014)的资助

摘　　要：本文利用中国城际高铁开通对公司产品质量保证动机产生的外生变化来考察其如何影响公司的商业信用供给决策。高铁开通通过降低运输成本,提高了公司与客户之间的交易量,不仅可以降低公司与客户之间的信息不对称,还可以促使公司提高产品质量,削弱了公司为了保证产品质量而提供商业信用的动机。借助高铁开通在时间和空间上错列发生的特征,构建准自然实验情境,本文使用双重差分方法的检验,结果表明高铁开通使公司商业信用供给减少约3.51%。研究发现,交易量提高是高铁开通减少公司商业信用供给的重要渠道。进一步分析发现,对于事前信息不对称程度较大、关系专用性投资水平较高和产品质量保证需求较低的公司,高铁开通导致公司商业信用供给减少更多。本文研究为商业信用供给的产品质量保证理论提供了进一步的补充和发展,研究结论对于理解交通基础设施的经济效应以及公司商业信用供给决策的影响因素具有一定的启示意义。As of the end of 2017, the operating mileage of China’s high-speed railway exceeded 25,000 kilometers, accounting for 66.3% of the world’s total high-speed rail. From a global perspective, investment in transportation infrastructure is extremely expensive. In 2016 alone, China spent around RMB11.89 trillion on infrastructure. However, we still have limited academic and practical understanding of the real effects of transportation infrastructure. Given the increasing economic and social effects of high-speed rail, it is of great theoretical and practical significance to explore the impact of the extension of China’s high-speed rail network. Although, intuitively, the rapid development of transportation infrastructure can be seen to directly affect supplier-customer relationships, few studies have focused on this area. This paper focuses on a general economic characteristic of supplier-customer relationships, namely the extension of trade credit. Using the exogenous impact of the rapid development of China’s high-speed rail network, we examine the causal effects of transportation infrastructure on supplier-customer relationships.The development of high-speed rail can reduce a company’s transportation costs, and thereby increase the transaction volume between the company and its customers. The increased transaction volume not only reduces the degree of information asymmetry between the company and its customers(from a signal transmission perspective), but also facilitates long-term cooperation between them and improves the product quality(from a moral hazard perspective). These factors reduce the company’s motivation to provide trade credit for product quality guarantees. Using data on the time high-speed rail is introduced in the areas in which listed companies are located, we use a difference-in-differences approach to examine the causal relationship between the introduction of high-speed rail and a company’s decision to extend trade credit. The results of this paper show that the introduction of hig

关 键 词：高铁开通 商业信用供给 产品质量保证 准自然实验 

分 类 号：F83[经济管理—金融学]