商业信用与实体企业金融化  

Commercial Credit and the Financialization of Entity Enterprises

作　　者：杜勇[1] 宗泽 游鸿 DU Yong;ZONG Ze;YOU Hong(School of Economics and Management,Southwest University,Chongqing 400715,China)

机构地区：[1]西南大学经济管理学院,重庆400715

出　　处：《商业经济与管理》2021年第6期65-75,共11页Journal of Business Economics

基　　金：国家自然科学基金面上项目“机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果”(72072146);重庆市社会科学规划项目“非金融上市公司金融化的同伴效应研究”(2018PY61);中央高校基本科研业务费专项资金一般项目“宽松货币政策下制造企业房地产投资对企业业绩的影响机理研究”(XDJK2019C006)。

摘　　要：已有研究表明,商业信用作为实体企业债务融资的一种重要途径,会对企业经营决策产生显著的影响。然而目前尚无文献探究商业信用与实体企业金融化之间的关系。基于此,文章就商业信用对非金融类公司金融化的影响进行了理论分析,并运用2007—2019年A股非金融类上市公司的数据进行了实证检验,结果表明,商业信用对企业金融化具有显著的负向影响。该结论在考察潜在的内生性问题、改变计量模型、替换关键变量、改变样本区间的情形下均具有较强的稳健性。进一步的作用机制检验表明,流动性约束对商业信用与金融化的中间作用机制为“遮掩效应”,代理成本对商业信用与金融化的中间作用机制为“中介效应”。研究商业信用对企业金融化的作用环境时发现,在地区市场化环境较好、行业内竞争地位较低的实体企业中,商业信用对企业金融化的抑制效应更加明显。Studies have shown that commercial credit,as an important way of debt financing for entity enterprises,will have a significant impact on business decision-making.However,there is currently no literature exploring the relationship between commercial credit and the financialization of entities.Based on this,this article conducts a theoretical analysis on the impact of commercial credit on the financialization of non-financial companies,and uses the data of A-share non-financial listed companies from 2007 to 2019 to conduct an empirical test.The results show that commercial credit has a significant negative impact on corporate financialization.This conclusion has strong robustness in the investigation of potential endogenous problems,replacing key variables,changing sample intervals and measuring methods.Further examination of the mechanism of action shows that the intermediate mechanism of liquidity constraints on commercial credit and financialization is the“masking effect”,and the intermediate mechanism of agency costs on commercial credit and financialization is the“mediation effect”.In terms of the environment in which commercial credit plays a role in the financialization of enterprises,it is found that in the real enterprises with better regional marketization environment and low competitive position in the industry,the restraining effect of commercial credit on their financialization is more obvious.

关 键 词：商业信用 金融化 代理成本 债权治理 

分 类 号：F234.4[经济管理—会计学]