“商业信用歧视”降低了行业资本回报率吗  

Does “Commercial Credit Discrimination” Decrease Industry Return on Capital?

作　　者：段丙蕾 汤泰劼 王竹泉[2] DUAN Bing-lei;TANG Tai-jie;WANG Zhu-quan(Guanghua School of Management,Peking University,Beijing,100871,China;Management College,Ocean University of China,Qingdao,Shandong,266100,China)

机构地区：[1]北京大学光华管理学院,北京100871 [2]中国海洋大学管理学院,山东青岛266100

出　　处：《经济管理》2021年第8期141-156,共16页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目“资本效率及财务风险信息扭曲与多层次资本错配研究”(72072166)。

摘　　要：信贷歧视相关研究发现了银行信贷配置中的金融错配问题,但是较少文献关注在金融资源进行二次配置时,因商业信用分配低效导致的金融错配问题。本文提出"商业信用歧视"概念,运用2004—2018年A股上市公司数据计算各行业年度的"商业信用歧视"程度并探究其经济后果。研究发现,中国上市公司中存在"商业信用歧视"现象;行业内商业信用歧视程度越高,行业加权的资本回报率越低。进一步检验发现,商业信用歧视对行业回报率的影响在行业竞争度较低、货币政策紧缩时更为明显;商业信用歧视会降低行业毛利率;支持行业内非国有企业增加对外贸易、提升非国有企业创新投入、增强非国有经济的重要性可以显著降低商业信用歧视对行业资本回报率的负面影响。本文的研究结论为认识金融市场改革发展中存在的不平衡、不充分问题提供了新的视角,也为解决民营企业融资难、融资贵的问题找到了症结所在,并提供了相应解决思路。The factor mismatch problem gradually become the key factor of economic development in China.Researches on "credit discrimination" have found that there is mismatch problem in the allocation process of bank credit, but few studies focus on mismatch problem in the second allocation process of financial resources via commercial credit.Using A-share listed companies from 2004 to 2018,this paper computes annual "commercial credit discrimination" degree of industries and explore its economic consequences.The empirical results show that the higher the degree of commercial credit discrimination, the lower the weighted industry return on capital.Further examination founds that commercial credit discrimination reduces industry profit margins.Moreover, this effect is amplified in industry with lower competition degree and tight monetary policy.In addition, help non-SOEs to increasing foreign trade, improving their enterprise innovation, and enhancing their economic importance can significantly reduce the negative effect of commercial credit discrimination on industry returns on capital.Findings of this paper contribute to the existing research as follows.Firstly, this paper provides a new research angel of view for resource misallocation, especially capital misallocation.Existing studies on capital misallocation mainly focus on "credit discrimination",while few studies exam capital allocation caused by "commercial credit discrimination".Secondly, this paper enriches the research of commercial credit.Existing studies exam economic consequences of a single enterprise’s commercial credit on a single firm, but ignore economic consequences of commercial credit on an industry.Thirdly, this paper puts forward measures to alleviate "commercial credit discrimination" from the perspective of enterprises’ own operating, to correct the misallocation of commercial credit in real activities, and to promote the supporting role of commercial credit in the sustained development of the real economy.The conclusion of the study provides a

关 键 词：商业信用 要素错配 资本回报率 金融错配 

分 类 号：F832.5[经济管理—金融学]