股票流动性会影响公司商业信用融资吗?--基于A股上市公司的实证研究  

Does Stock Liquidity Affect Corporate Trade Credit Financing?Based on the Empirical Data of A-share Listed Companies

作　　者：李良[1] 李士玉 朱宏泉[1] LI Liang;LI Shiyu;ZHU Hongquan(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《审计与经济研究》2022年第6期92-103,共12页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71773100);国家自然科学基金项目(72073109)。

摘　　要：商业信用作为企业短期外部融资的重要渠道,日渐成为学术界关注的重要话题。基于A股上市公司2007-2020年数据,实证检验股票流动性对上市公司商业信用融资的影响。研究发现:股票流动性与商业信用融资规模显著正相关,即流动性越好,商业信用融资规模越大。异质性分析结果表明:在融资约束大、行业竞争激烈以及地区市场化程度高的公司中作用更明显。机制分析结果表明,股票流动性通过降低第一类代理成本、提高信息透明度来增加商业信用融资。最后,采用工具变量法、地区固定效应以及替换关键变量等一系列稳健性检验后,结果依然存在且稳健。研究从市场微观结构角度,探索企业商业信用融资的影响因素,拓展了流动性治理相关研究,同时为缓解上市公司融资约束提供了新的经验证据。As an important channel of short-term external financing,trade credit has become an important topic of academia.Based on the sample of A-share listed companies from 2007 to 2020,the results show that stock liquidity is significantly positively correlated with trade credit financing.Heterogeneity analysis shows that the effect is more obvious in companies with large financing constraints,fierce industry competition and high degree of regional marketization.The mechanism analysis shows that stock liquidity can increase trade credit financing by reducing the first type of agency cost and improving information transparency.Finally,after a series of robustness tests,such as instrumental variable method,regional fixed effect and substitution of key variables,the results still exist and are robust.From the perspective of market microstructure,this paper explores the influencing factors of trade credit financing,expands the research on liquidity governance,and provides new empirical evidence for alleviating financing constraints of listed companies.

关 键 词：股票流动性 商业信用融资 代理成本 信息透明度 A股上市公司 

分 类 号：F830[经济管理—金融学]