贸易摩擦影响企业商业信用融资吗——基于对华贸易救济调查的经验证据  

Does Trade Dispute Affect Enterprise Trade Credit Financing——Empirical Evidence Based on the Trade Remedy Investigations against China

作　　者：麻靖涓 张敦力[1] 赵丽娟 MA Jing-juan;ZHANG Dun-li;ZHAO Li-juan(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073;School of Management,South-Central Minzu University,Wuhan 430074,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]中南民族大学管理学院,湖北武汉430074

出　　处：《山西财经大学学报》2022年第11期108-120,共13页Journal of Shanxi University of Finance and Economics

基　　金：财政部“会计名家培养工程”项目(2019);中南财经政法大学基本科研业务费专项资金项目(201911134)。

摘　　要：以2001—2020年中国沪深A股非金融上市公司为样本,运用双重差分模型,从对华贸易救济调查的角度实证检验了贸易摩擦对企业商业信用融资的影响。研究发现,若国内企业遭遇“反倾销、反补贴和保障措施”的立案调查,会导致企业的商业信用融资减少。机制检验发现,会计信息质量下降和经营风险上升是导致这一结果的路径。异质性检验发现,贸易摩擦与企业商业信用融资的负相关关系在内部治理水平较高和外部监督较强的公司组别中有所弱化。Based on the samples of Chinese A-share listed financial firms from 2001 to 2020, this paper used the difference-indifference model to empirically examine the impact of trade dispute on enterprise trade credit financing from the perspective of the trade remedy investigations against China. The results showed that, the phenomenon that domestic enterprises encountered the filing remedy investigations of “anti-dumping, countervailing and safeguard measures”would lead to the decrease of enterprises’ trade credit financing. Mechanism test found that, the action mechanisms included the decrease of accounting information quality and the rise of operation risk. Heterogeneity test found that the negative relationship between trade dispute and enterprise trade credit financing can be weakened in the firms with higher level of internal governance and external supervision.

关 键 词：贸易摩擦 商业信用融资 对华贸易救济调查 会计信息质量 经营风险 

分 类 号：F275[经济管理—企业管理] F752[经济管理—国民经济]