民营僵尸企业挤占了更多的商业信用资源吗?——来自供应链金融市场的解释  

Do Private Zombie Enterprises Use More Business Credit?--An Analysis from the Perspective of Supply Chain

作　　者：徐斯旸 李晓岚 陈辉 XU Siyang;LI Xiaolan;CHEN Hui(Guangdong University of Finance,School of Finance and Investment,Guangzhou 510520,China;Guangdong University of Finance,School of Insurance,Guangzhou 510520,China;Citic Securities South China Co.,LTD,Guangzhou 510623,China)

机构地区：[1]广东金融学院金融与投资学院,广州510520 [2]广东金融学院保险学院,广州510520 [3]中信证券华南股份有限公司,广州510623

出　　处：《商业研究》2024年第1期111-120,共10页Commercial Research

基　　金：国家社会科学基金一般项目“多层次资本市场的跨层次资源配置功能研究”,项目编号:21BJY078。

摘　　要：本文从供应链视角剖析了僵尸企业,尤其是民营僵尸企业得以存续的原因,并使用我国A股上市公司1990—2019年的数据为样本,实证检验了僵尸企业和商业信用之间的关系。研究发现,相比正常企业,僵尸企业使用了更多的净商业信用,尤其是主动性商业信用;僵尸企业的市场份额越高,其使用的净商业信用越多;僵尸企业会在货币政策紧缩时期使用更多的净商业信用;这些关系在民营企业样本中更加显著;当企业由正常企业转变为僵尸企业时,净商业信用会显著增加,而当企业由僵尸企业转变为正常企业时,净商业信用会显著减少。The paper analyses the reason why zombie enterprises survive,especially the reason why private zombie enterprises survive,and explores the relationship between zombie enterprises and trade credit based on the data of listed companies from 1990 to 2019.The results show that,zombie enterprises use more net trade credit,especially active trade credit;the larger the market share of zombie enterprises,the more the net trade credit enterprises use;zombie enterprises use more net trade credit in the period of tighten monetary policy;these relationship are more robust in the sample of private enterprises;the net trade credit will increase while the normal enterprise turned to a zombie enterprise,the net trade credit will decrease while the zombie enterprise turned to a normal enterprise;robust tests get the same results.

关 键 词：僵尸企业 民营企业 商业信用 供应链 货币政策 

分 类 号：F832[经济管理—金融学] F425