经济政策不确定性与商业信用融资--基于商业信用网络位置视角的分析  

The Uncertainty of Economic Policy and Trade Credit Financing:An Analysis Based on the Location of Trade Credit Network

作　　者：段超颖 张文龙[1] 刘卓筠 DUAN Chaoying;ZHANG Wenlong;LIU Zhuojun(School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《审计与经济研究》2024年第3期117-127,共11页Journal of Audit & Economics

基　　金：国家社会科学基金项目(20BJL016)。

摘　　要：以2000—2022年沪深A股上市公司数据为样本,研究经济政策不确定性对商业信用融资的影响及商业信用网络位置的调节效应。研究发现,面对经济政策不确定性时,企业会选择提升商业信用融资,企业的商业信用网络中心位置能够帮助企业获得更多性商业信用融资。进一步研究表明,面对经济政策不确定性时,商业信用网络中心位置的企业是通过提升企业的议价能力与系统性风险地位进而提升商业信用融资的。面对经济政策不确定性提升,商业信用网络中心位置会缓解企业对银行信用的依赖,但当企业自身能够获得银行信用青睐时,商业信用网络中心位置会进一步提升企业的商业信用。因此建议企业在经济政策不确定高时充分融入商业信用网络,以商业信用资源弥补企业的银行信用不足,同时监管当局需要合理引导优化金融资源配置,避免商业信用与银行信用资源的过度倾斜。Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2000 to 2022,this paper studies the influence of economic policy uncertainty on trade credit financing and the moderating effect of trade credit network location.It is found that in the face of economic policy uncertainty,enterprises will choose to upgrade their trade credit financing,and the central position of their trade credit network can help enterprises obtain more trade credit financing.Further research shows that in the face of economic policy uncertainty,the position of the enterprise s trade credit network is to enhance the enterprise s bargaining power and system risk position,thus enhancing trade credit financing.Facing the increase of economic policy uncertainty,the central position of trade credit network will ease the dependence of enterprises on bank credit,but when enterprises can gain the bank credit,the central position of trade credit network will further enhance their trade credit.This study suggests that enterprises should fully integrate into the trade credit network when the economic policy uncertainty is higher,and make up for the lack of bank credit of enterprises with trade credit resources.At the same time,the regulatory authorities need to reasonably guide and optimize the allocation of financial resources to avoid excessive tilt of trade credit and bank credit resources.

关 键 词：经济政策不确定性 商业信用 商业信用网络 银行信用 企业融资 

分 类 号：F832.1[经济管理—金融学]