以“信”助“融”:社会信用体系建设与企业商业信用融资  

Using"Trust"to Assist"Financing":Construction of Social Credit System and Enterprise Commercial Credit Financing

作　　者：丁怡帆 马云飞 魏彦杰[3] Ding Yifan;Ma Yunfei;Wei Yanjie

机构地区：[1]湖南大学金融与统计学院,湖南省长沙市410007 [2]苏州大学商学院,江苏省苏州市215008 [3]安徽财经大学国际经济贸易学院

出　　处：《南方经济》2025年第4期80-102,共23页South China Journal of Economics

基　　金：安徽高校自然科学研究重点项目“中国金融市场化改革金融效率向经济效率转化机理与同步提升路径研究”(项目编号:KJ2020A0004)资助。

摘　　要：完善的社会信用体系不仅是推进信用制度化建设的内在基础,也是降低市场交易成本和提高资源配置效率的重要保障。文章以社会信用体系分批改革试点为准自然实验,采用多时点双重差分模型实证检验了社会信用体系建设对企业商业信用融资的影响及作用机制。研究发现,社会信用体系建设能够提高企业的商业信用融资水平,且该结论在动态效应检验、PSM-DID以及考虑异质性处理效应等一系列稳健性测试下依旧成立。机制检验表明,社会信用体系建设主要通过缓解信息不对称、增强声誉以及降低经营风险来促使企业获得更多的商业信用融资。异质性检验发现,社会信用体系建设对企业商业信用融资的促进作用在经济地位低、代理冲突大的企业以及信贷约束高、信用割裂严重的地区中更为明显。此外,社会信用体系建设所引致的商业信用融资也有助于企业提高实体投资水平并降低金融投资水平,即可以有效引导企业“脱虚向实”。文章揭示了社会信用体系改革试点政策促进微观主体间互惠合作的具体形式,对持续推进社会信用体系建设、促进实体经济高质量发展具有一定的启示意义。A sound social credit system is not only the inherent foundation for promoting the institutionalization of credit,but also an important guarantee for reducing market transaction costs and improving resource allocation efficiency.The article takes the pilot reform of the social credit system in batches as a natural experiment,and uses a multi time point double difference model to empirically test the impact and mechanism of the construction of the social credit system on enterprise commercial credit financing.Research has found that the construction of a social credit system can improve the level of commercial credit financing for enterprises,and this conclusion still holds true under a series of robustness tests such as dynamic effect testing,PSM-DID,and considering heterogeneity treatment effects.Mechanism testing shows that the construction of a social credit system mainly promotes enterprises to obtain more commercial credit financing by alleviating information asymmetry,enhancing reputation,and reducing operational risks.Heterogeneity testing found that the promotion effect of social credit system construction on corporate commercial credit financing is more pronounced in enterprises with low economic status,high agency conflicts,and regions with high credit constraints and severe credit fragmentation.In addition,the construction of the social credit system has led to commercial credit financing,which also encourages enterprises to increase their physical investment level and reduce their financial investment level,effectively guiding them to move from virtual to real.The article reveals the specific forms of promoting mutual cooperation among micro entities through pilot policies for the reform of the social credit system,which has certain enlightening significance for continuously promoting the construction of the social credit system and promoting high-quality development of the real economy.

关 键 词：社会信用体系建设 商业信用融资 制度化信用 “小范围”信用 

分 类 号：D64[政治法律—政治学] F275[政治法律—中外政治制度]