金融危机、产权背景与上市公司商业信用变化

发布时间：2018-07-04 19:31

本文选题：金融危机 + 产权背景　；参考：《西南财经大学》2012年硕士论文

【摘要】：改革开放以来,我国经济快速发展,商业信用作为信用体系的重要组成部分,在我国经济发展中发挥的作用越来越重要。产权背景与融资环境对商业信用行为有着重要的影响。但目前大部分相关文献都是基于正常经济环境下的探讨,而在经济环境急剧恶化情况下(如金融危机),产权背景与融资环境对企业商业信用行为的作用机理可能会有所不同。本文以2008年金融危机为背景,基于此次危机对融资市场形成的冲击,通过对比金融危机前后上市公司的数据,考察产权背景与融资环境对企业商业信用行为策略的影响,力图拓展环境急剧恶化下企业商业信用行为的相关理论。本文的研究内容主要包括以下三个方面：第一,在金融危机前后,企业的商业信用行为是否有变化,有怎样的变化。第二,在金融危机的冲击下不同产权背景的企业商业信用行为的差异。第三,我国幅员辽阔,各地区经济、法制等发展不均衡,本文将考察诸多外部融资因素中的金融业的市场化程度对商业信用有着怎样的影响。本研究分为六章,各章内容介绍如下：第一章,导论。本章分为四个部分,首先是研究背景及意义,介绍了选题的背景和研究的意义,其次是研究的思路及主要内容,再次是本文的研究方法及结构安排,最后是研究的预期创新。第二章,国内外相关文献综述。本章首先从商业信用定义和分类、企业运用商业信用的动机这两方面对商业信用进行文献综述。然后对商业信用与银行信用、产权背景与商业信用、金融业市场化程度与商业信用进行文献综述。第三章,理论分析、制度背景与研究假设。本章分为两个部分,首先从产权理论、国有企业银行信贷软约束理论、信贷配给理论、我国金融业地区差异化分析这四方面进行了理论分析与制度背景介绍。然后提出了本文的三个研究假设：(1)在金融危机时期的2008年,上市公司的商业信用使用相对于2006年无显著性差异,商业信用供给显著减少,净商业信用融资显著增加。2009年,上市公司的商业信用使用相对于2006年显著增加,商业信用供给无显著差异,净商业信用显著增加。(2)在金融危机时期的2008年与2009年,民营上市公司的商业信用供给大于国有上市公司,其商业信用使用与国有上市公司无显著性差异,其净商业信用融资显著小于国有企业。(3)金融业市场化程度与商业信用使用负相关、与商业信用供给正相关,与净商业信用融资负相关。第四章,研究设计与描述性统计。本部分包括2008年金融危机的时期界定、样本选择与数据来源、变量的定义、对相关变量进行描述性统计以及相关性分析。第五章,实证检验结果与分析。本部分对相关假设进行实证检验,并对其结果进行分析。实证结果显示：(1)相比较于2006年,在金融危机全面爆发的2008年,上市公司会减少商业信用的供给总量,增加净商业信用融资量。在金融危机时期的2009年,我国银行信贷增加,上市公司会增加商业信用使用总量,增加净商业信用融资量。(2)在金融危机对我国产生影响的年度(2008年和2009年),民营企业商业信用供给总量大于国有企业,商业信用使用总量差异不显著。2008年和2009年,在净商业信用融资方面,国有企业显著大于民营企业。即在2008年和2009年,民营企业的净商业信用供给显著大于国有企业。(3)无论在正常经济环境还是金融危机时期,金融业市场化程度与商业信用使用总量、商业信用供给总量负相关、与净商业信用融资正相关。即在金融业市场化程度较高的地区,企业提供较少的商业信用、使用较少的商业信用,·综合起来是净商业信用的融资者。第六章,研究结论、建议和展望。本章对实证结果进行了概括性总结,同时提出了今后研究的建议和展望。本文的创新主要体现在研究视角和研究方法两个方面：在研究视角上,本文将产权背景、融资环境与企业商业信用行为之间的关系研究置于金融危机这一特定背景下,有利于拓展已有大多数文献基于正常经济环境分析的研究视野,同时也有利于深化对环境急剧恶化下商业信用作用机制的认识。在研究方法上,本文的实证研究基于金融危机前后上市公司相关数据,充分利用描述性统计、多元回归分析等回归方法,更多地从动态角度设计相关模型和指标以考察金融危机前后的企业商业信用行为的变化,这不仅有利于结果更加全面和科学,还有利于克服已有研究基于横向静态比较分析的缺陷,有利于对产权背景、融资环境与企业商业信用行为之间的关系进行全面、深入地考察。
[Abstract]:Since the reform and opening up, China's economy has developed rapidly. As an important part of the credit system, commercial credit plays a more and more important role in the economic development of our country. The property right background and financing environment have an important impact on the commercial credit behavior. In the case of rapid economic environment (such as financial crisis), the mechanism of the role of property right background and financing environment on business credit behavior may be different. Based on the financial crisis in 2008, this paper is based on the impact of the crisis on the financing market, and compares the data of listed companies before and after the financial crisis to investigate the property right back. The influence of landscape and financing environment on the business credit behavior strategy of enterprises is strives to expand the relevant theories of business credit behavior under the rapid deterioration of the environment.
The main contents of this study include the following three aspects: first, before and after the financial crisis, whether there is a change in business credit behavior of the enterprise, what is the change. Second, the differences in business credit behavior of enterprises with different property rights under the impact of the financial crisis. Third, China has a vast territory, the regional economy, the legal system and other uneven development. Heng, this paper examines the impact of the degree of marketization of the financial sector on the business credit in many external financing factors.
This study is divided into six chapters, and the contents of each chapter are as follows:
Chapter 1, introduction. This chapter is divided into four parts. First, it is the background and significance of the study. It introduces the background and significance of the study. Secondly, it is the thinking and main content of the study. Again, it is the research method and structure arrangement of this paper. Finally, it is the expected innovation of the research.
The second chapter is a summary of the relevant literature at home and abroad. This chapter first summarizes the two aspects of commercial credit from the definition and classification of commercial credit and the motivation of business credit, and then summarizes the literature of commercial credit and bank credit, property right background and commercial credit, the market degree of financial industry and commercial credit.
The third chapter, theoretical analysis, institutional background and research hypothesis, this chapter is divided into two parts, first of all, from the property right theory, the state-owned enterprise bank credit soft constraint theory, the credit rationing theory, China's financial regional differential analysis of the four aspects of the theoretical analysis and institutional background, and then put forward the three research hypotheses: (1) In the 2008 of the financial crisis, the commercial credit use of listed companies had no significant difference compared with 2006, the supply of commercial credit was significantly reduced and the net commercial credit financing increased significantly for.2009 years. The commercial credit use of listed companies increased significantly compared to 2006, there was no significant difference in the supply of commercial credit, and the net commercial credit increased significantly (2). In the 2008 and 2009 of the financial crisis, the commercial credit supply of the private listed companies is greater than that of the state-owned listed companies. There is no significant difference between the commercial credit use and the state-owned listed companies. The net commercial credit financing is significantly smaller than that of the state-owned enterprises. (3) the degree of marketization of the financial industry is negatively related to the use of commercial credit, and the supply of commercial credit is positive. There is a negative correlation with net commercial credit financing.
The fourth chapter, research design and descriptive statistics. This part includes the definition of the financial crisis in 2008, sample selection and data sources, the definition of variables, descriptive statistics and correlation analysis of related variables.
The fifth chapter, empirical test results and analysis. This part of the empirical test of relevant hypotheses and analysis of the results. The empirical results show that: (1) compared to the 2006, in the full outbreak of the financial crisis in 2008, listed companies will reduce the total supply of commercial credit, increase the amount of net commercial credit financing. In the financial crisis period of 2009 In the year, China's Bank credit increased, and listed companies would increase the total amount of commercial credit use and increase net commercial credit financing. (2) the total amount of commercial credit supply in private enterprises was larger than that of state-owned enterprises in the year of 2008 and 2009, which had an impact on the financial crisis (2008 and 2009). The total amount difference of commercial credit use was not significant in.2008 years and 2009, in net business. In terms of credit financing, state-owned enterprises are significantly larger than private enterprises. That is, in 2008 and 2009, the net commercial credit supply of private enterprises is significantly greater than that of state-owned enterprises. (3) in the normal economic environment or in the financial crisis, the degree of marketization of the financial industry is negatively related to the total amount of commercial credit, the total amount of commercial credit supply, and the net commercial letter. There is a positive correlation between financing and financing. That is, in areas with higher marketization of the financial industry, enterprises provide less commercial credit, use less commercial credit, and combine to be the financiers of net commercial credit.
The sixth chapter, conclusions, recommendations and prospects. This chapter summarizes the empirical results, and puts forward suggestions and prospects for future research.
The innovation of this paper is mainly reflected in two aspects: research perspectives and research methods.
From the perspective of research, this paper puts the research on the relationship between the property right background, the financing environment and the business credit behavior under the specific background of the financial crisis, which helps to expand the research field of the existing literature based on the normal economic environment analysis, and also helps to deepen the mechanism of the commercial credit action under the rapid deterioration of the environment. Know.
In the research method, the empirical study is based on the related data of listed companies before and after the financial crisis, fully utilizing the regression methods such as descriptive statistics and multiple regression analysis, more dynamic design of relevant models and indicators to investigate the changes of business business trust behavior before and after the financial crisis, which is not only beneficial to the result more complete. Face and science, and help overcome the shortcomings of the existing research based on horizontal static comparative analysis, are beneficial to the comprehensive and thorough investigation of the relationship between the property right background, the financing environment and the business credit behavior of the enterprise.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832;F224

【参考文献】