我国中小板公司商业信用影响因素的实证研究

发布时间：2019-06-05 19:31

【摘要】：从改革开放至今，以中小企业为核心的民营经济经过将近30年的发展，逐渐成长为我国社会主义市场经济最有活力和发展潜力的经济力量。中小企业对于拉动我国经济增长、缓解就业压力、促进我国经济稳定乃至社会稳定做出了巨大贡献。上市中小企业是中小企业中发展较好，具有一定代表性的群体。商业信用是商品经济中最广泛使用的信用形式，是社会信用体系的重要组成部分，因此，现阶段研究中小板公司商业信用对于整个社会信用体系的建设有重要的意义。本文首先参考经典的Peterson和Rajan的商业信用供给和需求影响因素的模型，研究我国深证证券市场中小板企业商业信用供给和需求的影响因素。本文选取融资渠道中比较古老和传统的商业信贷为研究视角，选取深市625家中小企业2010年至2012年一季度共11个时点数据（有些企业因成立时间和上市时间较晚，数据并不完全），建立多元回归模型进行实证，研究上市中小企业商业信贷供给和需求的影响因素，，更好的了解上市中小企业商业信用的运用状况，分析影响其使用的深层原因，并提出针对提高上市中小企业商业信用运用的效率的政策建议。本文采用的计量方法有描述性统计、Panel Data模型等，主要是分析企业内部因素对商业信用的供给和需求产生的影响，本文没有通过设置虚拟变量的方式将行业因素考虑，选取相关财务指标来代替各因素，通过将样本分行业进行实证来分析各因素在行业间的差别及原因。本文的实证研究发现企业内部因素对商业信用运用的影响在行业间表现出很大的差异。资产规模变量和销售增长率与应收账款比率的关系在所有行业间表现一致。而对于商业信用的需求而言，影响最大的因素是资产负债率，且在各行业间表现一致。营业利润率与应收比率的关系表明中小板企业较少的利用商业信用来实行价格歧视。资产周转率对各行业的商业信用供给都有显著影响，同时也说明中小板公司流动性较强的公司具有较强的外部融资能力。根据实证结果，分析了产生差异的原因，并从提高财务稳健度和财务弹性、建立客户和供应商信用体系以及建立企业内部商业信用管理制度等方面探讨了如何提高企业商业信用的运用效率。
[Abstract]:Since the reform and opening up, the private economy with small and medium-sized enterprises as the core has gradually grown into the most dynamic and potential economic force of socialist market economy in China after nearly 30 years of development. Small and medium-sized enterprises have made great contributions to stimulating China's economic growth, alleviating employment pressure, promoting China's economic stability and even social stability. Listed small and medium-sized enterprises are well developed and representative groups in small and medium-sized enterprises. Commercial credit is the most widely used form of credit in commodity economy and an important part of social credit system. Therefore, it is of great significance to study the commercial credit of small and medium-sized board companies for the construction of the whole social credit system at this stage. This paper first refers to the classical Peterson and Rajan models of commercial credit supply and demand, and studies the influencing factors of commercial credit supply and demand of small and medium-sized board enterprises in Shenzhen Securities Market of our country. This paper selects the older and traditional commercial credit in the financing channels as the research perspective, and selects a total of 11 time points of 625 small and medium-sized enterprises in Shenzhen from 2010 to the first quarter of 2012 (some enterprises are late because of their establishment and listing time. The data is not complete. The multiple regression model is established to study the influencing factors of the supply and demand of commercial credit of listed small and medium-sized enterprises, so as to better understand the application of commercial credit of listed small and medium-sized enterprises. This paper analyzes the deep reasons that affect its use, and puts forward some policy suggestions for improving the efficiency of commercial credit application of listed small and medium-sized enterprises. The measurement methods used in this paper are descriptive statistical, Panel Data model, which mainly analyzes the influence of internal factors on the supply and demand of commercial credit. This paper does not consider the industry factors by setting virtual variables. Select the relevant financial indicators to replace the factors, through the sample sub-industry empirical analysis of the factors in the industry differences and reasons. The empirical study of this paper finds that the influence of internal factors on the use of commercial credit is very different among industries. The relationship between asset size variables and sales growth rates and accounts receivable ratios is consistent across all industries. For the demand of commercial credit, the biggest factor is the asset-liability ratio, and the performance is consistent among industries. The relationship between operating profit rate and receivable ratio shows that small and medium-sized board enterprises make less use of commercial credit to carry out price discrimination. The turnover rate of assets has a significant impact on the commercial credit supply of various industries, and it also shows that the companies with strong liquidity of small and medium-sized board companies have strong external financing ability. According to the empirical results, this paper analyzes the reasons for the differences, and from the improvement of financial robustness and financial flexibility, This paper probes into how to improve the efficiency of the application of commercial credit in enterprises from the aspects of establishing the credit system of customers and suppliers and establishing the internal commercial credit management system of enterprises.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.3

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