国际金融危机背景下中国企业商业信用应用研究

发布时间：2018-04-19 17:18

本文选题：商业信用 + 国际金融危机　；参考：《南开大学》2014年博士论文

【摘要】：中国经济的快速增长给大量中小企业的发展带来了机遇,但是银行业垄断、金融发展程度较低等问题却严重制约了中小企业的进一步壮大,在这种背景下,商业信用作为现代经济生活中不可或缺的一部分,已经成为企业尤其是中小企业经营和缓解融资约束的重要方式,在过去20年里,中国企业商业信用占企业总资产的比重高达19.3%,已经成为了仅次于银行的融资手段。为了进一步深入了解商业信用在企业经营活动中的作用,让商业信用更好的服务于经济发展,本文根据工业企业数据库,对中国商业信用应用进行深入分析。通过划分企业性质、企业规模、企业产品类型等多个维度分析企业商业信用供给动机,找出不同企业商业信用供给的决定因素,在微观分析基础上,作者进一步从商业信用的替代性融资功能出发,分析了经济平稳时期,面临银行业垄断、货币政策从紧等外部环境时,不同类型、不同规模企业商业信用的变化,从而分析商业信用替代性融资功能是否成立。在此之后,本文以08年国际金融危机为背景,分析危机时期企业商业信用供给动机的变化以及替代性融资功能的存在性,以进一步了解危机传导的企业商业信用渠道。最后,根据商业信用供给的存货管理功能以及存货投资的信贷约束理论,进一步从商业信用波动视角分析了危机期间企业存货波动加剧的原因,拓宽了企业存货波动方面的研究。从本文的分析结果来看,企业商业信用供给具有明显的产品属性,差异化产品生产商更愿意为客户提供商业信用,其主要原因在于差异化产品生产商和客户关系较为密切,信息透明度高,客户具有较高的转换成本,发生道德风险的可能性降低,违约概率较低,因此,信息不对称问题是决定企业商业信用供给差异最主要的原因。另外,产权性质、企业规模等因素导致的银行信贷配给也是制约中小企业商业信用供给的重要原因。其次,银行业集中度增加加剧了中小企业的融资约束,导致中小企业商业信用融资占比显著增加,而对于国有企业和大型企业却没有显著影响；金融深化可以缓解企业的融资约束,并且金融深化对中小企业和非国有企业的融资约束的缓解作用更大,而对于国有企业却没有显著影响。银行业垄断加剧了中小企业的融资约束,导致中小企业对应付账款的依赖显著增加,商业信用替代性融资功能显著存在,商业信用是银行信用的有效补充。通过对货币政策效果分析发现,相比于大型企业,紧缩的货币政策更多的抑制了中小企业的银行融资能力。作为一种替代性融资工具,货币政策从紧时期,中小企业商业信用使用占比显著增加,商业信用具有明显的反货币政策周期作用；而对于大型企业,商业信用并没有明显的增加；银行业垄断进一步增加了紧缩的货币政策对中小企业的冲击,导致货币政策信贷传导渠道的进一步扭曲。国际金融危机发生以后,企业外部不确定性增加,违约概率增加,导致企业商业信用供给和需求都出现显著的下降,商业信用的替代性融资功能并不能实现,相反,商业信用的下降进一步加剧了企业融资约束,并且在不同的企业之间呈现出异质性：与大型企业相比,融资约束较大的中小型企业商业信用下降的幅度更大,银行信用与商业信用的双重非对称性紧缩使得中小企业雪上加霜；差异化产品生产行业商业信用下降幅度较小,由于较强的合作关系,差异化产品行业企业更愿意与客户共度难关。最后,由于国际金融危机后企业商业信用收缩,企业融资约束加剧,企业存货供给的流动性约束增加,存货投资出现显著下降,下降的幅度表现为中小企大于大型企业,同时,危机之后企业外部不确定性增加,企业采用商业信用管理存货的意愿下降,为了避免存货积累,企业尤其是存货管理能力较弱的中小企业可能会主动减少生产,降低存货,两方面的综合作用导致危机之后企业存货出现下降。危机后企业商业信用的波动也是导致企业存货投资波动的重要原因。中国在未来很长一段时间内应继续深化银行业结构改革,发展区域性的中小银行,解决中小企融资过程中的信息不对称性,减少中小企业对高成本商业信用的过度依赖,在货币政策调控方面,要注意紧缩的货币政策对不同企业的异质性冲击问题,同时要合理预测商业信用的反周期作用,加快建立商业信用的征信制度,减少企业之间的信息不对称性,增加企业违约成本,让商业信用更好的服务业经济发展。最后,要进一步完善危机救助体系采取针对不同企业采取有针对性的救助方案,通过多种途径为民营企业和中小企业提供更多的政策支持与资金支持,以减少危机对企业的冲击,缓解经济波动。
[Abstract]:The rapid growth of China's economy has brought opportunities for the development of a large number of small and medium-sized enterprises. However, the monopoly of the banking industry and the low degree of financial development have seriously restricted the further expansion of small and medium-sized enterprises. Under this background, commercial credit has become an indispensable part of modern economic life and has become an enterprise, especially small and medium enterprises. In the past 20 years, business credit in China has accounted for up to 19.3% of the total assets of the enterprise in the past 20 years, which has become a second only to the bank.
In order to further understand the role of commercial credit in the business activities and to make the business credit better serve the economic development, this paper makes an in-depth analysis of the commercial credit application in China based on the industrial enterprise database, and analyzes the business credit supply by dividing the nature of the enterprise, the scale of the enterprise, and the type of the enterprise product. In order to find out the determinants of the business credit supply of different enterprises, on the basis of microanalysis, the author further analyzes the changes in business credit of different types and different scales of business credit in the period of economic stability, facing bank industry monopoly, tight monetary policy, and so on, starting from the alternative financing function of commercial credit. On the basis of the 08 year international financial crisis, this paper analyzes the changes in the business credit supply motivation and the existence of the alternative financing function in the crisis period, in order to further understand the business credit channel of the crisis conducting enterprise. Finally, the inventory supply according to the commercial credit is in stock. The management function and the credit constraint theory of inventory investment are further analyzed from the perspective of commercial credit fluctuation, which widens the research of inventory fluctuation in enterprises.
From the analysis results of this paper, the business credit supply has obvious product properties, and the differential product manufacturer is more willing to provide commercial credit for the customer. The main reason is that the differential product manufacturer and customer relationship is close, the information transparency is high, the customer has higher conversion cost and the possibility of moral hazard is possible. Therefore, the problem of information asymmetry is the main reason that determines the difference of business credit supply. In addition, the bank credit rationing caused by property property and enterprise scale is also an important reason for restricting the commercial credit supply of small and medium-sized enterprises.
Secondly, the increase in the concentration of banking industry intensifies the financing constraints of small and medium-sized enterprises, which leads to a significant increase in the proportion of commercial credit financing in small and medium-sized enterprises, but has no significant impact on state-owned enterprises and large enterprises; financial deepening can alleviate the financing constraints of enterprises, and financial deepen financial constraints on SMEs and non-state enterprises. The mitigation effect is greater, but it has no significant impact on the state-owned enterprises. Banking monopoly aggravates the financing constraints of small and medium-sized enterprises, resulting in a significant increase in the dependence of small and medium-sized enterprises on accounts payable, the existence of alternative financing functions of commercial credit and commercial credit as an effective supplement to the bank's credit.
Through the analysis of the effect of monetary policy, it is found that the tight monetary policy has more restraining the bank financing ability of small and medium-sized enterprises compared to large enterprises. As an alternative financing tool, the proportion of commercial credit use of small and medium-sized enterprises is significantly increased in the period of tight monetary policy, and commercial credit has an obvious anti monetary policy cycle role. But for large enterprises, business credit has not been significantly increased; banking monopoly further increases the impact of tight monetary policy on small and medium-sized enterprises, leading to further distortion of the channel of monetary policy credit transmission.
After the international financial crisis, the external uncertainty of the enterprise increases and the probability of default increases, which leads to a significant decline in the supply and demand of business credit, and the alternative financing function of commercial credit can not be realized. On the contrary, the decline of business credit has further aggravated the financing constraints of enterprises, and presented the presentation between different enterprises. Heterogeneity: compared with large enterprises, the small and medium-sized enterprises with larger financing constraints have a greater decline in commercial credit, and the dual asymmetric contraction of bank credit and commercial credit makes small and medium-sized enterprises worse, and the commercial credit of differentiated product production industry has a smaller decline, because of strong cooperative relations, differential product lines are made. Business enterprises are more willing to share the difficulties with their customers.
Finally, due to the contraction of business credit in the international financial crisis, the constraints of enterprise financing increased, the liquidity constraints of the inventory supply increased, and the inventory investment decreased significantly. The decline was shown as the small and medium-sized enterprises were larger than the large enterprises. At the same time, the external uncertainty of the enterprises increased after the crisis, and the enterprises adopted commercial credit management inventory. In order to avoid the accumulation of inventory, in order to avoid the accumulation of inventory, enterprises, especially small and medium-sized enterprises with weak inventory management ability, may actively reduce production and reduce inventory. The comprehensive effect of the two aspects leads to the decline in enterprise inventory after the crisis. The fluctuation of business credit after the crisis is also an important reason for the enterprise inventory investment fluctuation.
For a long time, China should continue to deepen the reform of banking structure, develop regional small and medium sized banks, solve information asymmetry in the process of financing for small and medium-sized enterprises, reduce the excessive dependence of small and medium-sized enterprises on high cost commercial credit. In the aspect of monetary policy regulation, we should pay attention to the heterogeneity of monetary policy to different enterprises. The impact problem, at the same time, should reasonably predict the anti cycle role of commercial credit, speed up the establishment of the credit system for commercial credit, reduce the information asymmetry between enterprises, increase the cost of breach of contract, and make the business credit better service industry. Finally, we should further improve the crisis relief system to take aim at different enterprises. The sexual assistance scheme provides more policy support and financial support for private enterprises and small and medium enterprises through a variety of ways to reduce the impact of the crisis on the enterprise and alleviate the economic fluctuation.

【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F279.2

【参考文献】