金融市场发展、产品市场竞争与商业信用供给

发布时间：2018-05-18 01:29

本文选题：金融市场发展 + 产品市场竞争　；参考：《南京财经大学》2014年硕士论文

【摘要】：商业信用的竞争性动机认为,商业信用供给是供应商的一种竞争手段,当供应商面对的同行业竞争者较多时,客户寻找其他替代性的供应商的成本相对就较低,因此,为了锁定客户,维持稳定的交易链条,即使是对那些受到融资约束因而商业信用供给成本很高的客户,供应商也会向客户提供商业信用(Fisman and Raturi,2004;Van Horen,2005)。随着市场经济的发展,国内各地区经济发展水平不一致,各地区间的金融市场发展水平也存在着显著的差异,这对上市公司能否缓解融资约束起到一定的决定性作用,从而影响了上市公司是否有充足的资金为客户提供商业信用。除此之外,非国有上市公司比国有上市公司由于更难以获得政府提供的要素以及采购合同,也难以获得各种政策优待(芮明杰、宋亦平,2001；World Bank,2006;方军雄,2007),因而非国有上市公司产品市场竞争力较低,面临的市场竞争压力也显著大于国有上市公司。因此,在商业信用供给方面,产权性质也起到一定的影响作用。本文在规范分析的基础上运用实证分析法,对金融市场发展、产品市场竞争以及产权性质对商业信用供给的影响进行研究。首先,本文梳理相关的商业信用理论并对相关实证结论进行综述,在此基础上,提出本文的研究假设。然后,选择本文的研究变量,并构建实证分析模型,选取2006—2011年间沪深证券交易所A股非金融类上市公司相关数据,进行描述性统计、Pearson相关性分析、多元线性回归分析以及稳健性检验,从而得出本文的结论。在本文的回归中,为了考察金融市场发展、产品市场竞争以及产权性质三者之间的相互作用对商业信用供给的影响,分别设置了相应的交叉变量,最终得出了在金融市场发展水平与产品市场竞争程度不同的条件下,国有上市公司与非国有上市公司提供商业信用的差异。本文研究结果表明,金融市场的发展有利于企业获得银行信贷,缓解融资约束；市场竞争越激烈,非国有上市公司比国有上市公司提供更多的商业信用以获得竞争优势；金融市场发展水平较高的地区,非国有上市公司比国有上市公司提供更多的商业信用作为产品市场竞争手段。
[Abstract]:The competitive motivation of commercial credit believes that commercial credit supply is a competitive means of suppliers. When suppliers face more competitors in the same industry, the cost of customers seeking alternative suppliers is relatively low. In order to lock in customers and maintain a stable trading chain, even for those who are constrained by financing and therefore have a high supply cost of commercial credit, suppliers will provide business credit to customers with business credit Fisman and Raturio 2004 / Van Horenli 2005. With the development of market economy, the level of economic development in different regions of China is not consistent, and there are significant differences in the level of financial market development among different regions, which plays a decisive role in alleviating the financing constraints of listed companies. This affects whether the listed company has sufficient funds to provide customers with commercial credit. In addition, it is more difficult for non-state-owned listed companies than state-owned listed companies to obtain government-provided elements and procurement contracts, as well as difficulties in obtaining preferential treatment from various policies (Rui Mingjie, Song Yiping's World Bank 2006; Fang Junxiong's 2007, therefore, the market competitiveness of non-state-owned listed companies is low, and the market competition pressure is obviously greater than that of state-owned listed companies. Therefore, in the supply of commercial credit, the nature of property rights also plays a certain role. On the basis of normative analysis, this paper uses empirical analysis to study the effects of financial market development, product market competition and property rights on the supply of commercial credit. First of all, this paper combs the relevant business credit theory and summarizes the relevant empirical conclusions, and then puts forward the research hypotheses. Then, select the research variables of this paper, and build an empirical analysis model, select the Shanghai and Shenzhen Stock Exchange A shares non-financial listed companies from 2006 to 2011 related data, and carry out descriptive statistical Pearson correlation analysis. Multiple linear regression analysis and robustness test are used to get the conclusion of this paper. In this paper, in order to investigate the influence of the development of financial market, the competition of product market and the nature of property right on the supply of commercial credit, the corresponding cross variables are set up. Finally, under the condition that the development level of the financial market and the competition degree of the product market are different, the difference of the commercial credit between the state-owned listed company and the non-state-owned listed company is obtained. The research results show that the development of financial market is favorable for enterprises to obtain bank credit and ease the financial constraints, and the more fierce the market competition is, the more commercial credit the non-state-owned listed companies provide to obtain the competitive advantage compared with the state-owned listed companies. In areas with higher financial market level, non-state-owned listed companies provide more commercial credit as a competitive means of product market than state-owned listed companies.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.5

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