市场竞争力、国有股权与商业信用融资

发布时间：2018-06-15 15:10

本文选题：商业信用 + 市场竞争力　；参考：《山西财经大学学报》2012年09期

【摘要】：企业间的商业信用融资作为银行信贷的一种有效替代机制,可以缓解企业的融资约束,但不同特征的企业获取商业信用融资的难度却存在显著差别。利用1998～2009年中国上市公司的数据研究发现,企业的市场竞争力和国有股权对企业获取商业信用融资具有显著的正面影响,且两种影响力之间存在替代关系。在市场化程度较低的地区,市场竞争力对企业获得商业信用的作用相对较小,而国有股权的作用相对较大。结论说明,国有股权对获取商业信用融资有隐性担保功能。要从根本上解决民营企业融资难和所有制歧视问题,不能简单依赖于商业信用融资的替代作用,而必须进一步弱化政府对经济和金融领域的干预。
[Abstract]:As an effective alternative mechanism of bank credit, commercial credit financing among enterprises can ease the financing constraints of enterprises, but the difficulty of obtaining commercial credit financing for enterprises with different characteristics is significantly different. Based on the data of Chinese listed companies from 1998 to 2009, it is found that the market competitiveness of enterprises and state-owned equity have a significant positive impact on the acquisition of commercial credit financing by enterprises, and there is a substitute relationship between the two kinds of influence. In areas with low marketization, market competitiveness plays a relatively small role in obtaining business credit, while state-owned equity plays a relatively larger role. The conclusion shows that state-owned equity has implicit guarantee function in obtaining commercial credit financing. In order to solve the problem of financing difficulty and ownership discrimination in private enterprises, we should not simply rely on the substitution of commercial credit financing, but should further weaken the government's intervention in the economic and financial fields.
【作者单位】：四川大学工商管理学院;中山大学管理学院;
【基金】：国家自然科学基金青年项目(71003108) 中国博士后基金特别资助项目(201003390) 广东省软科学项目(2011B070400008) 广东省教育厅育苗工程项目(WYM10111)
【分类号】：F276.1;F832.51;F224

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