市场地位、商业信用及其信贷传导效应的研究

发布时间：2018-01-16 12:15

本文关键词：市场地位、商业信用及其信贷传导效应的研究　出处：《华侨大学》2014年硕士论文　论文类型：学位论文

【摘要】：商业信用具有悠久的发展历史，并有效促进了企业的成长，商业信用是兼具交易和借贷的财务行为。从交易的层面来说，它是基于在双方交易过程中由于商品的使用价值和商品的价值实现没有得到同时发生而产生的交易方式；从借贷层面来说，它是由于在双方交易过程中的提前或者延期支付而产生的短期、直接融资方式。所以本文采用2010-2012年我国A股上市公司的数据，检验企业市场地位对商业信用及其信贷传导效应的影响。本文的研究结果表明，市场地位的提高有助于企业商业信用的获得，商业信用的获得普遍向市场地位高的企业集聚，而银行信用的获得与企业市场地位之间并没有存在一定的必然关系。在其他条件相同的情况下，银行信用与商业信用的获得存在“替代效应”，与商业信用的提供存在“传递效应”。进一步研究还发现，相比市场地位低的企业，，银行信用与商业信用获得之间的“替代效应”在市场地位高组更为显著；于此相反，相比市场地位高的企业，银行信用与商业信用提供之间的“传递效应”在市场地位低组更为显著。由此正反两方面的分析，本文的研究更突显出市场地位低企业，尤其是广大中小企业的融资困境。本文尝试性地将商业信用划分为三种形式，即商业信用的提供、商业信用的获得、净商业信用，通过引入赫芬达尔指数，证明了商业信用“替代效应”和“传递效应”的存在性，并指出这两种效应会依据我国企业市场地位的差别而呈现出一定的特质。本文的结论说明商业信用的竞争性假说在我国商业信用的信贷传导效应中占据主导地位。通过理论推导和实证检验，本文指出技术创新能力的提高是市场地位低企业摆脱赊销过度依赖的有效途径，同时本文的研究结论也为我国政府亟待改善市场地位低企业融资环境，为市场地位低企业构建多层次资本市场提供了微观层面的实证支持。
[Abstract]:Commercial credit has a long history of development and has effectively promoted the growth of enterprises. Commercial credit is a financial behavior with both transactions and loans. It is based on the transaction mode in which the use value of the commodity and the realization of the value of the commodity do not occur simultaneously in the course of the transaction between the two parties. At the lending level, it is a short period of time due to early or delayed payments in the course of a transaction between the two parties. Therefore, this paper uses the data of China A-share listed companies from 2010-2012 to test the influence of enterprise market position on commercial credit and its credit transmission effect. The results of this paper show that the improvement of the market position is conducive to the acquisition of business credit, and the acquisition of commercial credit is generally concentrated to the enterprises with high market position. However, there is no certain relationship between the acquisition of bank credit and the market position of enterprises. Under the same conditions, there is a "substitution effect" between the acquisition of bank credit and commercial credit. Further study shows that the "substitution effect" between bank credit and commercial credit acquisition is more significant in the high market status group than in the enterprises with low market position. On the contrary, the "transfer effect" between bank credit and commercial credit provision is more significant in the low market position group than the enterprises with high market position. The research in this paper highlights the financing dilemma of low-status enterprises, especially small and medium-sized enterprises. This paper attempts to divide commercial credit into three forms, namely, the supply of commercial credit, the acquisition of commercial credit, and the net commercial credit, through the introduction of Herfindale Index. It proves the existence of "substitution effect" and "transfer effect" of commercial credit. It is pointed out that these two effects will show certain characteristics according to the difference of the market position of Chinese enterprises. The conclusion of this paper shows that the competitive hypothesis of commercial credit plays a dominant role in the credit conduction effect of commercial credit in China. Through theoretical derivation and empirical test. This paper points out that the improvement of technological innovation ability is an effective way for enterprises with low market position to get rid of excessive dependence on credit sales. Meanwhile, the conclusion of this paper also makes the government of our country urgently need to improve the financing environment of low-status enterprises in the market. It provides micro-level empirical support for low-status enterprises to construct multi-level capital market.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.4

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