我国商业信用再配置的动机检验及其治理效应分析——来自上市公司信贷漏损的证据

发布时间：2018-01-21 21:58

本文关键词： 商业信用信贷漏损信贷再配置供应链供应商货币政策创新投资　出处：《广东财经大学学报》2017年04期 　论文类型：期刊论文

【摘要】：以2008年~2014年A股制造业上市公司为样本,以供应商进行商业信用再配置的信贷漏损行为为视角,证明了商业信用供给并非供应商根据自身信贷优势主动实施的逐利行为,而是在买方市场条件下因客户占据强势地位被动进行的授信行为,是强势买方对供应商实施的信用侵占;其次,证明了宽松的货币政策有助于降低强势买方的信用侵占意愿,弱化被动性再配置水平,即货币政策作为宏观调控手段具有缓解微观厂商之间商业信用侵占的能力;最后,证明了技术创新可以通过强化供应商产品市场竞争力来帮助其摆脱强势买方的商业信用侵占,进而降低被动性再配置水平,即鼓励企业实施创新驱动战略对扭曲型信贷漏损具有治理意义。
[Abstract]:In 2008 ~2014 A shares listed manufacturing companies as the sample, the credit behavior of commercial credit providers to leakage and configuration from the perspective of that profit behavior of commercial credit supply is not the supplier according to their credit strengths initiatively, but under the condition of buyer's market for customers to occupy the dominant position of passive behavior, is strong the buyer for suppliers to implement credit appropriation; secondly, that the loose monetary policy will help reduce the strong credit occupation will weaken the passive re allocation level, namely monetary policy as a macro-control means has the ability to relieve the micro occupation between manufacturers of commercial credit; finally, proves that technological innovation can strengthen the competitiveness of the market suppliers of products to help them get rid of the strong commercial credit occupation, thereby reducing the passive re allocation level, which encourage enterprises The application of innovation driven strategy is of great significance to the distortion of credit leakage.

【作者单位】：天津财经大学经济学院;
【基金】：教育部人文社会科学基金青年项目(14YJC630174)
【分类号】：F832.4
【正文快照】： 一、引言商业信用渠道下的信贷再配置假说由来已久,最早由Meltzer(1960)[1]提出,用于刻画那些低融资约束企业将所获得的银行贷款以商业信用的形式出借给高融资约束企业,从而实现金融资源二次分配的过程。Schwartz(1974)[2]通过理论模型证明了再配置的存在性,并认为供应商的“

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