生命周期、区域金融与商业信用融资

发布时间：2018-02-16 17:31

本文关键词： 商业信用融资成长周期区域金融发展　出处：《安徽工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：一直以来,企业融资渠道受到国内外学者的广泛关注。随着商品经济的发展,商品和货币在时间和空间上的分离,商业信用这一短期融资方式在社会信用的背景下应运而生。凭借方便便捷、低风险、连通上下游企业的纽带、能缓解融资约束等优势,成为是企业重要的融资方式。企业在不同的生命周期阶段对商业融资需求不同,这种不同对商业信用融资是否存在一定的差异值得探索。区域金融发展对所在区域企业银行信贷融资有较大影响,因而影响处于不同生命周期阶段的企业对商业信用融资的依赖程度。本文首先解释商业信用的定义及特点,然后分别从外部影响因素和内部影响因素两个不同的视角阐述其对商业信用的影响,对它们的研究情况进行回顾、分析、总结,然后经过理论分析并结合数理模型推倒,提出本文的研究假说。对实证部分,本文利用2005-2014年沪、深两市上市公司财务数据,分析企业所处生命周期阶段、区域金融发展对其商业信用融资的影响。先根据全样本划分出不同生命周期阶段,然后对比分析成长期和非成长期企业商业信用融资的差异,接着本文进一步将非成长期再细分为成熟期和衰退期两个阶段,分别对比分析其商业信用融资的差异。其次,进一步分析其对商业信用融资的影响。最后,本文进一步研究与金融发展水平低的地区相比,在金融发展水平高的地区,成长期企业商业信用融资与非成长期企业的商业信用融资之间的差异,本文分别进行了回归分析,相关性检验,T检验和稳健性检验。本文主要得出如下结论:(1)与非成长期的企业相比,处于成长期的企业获得商业信用融资的比例更高。(2)在金融发展水平越高的地区,商业信用融资比例越低;在金融发展水平越低的地区,商业信用融资比例越高。(3)与区域金融发展水平低的地区相比,在区域金融发展水平比较高的地区,处于成长期企业获得商业信用融资比例高于非成长期企业获得的商业信用融资比例更明显。说明金融发展水平对不同生命周期企业之间的融资差距具有“放大效应”。
[Abstract]:As the development of commodity economy, commodity and currency are separated in time and space. Under the background of social credit, commercial credit has emerged as the times require. With the advantages of convenience and convenience, low risk, the link between upstream and downstream enterprises, the ability to ease financing constraints, etc. Becoming an important means of financing for enterprises. Enterprises in different life cycle stages of commercial financing needs are different, It is worth exploring whether there are certain differences in the commercial credit financing. The development of regional finance has great influence on the credit financing of the regional enterprise banks. This paper first explains the definition and characteristics of commercial credit. Then, from two different perspectives of external and internal influence factors, this paper expounds their influence on commercial credit, reviews, analyzes, summarizes their research situation, and then through theoretical analysis and combined with mathematical model to push down, In the empirical part, we use the financial data of listed companies in Shanghai and Shenzhen from 2005 to 2014 to analyze the life cycle of enterprises. The impact of regional financial development on its commercial credit financing. Firstly, different life cycle stages are divided according to the whole sample, and then the differences between growing and non-growing enterprises' commercial credit financing are compared and analyzed. Then, this paper further subdivides the non-growth period into two stages: mature period and recession period, and analyzes the difference of their commercial credit financing respectively. Secondly, it further analyzes its influence on commercial credit financing. Finally, This paper further studies the differences between the commercial credit financing of growing enterprises and the commercial credit financing of non-growth enterprises in the areas with high level of financial development compared with the regions with low level of financial development. Correlation test T test and robustness test. This paper draws the following conclusions: 1) compared with non-growth-stage enterprises, the proportion of commercial credit financing of enterprises in growing period is higher than that of non-grown-up enterprises. The lower the proportion of commercial credit financing is, the higher the proportion of commercial credit financing is in the region with lower level of financial development, compared with the low level of regional financial development, the higher the level of regional financial development is. The proportion of commercial credit financing obtained by enterprises in growing period is higher than that by non-growth enterprises, which indicates that the level of financial development has a "magnifying effect" on the financing gap between enterprises with different life cycles.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832

【参考文献】