商业信用、资源再配置与信用扭曲——基于中国非上市企业数据的研究

发布时间：2018-04-16 01:08

本文选题：非上市企业 + 商业信用　；参考：《南开经济研究》2016年05期

【摘要】：本文使用2004—2009年中国非上市工业企业数据库,分析了商业信用资源再配置效应背后企业追逐利润的经营逻辑。研究表明我国企业间商业信用的资源再配置效应明显,银行信贷资源通过直接或间接贸易方式被转移到下游企业。其中,私营企业既是信贷资源"漏损"角色的主要扮演者,也是"三角债"的主要缔结者。为进一步探究商业信用是主动提供还是恶意拖欠,通过分析商业信用的期限结构发现,约33%,的企业的商业信用期限超过60天,有扭曲现象。把总样本分为"按期收回"和"逾期收回"回归发现,在"逾期收回"样本中,商业信用的资源再配置效应带有"强制性"特征,而且面临被恶意拖欠货款的多是中小企业和经营风险较大的私营企业。因此,加快市场诚信体系建设,构建多层级的金融体系,并加大对中小企业的信贷配置,不仅能促进中小企业健康发展,而且有利于改善金融体系配置效率。
[Abstract]:Using the database of China's unlisted industrial enterprises from 2004 to 2009, this paper analyzes the business logic behind the reconfiguration effect of commercial credit resources.The research shows that the resource redistribution effect of commercial credit among enterprises in China is obvious, and the bank credit resources are transferred to downstream enterprises through direct or indirect trade.Among them, private enterprise is not only the main actor of credit resources leakage, but also the main conclusion of triangle debt.In order to further explore whether commercial credit is actively provided or maliciously defaulted, it is found by analyzing the term structure of commercial credit that the business credit period of about 33 enterprises exceeds 60 days, which is distorted.The total sample is divided into "overdue recovery" and "overdue recovery" regression. In the "overdue recovery" sample, the resource reconfiguration effect of commercial credit is characterized by "mandatory".And faced with malevolent default payment is mostly small-and-medium-sized enterprises and the greater risk of private enterprises.Therefore, speeding up the construction of market credit system, building a multi-level financial system, and increasing the credit allocation for small and medium-sized enterprises can not only promote the healthy development of SMEs, but also improve the efficiency of financial system allocation.
【作者单位】：中国人民大学经济学院;伦敦大学亚非学院;中国人民银行长沙中心支行;
【基金】：中国人民大学研究生科学研究基金项目“商业信用供求动机及‘异化’研究——基于国泰安非上市公司数据的分析”(15XNH054)的资助
【分类号】：F275

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