商業信用：基於企業融資動機的實證研究

商業信用是企業從外部市場進行短期融資的重要組成部分。本文採用我國上市公司2000年至2004年的數據實證研究了商業信用作為企業外部融資方式的決定因素。實證結果發現企業獲得的商業信用與企業規模、財務杠桿、銷售增長率以及國有股比例呈顯著正相關關係，而與短期銀行借款比例以及毛利潤率呈顯著負相關關係。這些發現表明，在我國目前所處的融資環境下，商業信用已經成為企業的重要融資手段。與銀行信貸相比，商業信用具有一定的融資比較優勢，作為提供商業信用的企業，對客戶的經營狀況等資訊的瞭解更有效。
Trade credit has become important source of firm’s short-term external finance. Using the sample of China’s listed firms from 2000 to 2004, this paper examines the determinants of firms that gain the trade credit as a source of short-term financing. I find that firm’s account payable ratios increase with increase of firm’s size, leverage, sales growths and state owned ratio. I also find that the short-term bank loan ratio and profit margin ratio have negative relationship with firm’s trade credit. It implies that trade credit is an important source of financing in China and has financing advantage over bank loans. Firm that provides trade credit can receive the information from its customs more efficiently than financial institutions, such as commercial banks. Copyright © 2006 廣東省社會科學院;廣東經濟學會.