摘要
本文以2004—2010年我国A股上市公司数据为样本,检验企业市场地位对其商业信用及经营性融资的影响。研究发现,商业信用和银行借款都会向市场地位高的企业集中。进一步的研究还发现,企业商业信用融资和银行借款融资的"替代关系"在市场地位高的企业中更为显著,即市场地位高的企业同时可以获得来自商业信用和银行借款的融资;而二者的"替代关系"在市场地位低的企业中相对较低甚至不存在,由此突显出市场地位低的中、小企业融资困境,本文为我国亟待发展的"草根金融"及中小企业融资环境的改善提供了企业微观层面的实证支持。
Based on the data of A-share listed companies from 2004 to 2010, this paper investigates the influence of market power on the trade credit and business financing. The result shows that the enterprises with relative stronger market power are able to obtain both more trade credit and bank borrowing than the enterprises with relative weaker market power. Further analysis shows that, the substitution relationship between trade credit and bank borrowing is more significant in the enterprises with relative stronger market power and the relationship is relatively low or even don't exist in the enterprises with relative weaker market power. This finding implies the financing difficulties of small and medium-sized enterprises and provides micro-level empirical support for the development of Grass-roots finance and the improvement of small and medium-sized enterprise financing environment.
出处
《会计研究》
CSSCI
北大核心
2012年第8期58-65,97,共8页
Accounting Research
基金
国家社会科学基金重点项目(项目批准号:11AZD010和10AZD014)
国家自然科学基金项目(项目批准号:71102077)
北京市共建项目"公司财务信息与投资决策关系研究"的阶段性研究成果
