摘要
基于2005年至2009年的上市公司样本,研究了制度环境对商业信用融资的有效性。研究发现,市场化程度越高,企业获得的商业信用融资越多,并且商业信用融资显著提高了企业的经营绩效和市场绩效;国有企业获得的商业信用融资更多,但并没有因此提高企业的经营绩效和市场绩效,民营企业获得的商业信用融资更少,但是商业信用融资显著提高了企业的经营绩效和市场绩效。进一步研究发现,市场化程度的提高可以纠正由于产权约束而导致的商业信用融资低效率配置。实证结果表明,市场化改革可以缓解企业融资约束,实现商业信用融资的有效配置。
Based on the samples of the listed companies from 2005 to 2009, this paper studies the influence of institutional environment upon the efficiency of commercial credit financing. The study finds that the higher the marketization degree, the more the commercial credit financing compa- nies can acquire; and the commercial credit financing can significantly improve the operating perfor- mance and market performance of the enterprises. The state-owned enterprises can obtain more com- mercial credit financing, but their operating performance and market performance are not improved as a result. The private enterprises can only obtain less commercial credit financing, but their operating performance and market performance are significantly improved with it. Further study shows that the lower efficiency of the allocation of the commercial credit financing caused by property right restric- tion can be improved by the rising of the marketization degree. The empirical results indicate that markefization reform can ease the financing constraints on enterprises and realize the effective alloca- tion of commercial credit financing.
出处
《当代财经》
CSSCI
北大核心
2013年第5期115-128,共14页
Contemporary Finance and Economics
基金
国家自然科学基金项目(71163012)
教育部人文社会科学研究规划基金项目(11YJA870024)
关键词
产权
市场化程度
商业信用融资
经营绩效
市场绩效
property right
degree of marketization
commercial credit financing
operating perfor- mance
market performance
