摘要
本文采用2007-2011年中国上市公司的数据,从货币政策变更的视角考察了内控质量对企业商业信用融资的影响。结果发现,相对于内控质量较低的企业而言,内控质量较高的企业能获得更多的商业信用融资;在货币政策紧缩时期,尽管企业获得的商业信用融资显著下降,但内控质量较高的公司却能获得更多的商业信用融资,在进一步控制了内生性问题后,上述结论仍然成立。本文从企业面对货币政策波动所能采取的主动行为的视角,拓展和深化了商业信用的替代融资假说,同时也丰富了宏观经济政策与微观企业行为互动关系的研究。
Taking the Chinese listed firms between 2007 and 2011 as samples,this paper investigates the quality of internal control ( IC) impacts on the firms' trade credit financing based on perspective of the monetary policy changes. We find that compared with firms with lower quality of the IC,firms with higher quality of the IC are more like to obtain more trade credit financing; especially during monetary contractions periods,firms obtain less trade credit financing,and high quality of the IC can help to obtain more trade credit financing,and these results hold after we control the endogenity problem. From the perspective of the firms active behavior in order to face the macroeconomic situation volatility,this paper extends and deepens the trade credit as a substitute for institutional finance,also enriches the research of interaction relationship between the macroeconomic policy and micro enterprise behavior.
出处
《会计研究》
CSSCI
北大核心
2013年第6期62-68,96,共7页
Accounting Research
基金
国家自然科学基金项目(71272220)
安徽省青年人才基金项目(2011SQRW161)的阶段性研究成果
