企业声誉、市场竞争与商业信用融资——基于中国上市公司的经验考察

Reputation,market competition and commercial credit——Evidence from Chinese listed companies

企业的组织声誉关系着企业间的交易与信用关系。本文基于沪深A股上市公司的样本,考察企业被监管机构处罚对企业商业信用的影响效应和作用机制。研究发现,企业被罚导致市场上下游对企业声誉评价的降低。具体而言,若企业过去三年内出现过被处罚的记录,企业的应付账款和预收款项水平显著降低,即企业形象受损直接影响企业在上下游的合作关系。稳健性检验表明,企业诉讼缠身导致的声誉损失也会抑制商业信用规模,即声誉机制在企业间起有效的隐性约束作用。机制检验表明,在市场竞争激烈的行业,声誉机制才能有效发挥作用,维持一个良好的市场竞争环境是杜绝企业违规的重要前提条件。

The organizational reputation of enterprises is related to the trade and creeddit relationship among enterprises.Based on the samples of listed companies in Shanghai and Shenzhen Stock Exchange,this paper investigates the effect and mechanism of punishment from regulatory agencies on business credit of enterprises.It is found that the punishment on enterprises led to the reduction of corporate reputation evaluation by corporate clients.Specifically,the level of accounts payable and deposit receivable lowered if the enterprises were punished over the past three years.Because of the authority of the regulatory body issuing the penalty announcement,the damage to the corporate image directly reduces the trade cooperation between enterprises in the upstream and downstream.The robustness test shows that the image damage caused by the litigation of enterprises will also inhibit the scale of commercial credit,that is,the reputation mechanism plays an effective invisible constraint on enterprises.Mechanism test shows that in the industry with fierce market competition,reputation mechanism can play an effective role.Consequently,maintaining a good market competition environment is a critical prerequisite for enterprises to eliminate violations.