商业信用的融资性动机研究现状与展望

The Survey and Research Prospects on the Financing Motivations of Trade Credits

最新研究发现,商业信用是企业特别是受到信贷约束的中小私有企业获得外部融资的一种重要替代方式,企业使用商业信用可能是出于融资性动机。本文对商业信用的融资性动机的理论和证据进行了全面的综述,分析了商业信用作为一种非正规的融资渠道对于中小私有企业成长的重要意义,结合我国制度背景对商业信用的未来研究方向提出了展望。

Traditional theories of trade credits focus on operational motivations.Recent Research finds that trade credits are an important external financing channel for firms,especially for private medium and small firms that suffer from credit constraints.Therefore,firms may use trade credits for financing motivation.This paper firstly surveys the theories and evidence of the financing motivation of trade credits,and then analyzes the importance of the trade credits as an informal financing channel for private medium and small firms'growth;finally,we bring forward the future research prospects of the trade credits combining China's institutional backgrounds.