摘要
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.
出处
《财会通讯(下)》
2010年第6期107-111,共5页
Communication of Finance and Accounting
基金
国家自然科学基金项目"信贷歧视
商业信用与企业融资行为研究"(项目编号:70602013)
"政府官员的政绩动机
企业商管的政治背景与国有企业过度投资研究"(项目编号:70972090)的阶段性成果
关键词
商业信用
融资性动机
非正规金融
中小企业
Trade credit Financing motivation Informal financing Medium and small firms