所有权性质、商业信用与信贷资源配置效率

Ownership,Trade Credit,and the Allocation Efficiency of Credit Resources

商业信用的再分配理论认为,易于获得银行信用的企业会将这些信用以商业信用的形式再分配给难以获得银行信用的下游企业。本文以2004～2007年中国工业企业数据库为样本,检验国有企业和私有企业的信用再分配功能,结果发现,尽管国有企业获得的银行信用显著多于私有企业,但提供的商业信用净额却显著少于私有企业。而且,国有企业获得的银行信用与提供的商业信用不相关,而私有企业获得的银行信用与提供的商业信用显著正相关。这些结果说明,国有企业获得更多的银行信用但并没有发挥信用再分配功能,而私有企业尽管只获得少量的银行信用却较好地发挥了信用再分配功能。这些结果意味着,如果银行体系适当增加对私有企业的信用配置,同时减少对国有企业的信用配置,可以充分发挥私有企业的信用再分配功能,提高银行体系的资源配置效率。

The reallocation theory of trade credit suggests that firms not constrained from bank credits may employ the credits offered by banks to supply their clients with trade credits. This paper tests the credit reallocation role played by state-owned enterprises （SOEs） and private firms using the sample drawn from the Database of China＇s Manufacturing Firms from 2004 to 2007. We find that the net trade credits offered by SOEs are significantly less than that by private enterprises though the SOEs receive by far more bank credits than the private enterprises; and that the bank credits are irrelevant to the trade credits offered by the SOEs, while are significantly positively correlated with the trade credits offered by the private enterprises. These results show that it is not the SOEs but the private enterprises that play the role of credit reallocation. The policy implication of this paper is that China＇s bank- ing system should allocate more credits to private enterprises and reduce credits to SOEs, which not only is helpful for the improvement of the allocation efficiency of bank credit resources, but also is helpful for the private enterpri- ses playing the role of credit reallocation and further improving the allocation efficiency of bank credit resources.