地理集聚会促进企业间商业信用吗

Does the Geographical Agglomeration Increase Trade Credit?

地理集聚对经济绩效的重要影响已经被大量研究所证实,但系统考察地理集聚对企业商业信用影响的研究仍比较匮乏。本文首先在Long和Zhang(2011)基础上构造了一个更为综合的地理集聚指标,并结合1998～2007年中国工业企业数据以及"双重差分"方法,系统地探讨了地理集聚对企业商业信用的影响。研究证实,地理集聚对企业商业信用的发展具有显著的促进作用,而且资本集聚的影响超过了产出集聚和劳动集聚。此外,文章还发现,地理集聚对商业信用的影响存在显著的企业异质性:非国有企业、大企业、高效率企业以及资本密集型企业受地理集聚的影响更大。

The important impact of the geographical agglomeration(GA) on the economic performances has been verified by a great number of studies,but the researches on the effect of the GA on firm' s commercial credit(FCC) are still scarce.First of all,on the basis of Long and Zhang(2011),we have,in this article,constructed a more comprehensive GA index,and combining the data on China's industrial firms between 1998 and 2007 and using the method of 'difference -in-difference ',we have systematically probed the effect of the GA on FCC.By our study,we have confirmed that the GA has noticeable promoting effect on the development of the FCC,and that the impact of the capital agglomeration is more than that of output agglomeration and labor agglomeration.Besides,we have also found that the impact of the GA on the FCC has obvious firm's heterogeneousness and that non-state enterprises,large firms,highly efficient firms and capital-intensive firms are more affected by the GA.