金融发展、商业信用融资与企业成长——来自中国A股上市公司的经验证据

Financial Development,Trade Credit Financing and Firm Growth——Empirical Evidence from A-share Listed Firms in China

企业间的商业信用融资可以作为银行信贷的一种有效替代机制缓解企业融资约束,从而在企业的经营和成长中扮演着重要角色。本文利用中国A股上市公司数据,研究发现商业信用融资对企业成长有显著的正面影响,尤其是对于受融资约束企业和民营企业而言,商业信用融资对企业成长的促进作用更加明显。进一步地还发现当金融发展水平较低时,商业信用对企业成长,尤其是民营企业成长的作用相对较大。随着金融改革和市场化改革的深入,企业成长对商业信用融资的依赖将逐渐减弱。

As an effective substitute for bank credit to ease financing constraints, trade credit Financing plays an ira- portant role in the operation and growth of enterprises. Using the financial statement data of the Chinese A - share listed firms, the study found that trade credit has an overall significant and positive impact on the growth of Chinese firm, Espe- cially for the enterprises financially constrained and non - state owned enterprises. Further, we also found that the lower is the level of financial development, the greater is the effect of trade credit on the growth of the firms, especially for the non - state owned firms. With the deepening of financial reform and marketization reform, the dependence of the firm growth on trade credit financing will gradually diminish