市场竞争、财务约束和商业信用——基于中国制造业企业的实证分析

Market Competition,Financial Constraint,and Trade Credit:Evidence from China Manufacturing Firms

使用2004—2007年中国工业企业数据库，本文第一次同时考虑了市场竞争和财务约束对企业商业信用的影响。我们发现，市场竞争对企业的应收账款和应付账款有相反的影响，并且其影响取决于企业自身的财务约束。具体来说，当企业面临松的财务约束时，市场竞争程度越强，企业提供给下游客户的应收账款比例越高，但企业从供应商那里获得的应付账款比例不受影响；当企业面临紧的财务约束时，市场竞争程度越强，企业的应付账款比例越低，但企业的应收账款比例不受影响。上述结果与现有文献不同，并且对于理解商业信用的影响机制和防范金融风险具有重要的政策含义。

Using China industrial firm dataset during 2004 and 2007, this paper firstly analyzes the impact of both market competition and financial constraint on firms＇ trade credit. We find that market competition has con- trary - direction impact on accounts receivable and accounts payable. Particularly, when firms face loose financial constraint, the more intensive market competition, the more accounts receivable provided by firms to customers, but firms＇ accounts payable are not affected by market competition; when firms face binding financial constraint, the more intensive market competition, the less accounts payable, but accounts receivable are not affected.