商业信用、融资约束与企业投资——基于我国制造业上市公司的实证研究

Trade Credit,Financing Constraints and Corporate Investment——An Empirical Study Based on Chinese Listed Enterprises in the Manufacturing Industry

本文采用2003-2011年中国制造业上市公司数据,研究商业信用对投资-现金流敏感性的影响,考察商业信用对企业投资行为的作用。结果发现:我国上市公司的投资对现金流高度敏感,存在明显的融资约束现象;商业信用显著缓解了企业的融资约束;国有上市公司受到的融资约束比民营上市公司小,但是随着商业信用规模的扩大,民营上市公司的融资约束有明显的缓解。

With data of Chinese listed manufacturing companies between 2003 and 2011 , this paper tests the effect of trade credit on investment-cash flow sensitivity to investigate the influence of trade credit on corporate investment. The findings are： the investment of Chinese listed companies is highly sensitive to cash flow, so there exists an obvious phenomenon of fi- nancing constraints; trade credit has considerably eased off the financing constraints for enterprises ; non-state owned enterpri- ses are faced with bigger financing constraints than state owned enterprises, but as it expands in scope, trade credit has signifi- cantly eased off the financing constraints for non-state owned enterprises, whereas for state owned enterprises, the easement is not as obvious.