零售企业信用融资与高杠杆率的形成

Trade Credit and High Leverage in Retailing Industry

负债内部结构对财务杠杆有着重要影响。典型地,零售商能以极低的成本取得供货商提供的商业信用,但在申请银行长期借款时常常会遇到困难。理论模型表明,这种负债成本特征会促使零售商更多地采用以商业信用为主的短期负债形式,并在控制融资成本的同时提升财务杠杆。对企业层面板数据的经验分析也表明,负债中应付款项占比与总资产负债率具有显著的正向关系。零售商的这种融资状况主要源于行业性的经营特征及买方势力的影响,长此以往将不利于渠道上下游主体的发展。发展基于供应链的融资模式、构建适度竞争的市场环境等将成为有益之举。

Liability composition has an important impact on a firm＇s leverage decision. Normally, retailers can obtain commercial credit from suppliers at an extremely low cost, but often meet with difficulties when getting long-term loans from banks. The theoretical model indicates that the feature of the liability cost drives retailers to make more choices of the short-term form of trade-credit-based debt, and increase leverage ratio at the same time of controlling financing costs. The empirical analysis based on the firm-level panel data also shows that the proportion of receivables in the liability has a significant positive relationship with the total as- set-liability ratio. This type of retailer financing mainly originates from the operating feature of industries and the influence of buyer power, which will not benefit the development of entities in upstream and downstream channels in the long run. Therefore, it is suggested to take measures to develop the financing mode of supply chain and construct the market environment of adequate competition.