金融市场发展、产权性质与商业信用供给——基于竞争性动机的实证研究

Financial Market Development,Property Rights and Commercial Credit Supply——An Empirical Study Based on Competitive Motivation

文章以2006-2013年沪深两市的全部非金融类A股上市公司为样本,从企业的产权特征以及金融市场发展程度对商业信用供给的竞争性动机理论进行实证检验。研究发现:迫于市场竞争的压力,非国有上市公司比国有上市公司更可能以商业信用作为产品市场竞争手段;金融市场的发展有利于上市公司提供更多的商业信用,从而参与产品市场竞争;金融市场发展水平较高的地区,非国有上市公司比国有上市公司提供更多的商业信用作为产品市场竞争手段。这些研究结果说明,切实提高我国各地区金融市场发展水平有利于非国有上市公司更好地成长与发展。

Taking all A-share non-financial listed companies in Shanghai and Shenzhen stock exchanges from 2006 to 2013 as the sample,we make an empirical test on the competitive motivation theory of commercial credit supply from the perspectives of property rights of enterprises and financial market development. The study finds that：non state-owned listed companies,under the pressure of market competition,are more likely to employ commercial credit as a means of market competition than state-owned listed companies. the development of financial market is conducive to offering more commercial credit for listed companies in order to participate in market competition. the higher the level of the financial market development,the more commercial credit as the means of market competition from non state-owned listed companies than that from state-owned listed companies. The research results indicate that it is beneficial to better growth and development of non state-owned listed companies by improving the level of financial market development in different regions of China.