企业商业信用水平影响因素的区域差异性研究——来自中国资本市场的经验证据

Study on the Regional Difference of Affecting Factors for Corporate Commercial Credit Level——Evidence from the Experience in China's Capital Market

从供给视角,选取2008—2012年我国A股上市公司数据,采用面板数据模型进行实证研究,得到以下结论:企业规模、借款比例和企业提供的商业信用之间存在U型二次曲线函数关系,而商业信用需求与供给之间是倒U型二次曲线关系。货币政策越宽松,企业商业信用需求越低,商业信用供给越多;地区信任度越高,商业信用需求越大,商业信用供给也越多。此外,将样本按照地区不同划分子样本再次检验并加以对比,因地区发展情况的不同,结论略有不同。

An empirical research is made from the perspective of supply,by selecting the data of China＇s A-share listed companies in the year of 2008 to 2012 and using panel data model. The conclusions are as follows. There is U-shaped two time function relationship between corporate size,borrowing proportion and business credit offer by the enterprises; and there＇s an inverted U-shaped relationship between commercial credit demand and supply. The more relaxed the monetary policy,the less commercial credit demand is,and the more commercial credit supply is; and the higher regional trust level,the more commercial credit demand is,and the more commercial credit supply is. Besides,we also classified the samples into sub-samples according to different regions,retested them and compared with each other,and found that the conclusions are different because of different regional developments.