社会腐败、企业经营状况与商业信用融资——基于我国大陆地区与香港地区零售业的面板数据检验

Social Corruption,Firms' Operating Conditions and Trade Credit Financing——An Analysis Based on Panel Data of Retail Listed Companies in the Mainland and Hong Kong

在我国,商业预付卡成为社会腐败的一种形式,由此造成企业商业信用融资水平的上升。本文搜集零售业上市公司2006-2013年的面板数据,实证检验社会腐败、企业经营状况与其商业信用融资水平的关系。研究发现,大陆地区社会腐败程度与零售业的商业信用融资水平正相关,而企业经营状况并非影响其商业信用融资水平的决定因素,这验证了商业预付卡背后存在着社会腐败现象。此外,通过与香港14家同类公司同期数据的对比分析发现:一方面,相对于大陆地区,香港零售企业商业信用融资水平更依赖于企业经营状况,而与社会腐败无明显关系;另一方面,在样本范围内,大陆地区社会腐败因素对商业信用融资所占总资产比例的增长贡献了至少5.5个百分点。

In China, commercial prepaid cards have become a form of social corruption, which results in the increase of trade credit financing of retail industry. Based on the empirical analysis of panel data, which comes from the listed companies of retail industry from 2006 to 2013, the article studies not only the relationship between the social corruption and the trade credit financing of the companies, but the relationship between the operating conditions of the companies and their trade credit financing as well. Research shows in Mainland Area the social corruption and the trade credit financing levels are positively correlated, which verifies the existence of social corruption is closely related to the prepaid card. Meanwhile, the operating conditions are not entirely related to its commercial credit financing. By contrast, based on the comparison and analysis of data for the same period in Hong Kong 14 companies of the retail industry, the trade credit financing level is more dependent on their operating conditions, but no significant relationship witb social corruption is diocovered. In addition, the social corrup- tion contributes 5.5 percentage points to the growth of the trade credit financing in Mainland Area.