议价能力、货币政策与商业信用政策动态调整

Bargaining Power, Monetary Policy and Dynamic Adjustment of Business Credit Policies

以2004-2014年A股制造业上市公司为研究样本,基于局部调整模型,采用系统GMM估计方法对商业信用政策的动态调整进行分析。实证研究发现,我国制造业上市公司存在商业信用供给的目标值,并通过动态调整向目标值靠拢;商业信用政策的调整速度受企业议价能力的影响,议价能力越强,调整速度越快,但这一影响受到融资约束水平的制约;不同的货币政策下,融资能力不同的企业商业信用政策的调整速度不同,融资约束程度较弱的企业在货币政策紧缩期的调整速度往往更快。

Taking China＇s A-share listed manufacturing companies during the period of 2004-2014 as the research sample, this paper conducts an analysis of the dynamic adjustment of the commercial credit policies with the partial-adjustment model by adopting the method of systematic GMM estimation. The empirical result shows that China＇s listed manufacturing companies do have target value of trade credit supply, which is dynamically adjusted toward this target value. The adjusting speed of the commercial credit policy is affected by the bargaining power of enterprises, the stronger the bargaining power is, the faster the adjusting speed will be; but this effect is restricted by financing constraints. Under different monetary policies, the corporate commercial credit policies with different financing capacity may have different adjusting speeds; the enterprises with weaker financing restraints usually have faster adjusting speed during the period of tight monetary policy.