商业信用、资源再配置与信用扭曲——基于中国非上市企业数据的研究

Trade Credit,Reallocation of Resources and Credit Distortion:An Empirical Research Based on the Data of Non-listed Companies of China

本文使用2004—2009年中国非上市工业企业数据库,分析了商业信用资源再配置效应背后企业追逐利润的经营逻辑。研究表明我国企业间商业信用的资源再配置效应明显,银行信贷资源通过直接或间接贸易方式被转移到下游企业。其中,私营企业既是信贷资源"漏损"角色的主要扮演者,也是"三角债"的主要缔结者。为进一步探究商业信用是主动提供还是恶意拖欠,通过分析商业信用的期限结构发现,约33%,的企业的商业信用期限超过60天,有扭曲现象。把总样本分为"按期收回"和"逾期收回"回归发现,在"逾期收回"样本中,商业信用的资源再配置效应带有"强制性"特征,而且面临被恶意拖欠货款的多是中小企业和经营风险较大的私营企业。因此,加快市场诚信体系建设,构建多层级的金融体系,并加大对中小企业的信贷配置,不仅能促进中小企业健康发展,而且有利于改善金融体系配置效率。

Based on the panel of Chinese unlisted industrial enterprises over the period 2004-2009,this thesis analyzes the enterprise logic behind the function of resources reallocation of trade credit. The results show that the function of resources reallocation of trade credit does exist,moreover,the private sector plays the major role of ＂leakage＂ of credit resources and to be the main participant of ＂triangular debts＂. To distinguish the function of resources reallocation of trade credit is supplied initiatively or late payment maliciously？ This paper analyzes the maturity structure of trade credit,and found that about 33 percent of the companies＇ trade credit term is more than 60 days. The total sample is divided into two sub-samples of ＂Timely Recovery＂ and ＂Late Recovery＂,the regression outcomes show that trade credit feature ＂mandatory＂ obviously in ＂Late Recovery＂ sample,and those companies always encounter malicious payment delay are risky SMEs. Therefore,accelerating the construction of market credit system,building multilevel financial system,and increasing the proportion of credit allocation for SMEs,it is not only to promote the healthy development of SMEs,but also beneficial to improve the allocative efficiency of the financial system.