多元化经营、银行信贷与商业信用提供——兼论融资约束与经济周期的影响

Diversification,Bank Credit and Trade Credit Offering——The Effect of Financing Constraints and Economic Cycle

以赫芬达尔指数(HHI)、熵指数(EI)与公司跨行业个数的对数(Ln N)作为公司多元化(PMC)的度量,实证检验多元化经营对我国上市公司商业信用提供的影响。结果表明:公司获得的银行信贷对其商业信用行为具有显著正向影响,易于获得银行信贷的公司会提供更多的商业信用,多元化经营通过增加公司获得的银行信贷进而促进了公司商业信用的提供;进一步研究还发现,多元化经营的上述强化效应在面临融资约束的公司和经济衰退时期将更为显著。研究结论不仅对于理解我国上市公司的多元化经营、银行信贷与商业信用提供之间的关系具有重要意义,同时也为多元化经营缓解融资约束的积极效应提供了新的经验证据。

Using the indexes of Herfindahl-Hirschman Index,Entropy Index（ HHI,EI） and the Logarithmic number of cross-industry（ ln（ N）） as the measures for diversification,we empirically test the effect of diversification on the trade credit of listed companies in China.The results shows that the firms that access to bank more easily provide more trade credit and diversification improves the offering of trade credit by increasing the company access to bank credit. In addition,this paper finds that the increasing effect generated by diversification is more significant in firms with higher financing constraints and in recession period. This study will not only have great significance for understanding the relationship between bank credit and the trade credit offering in diversified companies,but also provide evidence for explaining why financing constraints of diversified companies tend to reduce.