客户集中、行业竞争与商业信用

Customer Concentration,Industry Competition and Business Credit

竞争理论认为竞争导致商业信用的扩张,但现有研究成果未明确竞争的来源。本文同时从上下游竞争、行业竞争两个角度检验竞争对商业信用的影响。通过对沪深两市A股制造业上市公司相关数据的分析,本文发现:客户集中度越高,企业为客户提供的商业信用就越多;上下游竞争和行业竞争共同作用使得非国有控股公司为客户提供更多的商业信用;相对于非国有控股公司,上下游竞争和行业竞争对国有控股公司商业信用的影响较小。进一步的研究还发现,上述机制同样适用于企业与上游供应商之间的商业信用。本文丰富了商业信用理论,对政府改革具有一定的参考价值。

Competition theory holds that competition leads to the expansion of business credit,but there is no clear source of competition for existing research results. The paper examines the influence of competition on business credit from two aspects of upstream-downstream competition and industry competition.Based on the analysis of relevant data of Shanghai-Shenzhen listed manufacturing companies,this paper finds that the higher the concentration of customers,the more commercial credit the enterprise provides to customers. The combination of upstream-downstream competition and industry competition enables non-state holding companies to provide more commercial credit to customers; compared with non-state-owned holding companies,upstream-downstream competition and industry competition have less impact on the commercial credit of state-owned holding companies. Further research has also found that the same mechanism applies to business credit between enterprises and upstream suppliers. The research enriches the business credit theory and has certain reference value to government reform.