金融发展、市场地位和商业信用融资

Financial Development, Market Position and Trade Credit Financing

本文以我国2005-2015沪深A股的财务数据作为研究样本,分析金融发展水平、企业的市场地位和企业商业信用融资三者之间的关系。研究发现:在市场中所处地位越高的企业能够获得更多的商业信用融资,同时也能为其他企业提供更多的商业信用融资从而实现银行信贷资源的二次配置;在金融发展水平较差的地区,企业的市场地位对获得的商业信用融资和提供的商业信用融资的作用均较小甚至不显著。研究结果表明市场地位低的企业在融资上存在困境,提高地区金融发展水平对于市场地位较低的企业应对融资难问题具有重要意义,同时地区金融发展水平的提高及市场地位的提高有助于企业灵活运用商业信用融资从而提高资金的使用效率。

This paper analyses the relationship among financial development,enterprise market position and trade credit financing,taking Chinese A-stock firms listed in Shanghai and Shenzhen Security Exchanges from 2005 to 2015 as researching samples.The study demonstrates that the enterprise of higher market position will not only obtain more trade credit financing,but also provide more trade credit financing to reallocate the bank credit resources;in the areas where financial development is poor,the market position of enterprises has little or no significant effect on the trade credit financing obtained and the provision of trade credit financing.The results show that the enterprise of lower market position have difficulties in financing;improving the level of regional financial development has an important significance for the enterprise of lower market position to deal with the financing difficulties;improving the level of regional financial development and the market position of enterprises are helpful for enterprises to improve the flexible use of trade credit financing so as to realize the efficient use of funds.