货币政策、商业信用与公司业绩增长

Monetary Policy, Trade Credit and Firm Performance Growth

本文利用中国上市公司数据,实证检验了不同货币政策下商业信用对公司业绩增长的影响。研究发现,在货币政策紧缩期,使用商业信用较多的公司未来业绩增长更快,并且相比于银行借款,商业信用在货币政策紧缩期可以更好地促进公司业绩增长。进一步的研究发现,在货币政策紧缩期,商业信用与公司未来业绩的正相关关系在民营上市公司中更显著。本文的研究结论为考察商业信用与公司业绩的互动关系开拓了新视野。

On the view of monetary policy, this paper examines the role of trade credit in firm performance with a sample of A-share listed firms in China from 2002 to 2013. The empirical results show that during the period of tight monetary policy, the use of trade credit can promote the future performance of firms. Moreover, this paper finds that the positive relationship between trade credit and firms' future performance is stronger than relationship between bank loans and firms' future performance. In further study, compared with state-owned firms, trade credit has a more positive impact on future performance growth of private firms. Under the background of monetary policy, this paper expands the vision fields of the interaction between trade credit and firm performance.