投资者实地调研能够影响供应商的授信决策行为吗?——基于商业信用的视角

Can Investors’Site Visits Influence the Trade Credit Assigning Strategy of Suppliers?——An Analysis Based on MRIO Model

利用深交所网站披露的投资者对上市公司实地调研的数据,本文基于企业商业信用融资视角考察了投资者实地调研活动是否会影响上游供应商的授信决策行为。研究发现,投资者对企业的实地调研活动会显著提升其商业信用融资水平。进一步研究证实,企业的产权性质、市场地位特征会显著影响投资者实地调研在提升企业商业信用融资水平中的作用效率,表现在投资者实地调研活动对商业信用融资的正向影响只存在于非国有企业及市场地位低的企业中。在以高铁开通作为工具变量控制内生性问题等一系列稳健性检验之后,本文研究结论依然成立。本文的理论分析和经验发现不但丰富了既有为数不多的投资者实地调研经济后果的研究文献,而且能够从实践和政策层面为企业管理层、资本市场监管者加强投资者实地调研活动管理提供启示。

Using the dataset of investors’site visits disclosed by Shenzhen Stock Exchange website,this paper examines the effects of investors’site visits on the trade credit assigning strategy of suppliers.The study finds that investors’site visits can significantly increase the level of firms’trade credit financing.Further research finds that the nature of property right and market power can significantly affect the efficiency of investors’site visits in improving the level of firms’trade credit financing.That is,the positive impact of investors’site visits on the firms’trade credit financing only exists in the nonstateowned firms and firms with low market power.This study enriches the literatures on economic consequences of investors’site visits.At the same time,this paper provides great referring significance for the firm’s managers and supervision departments to strengthen the management of investors’site visits.