上市公司资产出售损益与商业信用融资

Gains and Losses on Asset Sales and Trade Credit Financing of A-share Listed Companies

文章利用沪深两市A股非金融上市公司2009~2018年的数据,实证检验了上市公司资产出售损益与其商业信用融资之间的关系,结果发现:公司异常资产出售损益规模(异常资产出售损益的绝对值)与其商业信用融资之间存在显著负向关系;无论在异常资产出售收益样本还是异常资产出售损失样本中,上述关系都存在。并且,这一负向关系并非由资产出售交易所得减少了公司对商业信用融资的需求所致。这表明,供应商在进行商业信用授予决策时,会将客户公司的资产出售损益状况考虑在内,较高的资产出售收益或资产出售损失都会引发供应商的负面反应。此外,企业较强的短期偿债能力和较高的市场竞争地位可以缓解异常资产出售损益规模与商业信用融资之间的负向关系。进一步检验发现,企业业绩与盈余波动性在异常资产出售损益规模与商业信用融资的关系中发挥了部分中介作用。本文拓展了我国制度背景下资产出售交易行为的经济后果以及公司特征对其商业信用融资影响的研究。

Based on the data of non-financial A-share companies listed in Shanghai and Shenzhen from 2009 to 2018 to explore the relationship of listed companies′gains and losses on asset sales and trade credit financing.The results show that there is a significant negative correlation between the magnitude of abnormal gains and losses on asset sales(the absolute value of abnormal gains and losses on asset sales)and trade credit financing.The above relationship exists in both the abnormal asset sale gain sample and the abnormal asset sale loss sample.Besides,the negative relationship is not caused by the fact that gains on asset sales reduce companies′demands for trade credit financing.The results indicate that gains and losses on asset sales of client firms is a factor that suppliers consider when making trade credit granting decisions.Excessive gains on asset sales and excessive losses on asset sales both give rise to suppliers′negative reactions.In addition,superior short-term solvency and stronger market competitive position can alleviate the relationship between the magnitude of abnormal gains and losses on asset sales and trade credit financing.Further study shows that corporate performance and earnings volatility play partial intermediary roles in the relationship between the magnitude of abnormal gains and losses on asset sales and trade credit financing.The paper expands the research on the economic consequences of asset sale transactions in the context of China′s institutional background and the effect of company characteristics on trade credit financing.