商业信用融资对我国企业高质量发展的影响

Influence of Commercial Credit Financing on High-quality Development of Chinese Enterprises

商业信用融资作为企业非正式融资中最重要的融资渠道,不仅能够缓解融资约束,而且还具有债权相机治理功能。以沪深A股2007—2020年上市公司为样本进行实证检验的结果显示:商业信用融资与企业高质量发展显著正相关,且这种影响在小规模企业和非制造企业中表现得更加明显。作用机制检验结果表明:商业信用融资可以通过提高现金持有水平和发挥债权治理作用来降低企业经营风险和管理层代理成本,进而促进企业高质量发展。因此,可以从夯实信用基石,加强诚实守信文化建设;强化制度保障,完善信用风险预警体系;加强信用监管,构建数字信用监管机制3个方面扩大商业信用融资,促进企业高质量发展。

As the most important financing channel in the informal financing of enterprises,commercial credit financing can not only alleviate financing constraints,but also has the function of debt discretion governance.The empirical test results of listed companies in Shanghai and Shenzhen A-shares from 2007 to 2020 show that commercial credit financing is significantly and positively correlated with high-quality development of enterprises,and this effect is more obvious in small enterprises and non-manufacturing enterprises.The test results of the function mechanism show that the commercial credit financing can reduce the operation risk and the management agency cost by improving the cash holding level and playing a role in debt governance,and then promote the high-quality development of enterprises.Therefore,we can expand commercial credit financing and promote the high-quality development of enterprises from three aspects:consolidating the cornerstone of credit and strengthening the construction of honesty and trustworthiness culture;strengthening institutional guarantees and improving the credit risk early warning system;strengthening credit supervision and building a digital credit supervision mechanism.