企业金融化对商业信用融资的影响——基于供应商和客户视角

The Influence of Corporate Financialization on Commercial Credit Financing——Based on Supplier and Customer Perspective

以沪深A股2010-2022年上市公司为样本,实证检验了企业金融化与商业信用融资之间的关系,并从供应商和客户视角区分了企业商业信用融资的类型以及企业金融化对商业信用的传导机制。研究发现:金融化导致企业的商业信用融资大幅下降。市场地位低的企业由于其议价能力低而强化了金融化对商业信用的负面效应。机制检验表明,企业金融化导致商业信用净额减少,主要是减少商业信用供给,且金融化会减少与下游客户合作粘性。进一步研究发现:强化内部治理和外部监督能够弱化企业金融化给商业信用带来的不利影响。

Taking Shanghai-Shenzhen A-share listed companies from 2010 to 2022 as samples,this paper empirically tests the relationship between corporate financialization and commercial credit financing.And it distinguishes the types of corporate commercial credit financing and the transmission mechanism of corporate financialization to commercial credit from the perspective of suppliers and customers.The study finds that financialization leads to a significant decline in business credit financing.Enterprises with low market position strengthen the negative effect of financialization on business credit because of their low bargaining power.Mechanism test shows that corporate financialization leads to the reduction of net commercial credit mainly through the decreasing of commercial credit supply.And financialization will reduce the stickiness of cooperation with downstream customers.Further research shows that strengthening internal governance and external supervision can weaken the negative impact of corporate financialization on business credit.