【摘要】 近年来我国上市企业的商业信用持续增长且维持在较高水平。商业信用和正规融资之间的复杂关系受企业融资约束状态调节,二者的替代关系随着融资约束的增强而有所弱化,面临融资约束的企业更倾向于通过商业信用替代传统的短期负债。商业信用作为上下游企业间特有的信用提供机制,表现出产品市场属性和金融契约属性的混合特征。从企业异质性角度来看,国有企业和市场势力较强的企业更广泛地借助商业信用获取流动性,企业在产品市场和正规融资渠道的比较优势可以较为顺畅地传递到商业信用渠道。更多还原

【Abstract】 In recent years, the trade credit of listed companies in China has continued to rise and maintain at a high level. The complex relationship between trade credit and formal financing is moderated by the state of firms’ financing constraints. The substitution relationship between them weakens with the enhancement of financing constraints. Firms facing financing constraints tend to replace traditional short-term financing through trade credit. As a unique credit providing mechanism between upstream and downstream firms, trade credit shows the mixed characteristics of product markets and financial contract attributes. From the perspective of enterprise heterogeneity, state-owned firms and private firms with strong market power can obtain liquidity through trade credit more widely. The comparative advantages of firms in product markets and formal financing channels can be transferred to trade credit channels more smoothly.更多还原