融资约束、商业信用与企业投资行为

【作者】 龚凯颂； 张小康；

【机构】 中山大学管理学院会计学系；

【摘要】 资约束是由于资本市场的不完善,使得企业内外部融资成本存在较大差异,导致内部融资和外部融资不具有完全替代性。商业信用作为一种外部融资方式,可以为企业筹集资金,能够缓解企业所受到的融资约束。负债(包括商业信用)作为一种外部融资,对企业的投资行为有重大影响。本文在回顾国内外相关研究理论和已有研究文献的基础上,以我国资本市场数据为研究对象,得出三个结论:一是总体而言,商业信用与融资约束存在着负相关关系;二是商业信用与金融发展水平正相关,金融发展水平越高的地方,对商业信用的使用越多;三是企业投资与商业信用显著负相关,商业信用使用越多的企业,企业投资越受到抑制。更多还原

【Abstract】 Due to the capital market’s imperfections,the internal and external financing costs are quite different,and making the internal financing and external financing does not have full replacement,which called financial constraints.Trade credit works as an external financial way and can raise funds for corporate,which can ease the financial constraints.Investment and financing are two different stage of capital movement in the firm,there are a close relationship between the two,extenal financing have a affect on firm investment.This paper reviewed the theory on this subject,and based on those existing literature,use the China’s capital market data,specifically the 2005-2008 experience of China’s A share listed companies in the sample data for the study,and the study get three conclusions.The fisrt one is for generally,trade credit and financing constraints are negative correlation.The second finding is that the trade credit and the level of financial development have a positive relationship,which means the higher level of financial development,and the more use of trade credit.Thirdly,firm investment and trade credit have a significant negative correlation,the more the firm use of trade credit,the less the firm investment.更多还原