【作者】 谢军； 李千子；

【Author】 XIE Jun LI Qianzi(1、Economic and Business School,South China Normal University,Guangzhou,510006 China;2、Economic and Business School,South China Normal University,Guangzhou,510006 China)

【机构】 华南师范大学经济与管理学院；

【摘要】 本文考察了企业资本结构对供应商融资(应付账款和预付账款)的影响,分析投资者保护的效应。通过2003-2009年的251家上市公司的实证研究发现:1)企业的资本结构(财务杠杆)对应付账款比例具有显著的负向效应,对预付账款比例具有显著的正向效应。2)投资者保护程度较强的企业(国有控股和管理质量较高的企业)也能够获得更多的供应商融资。3)企业的投资者保护程度能够强化企业资本结构对供应商融资的负面效应。4)对于投资者保护程度较高的企业,供应商融资对企业资本结构的敏感性会更高。上述研究结果表明:供应商会通过评估企业的信用水平(资本结构)和投资者保护程度,并依据企业的违约风险做出相应的销售信用政策,给予高违约风险的企业较严格的信用政策,给予低违约风险的企业较宽松的信用政策。更多还原

【Abstract】 This paper explores the impact of firm capital structure on suppliers financing based on investor protection.effect Author investigates 1757 public corporate listing in SHSE based on data from 2003 to 2009,checks the relationship among suppliers financing,capital structure,credit rating and investor protection.Our research results show that the financial factors(including capital structure) affecting firm credit rating have significant effect on suppliers financing,the institutional factors(including ownership and governance quality) affecting firm investor protection have significant effect on suppliers financing,investor protection could strengthen the negative effect of capital structure on suppliers financing.The empirical evidence proves our theoretic model.更多还原