本文選題：金融危機 + 產(chǎn)權(quán)背景��； 參考：《西南財經(jīng)大學》2012年碩士論文

【摘要】：改革開放以來,我國經(jīng)濟快速發(fā)展,商業(yè)信用作為信用體系的重要組成部分,在我國經(jīng)濟發(fā)展中發(fā)揮的作用越來越重要。產(chǎn)權(quán)背景與融資環(huán)境對商業(yè)信用行為有著重要的影響。但目前大部分相關(guān)文獻都是基于正常經(jīng)濟環(huán)境下的探討,而在經(jīng)濟環(huán)境急劇惡化情況下(如金融危機),產(chǎn)權(quán)背景與融資環(huán)境對企業(yè)商業(yè)信用行為的作用機理可能會有所不同。本文以2008年金融危機為背景,基于此次危機對融資市場形成的沖擊,通過對比金融危機前后上市公司的數(shù)據(jù),考察產(chǎn)權(quán)背景與融資環(huán)境對企業(yè)商業(yè)信用行為策略的影響,力圖拓展環(huán)境急劇惡化下企業(yè)商業(yè)信用行為的相關(guān)理論。 本文的研究內(nèi)容主要包括以下三個方面：第一,在金融危機前后,企業(yè)的商業(yè)信用行為是否有變化,有怎樣的變化。第二,在金融危機的沖擊下不同產(chǎn)權(quán)背景的企業(yè)商業(yè)信用行為的差異。第三,我國幅員遼闊,各地區(qū)經(jīng)濟、法制等發(fā)展不均衡,本文將考察諸多外部融資因素中的金融業(yè)的市場化程度對商業(yè)信用有著怎樣的影響。 本研究分為六章,各章內(nèi)容介紹如下： 第一章,導論。本章分為四個部分,首先是研究背景及意義,介紹了選題的背景和研究的意義,其次是研究的思路及主要內(nèi)容,再次是本文的研究方法及結(jié)構(gòu)安排,最后是研究的預期創(chuàng)新。 第二章,國內(nèi)外相關(guān)文獻綜述。本章首先從商業(yè)信用定義和分類、企業(yè)運用商業(yè)信用的動機這兩方面對商業(yè)信用進行文獻綜述。然后對商業(yè)信用與銀行信用、產(chǎn)權(quán)背景與商業(yè)信用、金融業(yè)市場化程度與商業(yè)信用進行文獻綜述。 第三章,理論分析、制度背景與研究假設。本章分為兩個部分,首先從產(chǎn)權(quán)理論、國有企業(yè)銀行信貸軟約束理論、信貸配給理論、我國金融業(yè)地區(qū)差異化分析這四方面進行了理論分析與制度背景介紹。然后提出了本文的三個研究假設：(1)在金融危機時期的2008年,上市公司的商業(yè)信用使用相對于2006年無顯著性差異,商業(yè)信用供給顯著減少,凈商業(yè)信用融資顯著增加。2009年,上市公司的商業(yè)信用使用相對于2006年顯著增加,商業(yè)信用供給無顯著差異,凈商業(yè)信用顯著增加。(2)在金融危機時期的2008年與2009年,民營上市公司的商業(yè)信用供給大于國有上市公司,其商業(yè)信用使用與國有上市公司無顯著性差異,其凈商業(yè)信用融資顯著小于國有企業(yè)。(3)金融業(yè)市場化程度與商業(yè)信用使用負相關(guān)、與商業(yè)信用供給正相關(guān),與凈商業(yè)信用融資負相關(guān)。 第四章,研究設計與描述性統(tǒng)計。本部分包括2008年金融危機的時期界定、樣本選擇與數(shù)據(jù)來源、變量的定義、對相關(guān)變量進行描述性統(tǒng)計以及相關(guān)性分析。 第五章,實證檢驗結(jié)果與分析。本部分對相關(guān)假設進行實證檢驗,并對其結(jié)果進行分析。實證結(jié)果顯示：(1)相比較于2006年,在金融危機全面爆發(fā)的2008年,上市公司會減少商業(yè)信用的供給總量,增加凈商業(yè)信用融資量。在金融危機時期的2009年,我國銀行信貸增加,上市公司會增加商業(yè)信用使用總量,增加凈商業(yè)信用融資量。(2)在金融危機對我國產(chǎn)生影響的年度(2008年和2009年),民營企業(yè)商業(yè)信用供給總量大于國有企業(yè),商業(yè)信用使用總量差異不顯著。2008年和2009年,在凈商業(yè)信用融資方面,國有企業(yè)顯著大于民營企業(yè)。即在2008年和2009年,民營企業(yè)的凈商業(yè)信用供給顯著大于國有企業(yè)。(3)無論在正常經(jīng)濟環(huán)境還是金融危機時期,金融業(yè)市場化程度與商業(yè)信用使用總量、商業(yè)信用供給總量負相關(guān)、與凈商業(yè)信用融資正相關(guān)。即在金融業(yè)市場化程度較高的地區(qū),企業(yè)提供較少的商業(yè)信用、使用較少的商業(yè)信用,·綜合起來是凈商業(yè)信用的融資者。 第六章,研究結(jié)論、建議和展望。本章對實證結(jié)果進行了概括性總結(jié),同時提出了今后研究的建議和展望。 本文的創(chuàng)新主要體現(xiàn)在研究視角和研究方法兩個方面： 在研究視角上,本文將產(chǎn)權(quán)背景、融資環(huán)境與企業(yè)商業(yè)信用行為之間的關(guān)系研究置于金融危機這一特定背景下,有利于拓展已有大多數(shù)文獻基于正常經(jīng)濟環(huán)境分析的研究視野,同時也有利于深化對環(huán)境急劇惡化下商業(yè)信用作用機制的認識。 在研究方法上,本文的實證研究基于金融危機前后上市公司相關(guān)數(shù)據(jù),充分利用描述性統(tǒng)計、多元回歸分析等回歸方法,更多地從動態(tài)角度設計相關(guān)模型和指標以考察金融危機前后的企業(yè)商業(yè)信用行為的變化,這不僅有利于結(jié)果更加全面和科學,還有利于克服已有研究基于橫向靜態(tài)比較分析的缺陷,有利于對產(chǎn)權(quán)背景、融資環(huán)境與企業(yè)商業(yè)信用行為之間的關(guān)系進行全面、深入地考察。
[Abstract]:Since the reform and opening up, China's economy has developed rapidly. As an important part of the credit system, commercial credit plays a more and more important role in the economic development of our country. The property right background and financing environment have an important impact on the commercial credit behavior. In the case of rapid economic environment (such as financial crisis), the mechanism of the role of property right background and financing environment on business credit behavior may be different. Based on the financial crisis in 2008, this paper is based on the impact of the crisis on the financing market, and compares the data of listed companies before and after the financial crisis to investigate the property right back. The influence of landscape and financing environment on the business credit behavior strategy of enterprises is strives to expand the relevant theories of business credit behavior under the rapid deterioration of the environment.
The main contents of this study include the following three aspects: first, before and after the financial crisis, whether there is a change in business credit behavior of the enterprise, what is the change. Second, the differences in business credit behavior of enterprises with different property rights under the impact of the financial crisis. Third, China has a vast territory, the regional economy, the legal system and other uneven development. Heng, this paper examines the impact of the degree of marketization of the financial sector on the business credit in many external financing factors.
This study is divided into six chapters, and the contents of each chapter are as follows:
Chapter 1, introduction. This chapter is divided into four parts. First, it is the background and significance of the study. It introduces the background and significance of the study. Secondly, it is the thinking and main content of the study. Again, it is the research method and structure arrangement of this paper. Finally, it is the expected innovation of the research.
The second chapter is a summary of the relevant literature at home and abroad. This chapter first summarizes the two aspects of commercial credit from the definition and classification of commercial credit and the motivation of business credit, and then summarizes the literature of commercial credit and bank credit, property right background and commercial credit, the market degree of financial industry and commercial credit.
The third chapter, theoretical analysis, institutional background and research hypothesis, this chapter is divided into two parts, first of all, from the property right theory, the state-owned enterprise bank credit soft constraint theory, the credit rationing theory, China's financial regional differential analysis of the four aspects of the theoretical analysis and institutional background, and then put forward the three research hypotheses: (1) In the 2008 of the financial crisis, the commercial credit use of listed companies had no significant difference compared with 2006, the supply of commercial credit was significantly reduced and the net commercial credit financing increased significantly for.2009 years. The commercial credit use of listed companies increased significantly compared to 2006, there was no significant difference in the supply of commercial credit, and the net commercial credit increased significantly (2). In the 2008 and 2009 of the financial crisis, the commercial credit supply of the private listed companies is greater than that of the state-owned listed companies. There is no significant difference between the commercial credit use and the state-owned listed companies. The net commercial credit financing is significantly smaller than that of the state-owned enterprises. (3) the degree of marketization of the financial industry is negatively related to the use of commercial credit, and the supply of commercial credit is positive. There is a negative correlation with net commercial credit financing.
The fourth chapter, research design and descriptive statistics. This part includes the definition of the financial crisis in 2008, sample selection and data sources, the definition of variables, descriptive statistics and correlation analysis of related variables.
The fifth chapter, empirical test results and analysis. This part of the empirical test of relevant hypotheses and analysis of the results. The empirical results show that: (1) compared to the 2006, in the full outbreak of the financial crisis in 2008, listed companies will reduce the total supply of commercial credit, increase the amount of net commercial credit financing. In the financial crisis period of 2009 In the year, China's Bank credit increased, and listed companies would increase the total amount of commercial credit use and increase net commercial credit financing. (2) the total amount of commercial credit supply in private enterprises was larger than that of state-owned enterprises in the year of 2008 and 2009, which had an impact on the financial crisis (2008 and 2009). The total amount difference of commercial credit use was not significant in.2008 years and 2009, in net business. In terms of credit financing, state-owned enterprises are significantly larger than private enterprises. That is, in 2008 and 2009, the net commercial credit supply of private enterprises is significantly greater than that of state-owned enterprises. (3) in the normal economic environment or in the financial crisis, the degree of marketization of the financial industry is negatively related to the total amount of commercial credit, the total amount of commercial credit supply, and the net commercial letter. There is a positive correlation between financing and financing. That is, in areas with higher marketization of the financial industry, enterprises provide less commercial credit, use less commercial credit, and combine to be the financiers of net commercial credit.
The sixth chapter, conclusions, recommendations and prospects. This chapter summarizes the empirical results, and puts forward suggestions and prospects for future research.
The innovation of this paper is mainly reflected in two aspects: research perspectives and research methods.
From the perspective of research, this paper puts the research on the relationship between the property right background, the financing environment and the business credit behavior under the specific background of the financial crisis, which helps to expand the research field of the existing literature based on the normal economic environment analysis, and also helps to deepen the mechanism of the commercial credit action under the rapid deterioration of the environment. Know.
In the research method, the empirical study is based on the related data of listed companies before and after the financial crisis, fully utilizing the regression methods such as descriptive statistics and multiple regression analysis, more dynamic design of relevant models and indicators to investigate the changes of business business trust behavior before and after the financial crisis, which is not only beneficial to the result more complete. Face and science, and help overcome the shortcomings of the existing research based on horizontal static comparative analysis, are beneficial to the comprehensive and thorough investigation of the relationship between the property right background, the financing environment and the business credit behavior of the enterprise.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F271;F832;F224

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