本文選題：商業(yè)信用 + 國際金融危機(jī)��； 參考：《南開大學(xué)》2014年博士論文

【摘要】：中國經(jīng)濟(jì)的快速增長給大量中小企業(yè)的發(fā)展帶來了機(jī)遇,但是銀行業(yè)壟斷、金融發(fā)展程度較低等問題卻嚴(yán)重制約了中小企業(yè)的進(jìn)一步壯大,在這種背景下,商業(yè)信用作為現(xiàn)代經(jīng)濟(jì)生活中不可或缺的一部分,已經(jīng)成為企業(yè)尤其是中小企業(yè)經(jīng)營和緩解融資約束的重要方式,在過去20年里,中國企業(yè)商業(yè)信用占企業(yè)總資產(chǎn)的比重高達(dá)19.3%,已經(jīng)成為了僅次于銀行的融資手段。 為了進(jìn)一步深入了解商業(yè)信用在企業(yè)經(jīng)營活動中的作用,讓商業(yè)信用更好的服務(wù)于經(jīng)濟(jì)發(fā)展,本文根據(jù)工業(yè)企業(yè)數(shù)據(jù)庫,對中國商業(yè)信用應(yīng)用進(jìn)行深入分析。通過劃分企業(yè)性質(zhì)、企業(yè)規(guī)模、企業(yè)產(chǎn)品類型等多個維度分析企業(yè)商業(yè)信用供給動機(jī),找出不同企業(yè)商業(yè)信用供給的決定因素,在微觀分析基礎(chǔ)上,作者進(jìn)一步從商業(yè)信用的替代性融資功能出發(fā),分析了經(jīng)濟(jì)平穩(wěn)時期,面臨銀行業(yè)壟斷、貨幣政策從緊等外部環(huán)境時,不同類型、不同規(guī)模企業(yè)商業(yè)信用的變化,從而分析商業(yè)信用替代性融資功能是否成立。在此之后,本文以08年國際金融危機(jī)為背景,分析危機(jī)時期企業(yè)商業(yè)信用供給動機(jī)的變化以及替代性融資功能的存在性,以進(jìn)一步了解危機(jī)傳導(dǎo)的企業(yè)商業(yè)信用渠道。最后,根據(jù)商業(yè)信用供給的存貨管理功能以及存貨投資的信貸約束理論,進(jìn)一步從商業(yè)信用波動視角分析了危機(jī)期間企業(yè)存貨波動加劇的原因,拓寬了企業(yè)存貨波動方面的研究。 從本文的分析結(jié)果來看,企業(yè)商業(yè)信用供給具有明顯的產(chǎn)品屬性,差異化產(chǎn)品生產(chǎn)商更愿意為客戶提供商業(yè)信用,其主要原因在于差異化產(chǎn)品生產(chǎn)商和客戶關(guān)系較為密切,信息透明度高,客戶具有較高的轉(zhuǎn)換成本,發(fā)生道德風(fēng)險的可能性降低,違約概率較低,因此,信息不對稱問題是決定企業(yè)商業(yè)信用供給差異最主要的原因。另外,產(chǎn)權(quán)性質(zhì)、企業(yè)規(guī)模等因素導(dǎo)致的銀行信貸配給也是制約中小企業(yè)商業(yè)信用供給的重要原因。 其次,銀行業(yè)集中度增加加劇了中小企業(yè)的融資約束,導(dǎo)致中小企業(yè)商業(yè)信用融資占比顯著增加,而對于國有企業(yè)和大型企業(yè)卻沒有顯著影響；金融深化可以緩解企業(yè)的融資約束,并且金融深化對中小企業(yè)和非國有企業(yè)的融資約束的緩解作用更大,而對于國有企業(yè)卻沒有顯著影響。銀行業(yè)壟斷加劇了中小企業(yè)的融資約束,導(dǎo)致中小企業(yè)對應(yīng)付賬款的依賴顯著增加,商業(yè)信用替代性融資功能顯著存在,商業(yè)信用是銀行信用的有效補充。 通過對貨幣政策效果分析發(fā)現(xiàn),相比于大型企業(yè),緊縮的貨幣政策更多的抑制了中小企業(yè)的銀行融資能力。作為一種替代性融資工具,貨幣政策從緊時期,中小企業(yè)商業(yè)信用使用占比顯著增加,商業(yè)信用具有明顯的反貨幣政策周期作用；而對于大型企業(yè),商業(yè)信用并沒有明顯的增加；銀行業(yè)壟斷進(jìn)一步增加了緊縮的貨幣政策對中小企業(yè)的沖擊,導(dǎo)致貨幣政策信貸傳導(dǎo)渠道的進(jìn)一步扭曲。 國際金融危機(jī)發(fā)生以后,企業(yè)外部不確定性增加,違約概率增加,導(dǎo)致企業(yè)商業(yè)信用供給和需求都出現(xiàn)顯著的下降,商業(yè)信用的替代性融資功能并不能實現(xiàn),相反,商業(yè)信用的下降進(jìn)一步加劇了企業(yè)融資約束,并且在不同的企業(yè)之間呈現(xiàn)出異質(zhì)性：與大型企業(yè)相比,融資約束較大的中小型企業(yè)商業(yè)信用下降的幅度更大,銀行信用與商業(yè)信用的雙重非對稱性緊縮使得中小企業(yè)雪上加霜；差異化產(chǎn)品生產(chǎn)行業(yè)商業(yè)信用下降幅度較小,由于較強(qiáng)的合作關(guān)系,差異化產(chǎn)品行業(yè)企業(yè)更愿意與客戶共度難關(guān)。 最后,由于國際金融危機(jī)后企業(yè)商業(yè)信用收縮,企業(yè)融資約束加劇,企業(yè)存貨供給的流動性約束增加,存貨投資出現(xiàn)顯著下降,下降的幅度表現(xiàn)為中小企大于大型企業(yè),同時,危機(jī)之后企業(yè)外部不確定性增加,企業(yè)采用商業(yè)信用管理存貨的意愿下降,為了避免存貨積累,企業(yè)尤其是存貨管理能力較弱的中小企業(yè)可能會主動減少生產(chǎn),降低存貨,兩方面的綜合作用導(dǎo)致危機(jī)之后企業(yè)存貨出現(xiàn)下降。危機(jī)后企業(yè)商業(yè)信用的波動也是導(dǎo)致企業(yè)存貨投資波動的重要原因。 中國在未來很長一段時間內(nèi)應(yīng)繼續(xù)深化銀行業(yè)結(jié)構(gòu)改革,發(fā)展區(qū)域性的中小銀行,解決中小企融資過程中的信息不對稱性,減少中小企業(yè)對高成本商業(yè)信用的過度依賴,在貨幣政策調(diào)控方面,要注意緊縮的貨幣政策對不同企業(yè)的異質(zhì)性沖擊問題,同時要合理預(yù)測商業(yè)信用的反周期作用,加快建立商業(yè)信用的征信制度,減少企業(yè)之間的信息不對稱性,增加企業(yè)違約成本,讓商業(yè)信用更好的服務(wù)業(yè)經(jīng)濟(jì)發(fā)展。最后,要進(jìn)一步完善危機(jī)救助體系采取針對不同企業(yè)采取有針對性的救助方案,通過多種途徑為民營企業(yè)和中小企業(yè)提供更多的政策支持與資金支持,以減少危機(jī)對企業(yè)的沖擊,緩解經(jīng)濟(jì)波動。
[Abstract]:The rapid growth of China's economy has brought opportunities for the development of a large number of small and medium-sized enterprises. However, the monopoly of the banking industry and the low degree of financial development have seriously restricted the further expansion of small and medium-sized enterprises. Under this background, commercial credit has become an indispensable part of modern economic life and has become an enterprise, especially small and medium enterprises. In the past 20 years, business credit in China has accounted for up to 19.3% of the total assets of the enterprise in the past 20 years, which has become a second only to the bank.
In order to further understand the role of commercial credit in the business activities and to make the business credit better serve the economic development, this paper makes an in-depth analysis of the commercial credit application in China based on the industrial enterprise database, and analyzes the business credit supply by dividing the nature of the enterprise, the scale of the enterprise, and the type of the enterprise product. In order to find out the determinants of the business credit supply of different enterprises, on the basis of microanalysis, the author further analyzes the changes in business credit of different types and different scales of business credit in the period of economic stability, facing bank industry monopoly, tight monetary policy, and so on, starting from the alternative financing function of commercial credit. On the basis of the 08 year international financial crisis, this paper analyzes the changes in the business credit supply motivation and the existence of the alternative financing function in the crisis period, in order to further understand the business credit channel of the crisis conducting enterprise. Finally, the inventory supply according to the commercial credit is in stock. The management function and the credit constraint theory of inventory investment are further analyzed from the perspective of commercial credit fluctuation, which widens the research of inventory fluctuation in enterprises.
From the analysis results of this paper, the business credit supply has obvious product properties, and the differential product manufacturer is more willing to provide commercial credit for the customer. The main reason is that the differential product manufacturer and customer relationship is close, the information transparency is high, the customer has higher conversion cost and the possibility of moral hazard is possible. Therefore, the problem of information asymmetry is the main reason that determines the difference of business credit supply. In addition, the bank credit rationing caused by property property and enterprise scale is also an important reason for restricting the commercial credit supply of small and medium-sized enterprises.
Secondly, the increase in the concentration of banking industry intensifies the financing constraints of small and medium-sized enterprises, which leads to a significant increase in the proportion of commercial credit financing in small and medium-sized enterprises, but has no significant impact on state-owned enterprises and large enterprises; financial deepening can alleviate the financing constraints of enterprises, and financial deepen financial constraints on SMEs and non-state enterprises. The mitigation effect is greater, but it has no significant impact on the state-owned enterprises. Banking monopoly aggravates the financing constraints of small and medium-sized enterprises, resulting in a significant increase in the dependence of small and medium-sized enterprises on accounts payable, the existence of alternative financing functions of commercial credit and commercial credit as an effective supplement to the bank's credit.
Through the analysis of the effect of monetary policy, it is found that the tight monetary policy has more restraining the bank financing ability of small and medium-sized enterprises compared to large enterprises. As an alternative financing tool, the proportion of commercial credit use of small and medium-sized enterprises is significantly increased in the period of tight monetary policy, and commercial credit has an obvious anti monetary policy cycle role. But for large enterprises, business credit has not been significantly increased; banking monopoly further increases the impact of tight monetary policy on small and medium-sized enterprises, leading to further distortion of the channel of monetary policy credit transmission.
After the international financial crisis, the external uncertainty of the enterprise increases and the probability of default increases, which leads to a significant decline in the supply and demand of business credit, and the alternative financing function of commercial credit can not be realized. On the contrary, the decline of business credit has further aggravated the financing constraints of enterprises, and presented the presentation between different enterprises. Heterogeneity: compared with large enterprises, the small and medium-sized enterprises with larger financing constraints have a greater decline in commercial credit, and the dual asymmetric contraction of bank credit and commercial credit makes small and medium-sized enterprises worse, and the commercial credit of differentiated product production industry has a smaller decline, because of strong cooperative relations, differential product lines are made. Business enterprises are more willing to share the difficulties with their customers.
Finally, due to the contraction of business credit in the international financial crisis, the constraints of enterprise financing increased, the liquidity constraints of the inventory supply increased, and the inventory investment decreased significantly. The decline was shown as the small and medium-sized enterprises were larger than the large enterprises. At the same time, the external uncertainty of the enterprises increased after the crisis, and the enterprises adopted commercial credit management inventory. In order to avoid the accumulation of inventory, in order to avoid the accumulation of inventory, enterprises, especially small and medium-sized enterprises with weak inventory management ability, may actively reduce production and reduce inventory. The comprehensive effect of the two aspects leads to the decline in enterprise inventory after the crisis. The fluctuation of business credit after the crisis is also an important reason for the enterprise inventory investment fluctuation.
For a long time, China should continue to deepen the reform of banking structure, develop regional small and medium sized banks, solve information asymmetry in the process of financing for small and medium-sized enterprises, reduce the excessive dependence of small and medium-sized enterprises on high cost commercial credit. In the aspect of monetary policy regulation, we should pay attention to the heterogeneity of monetary policy to different enterprises. The impact problem, at the same time, should reasonably predict the anti cycle role of commercial credit, speed up the establishment of the credit system for commercial credit, reduce the information asymmetry between enterprises, increase the cost of breach of contract, and make the business credit better service industry. Finally, we should further improve the crisis relief system to take aim at different enterprises. The sexual assistance scheme provides more policy support and financial support for private enterprises and small and medium enterprises through a variety of ways to reduce the impact of the crisis on the enterprise and alleviate the economic fluctuation.

【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F275;F279.2

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