本文選題：金融市場發(fā)展 + 產(chǎn)品市場競爭��； 參考：《南京財經(jīng)大學(xué)》2014年碩士論文

【摘要】：商業(yè)信用的競爭性動機(jī)認(rèn)為,商業(yè)信用供給是供應(yīng)商的一種競爭手段,當(dāng)供應(yīng)商面對的同行業(yè)競爭者較多時,客戶尋找其他替代性的供應(yīng)商的成本相對就較低,因此,為了鎖定客戶,維持穩(wěn)定的交易鏈條,即使是對那些受到融資約束因而商業(yè)信用供給成本很高的客戶,供應(yīng)商也會向客戶提供商業(yè)信用(Fisman and Raturi,2004;Van Horen,2005)。隨著市場經(jīng)濟(jì)的發(fā)展,國內(nèi)各地區(qū)經(jīng)濟(jì)發(fā)展水平不一致,各地區(qū)間的金融市場發(fā)展水平也存在著顯著的差異,這對上市公司能否緩解融資約束起到一定的決定性作用,從而影響了上市公司是否有充足的資金為客戶提供商業(yè)信用。除此之外,非國有上市公司比國有上市公司由于更難以獲得政府提供的要素以及采購合同,也難以獲得各種政策優(yōu)待(芮明杰、宋亦平,2001；World Bank,2006;方軍雄,2007),因而非國有上市公司產(chǎn)品市場競爭力較低,面臨的市場競爭壓力也顯著大于國有上市公司。因此,在商業(yè)信用供給方面,產(chǎn)權(quán)性質(zhì)也起到一定的影響作用。本文在規(guī)范分析的基礎(chǔ)上運用實證分析法,對金融市場發(fā)展、產(chǎn)品市場競爭以及產(chǎn)權(quán)性質(zhì)對商業(yè)信用供給的影響進(jìn)行研究。首先,本文梳理相關(guān)的商業(yè)信用理論并對相關(guān)實證結(jié)論進(jìn)行綜述,在此基礎(chǔ)上,提出本文的研究假設(shè)。然后,選擇本文的研究變量,并構(gòu)建實證分析模型,選取2006—2011年間滬深證券交易所A股非金融類上市公司相關(guān)數(shù)據(jù),進(jìn)行描述性統(tǒng)計、Pearson相關(guān)性分析、多元線性回歸分析以及穩(wěn)健性檢驗,從而得出本文的結(jié)論。在本文的回歸中,為了考察金融市場發(fā)展、產(chǎn)品市場競爭以及產(chǎn)權(quán)性質(zhì)三者之間的相互作用對商業(yè)信用供給的影響,分別設(shè)置了相應(yīng)的交叉變量,最終得出了在金融市場發(fā)展水平與產(chǎn)品市場競爭程度不同的條件下,國有上市公司與非國有上市公司提供商業(yè)信用的差異。本文研究結(jié)果表明,金融市場的發(fā)展有利于企業(yè)獲得銀行信貸,緩解融資約束；市場競爭越激烈,非國有上市公司比國有上市公司提供更多的商業(yè)信用以獲得競爭優(yōu)勢；金融市場發(fā)展水平較高的地區(qū),非國有上市公司比國有上市公司提供更多的商業(yè)信用作為產(chǎn)品市場競爭手段。
[Abstract]:The competitive motivation of commercial credit believes that commercial credit supply is a competitive means of suppliers. When suppliers face more competitors in the same industry, the cost of customers seeking alternative suppliers is relatively low. In order to lock in customers and maintain a stable trading chain, even for those who are constrained by financing and therefore have a high supply cost of commercial credit, suppliers will provide business credit to customers with business credit Fisman and Raturio 2004 / Van Horenli 2005. With the development of market economy, the level of economic development in different regions of China is not consistent, and there are significant differences in the level of financial market development among different regions, which plays a decisive role in alleviating the financing constraints of listed companies. This affects whether the listed company has sufficient funds to provide customers with commercial credit. In addition, it is more difficult for non-state-owned listed companies than state-owned listed companies to obtain government-provided elements and procurement contracts, as well as difficulties in obtaining preferential treatment from various policies (Rui Mingjie, Song Yiping's World Bank 2006; Fang Junxiong's 2007, therefore, the market competitiveness of non-state-owned listed companies is low, and the market competition pressure is obviously greater than that of state-owned listed companies. Therefore, in the supply of commercial credit, the nature of property rights also plays a certain role. On the basis of normative analysis, this paper uses empirical analysis to study the effects of financial market development, product market competition and property rights on the supply of commercial credit. First of all, this paper combs the relevant business credit theory and summarizes the relevant empirical conclusions, and then puts forward the research hypotheses. Then, select the research variables of this paper, and build an empirical analysis model, select the Shanghai and Shenzhen Stock Exchange A shares non-financial listed companies from 2006 to 2011 related data, and carry out descriptive statistical Pearson correlation analysis. Multiple linear regression analysis and robustness test are used to get the conclusion of this paper. In this paper, in order to investigate the influence of the development of financial market, the competition of product market and the nature of property right on the supply of commercial credit, the corresponding cross variables are set up. Finally, under the condition that the development level of the financial market and the competition degree of the product market are different, the difference of the commercial credit between the state-owned listed company and the non-state-owned listed company is obtained. The research results show that the development of financial market is favorable for enterprises to obtain bank credit and ease the financial constraints, and the more fierce the market competition is, the more commercial credit the non-state-owned listed companies provide to obtain the competitive advantage compared with the state-owned listed companies. In areas with higher financial market level, non-state-owned listed companies provide more commercial credit as a competitive means of product market than state-owned listed companies.
【學(xué)位授予單位】：南京財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.5

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