本文關(guān)鍵詞：市場地位、商業(yè)信用及其信貸傳導(dǎo)效應(yīng)的研究　出處：《華僑大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 市場地位 商業(yè)信用 銀行信用 替代效應(yīng) 傳遞效應(yīng)

【摘要】：商業(yè)信用具有悠久的發(fā)展歷史，并有效促進了企業(yè)的成長，商業(yè)信用是兼具交易和借貸的財務(wù)行為。從交易的層面來說，它是基于在雙方交易過程中由于商品的使用價值和商品的價值實現(xiàn)沒有得到同時發(fā)生而產(chǎn)生的交易方式；從借貸層面來說，它是由于在雙方交易過程中的提前或者延期支付而產(chǎn)生的短期、直接融資方式。所以本文采用2010-2012年我國A股上市公司的數(shù)據(jù)，檢驗企業(yè)市場地位對商業(yè)信用及其信貸傳導(dǎo)效應(yīng)的影響。 本文的研究結(jié)果表明，市場地位的提高有助于企業(yè)商業(yè)信用的獲得，商業(yè)信用的獲得普遍向市場地位高的企業(yè)集聚，而銀行信用的獲得與企業(yè)市場地位之間并沒有存在一定的必然關(guān)系。在其他條件相同的情況下，銀行信用與商業(yè)信用的獲得存在“替代效應(yīng)”，與商業(yè)信用的提供存在“傳遞效應(yīng)”。進一步研究還發(fā)現(xiàn)，相比市場地位低的企業(yè)，，銀行信用與商業(yè)信用獲得之間的“替代效應(yīng)”在市場地位高組更為顯著；于此相反，相比市場地位高的企業(yè)，銀行信用與商業(yè)信用提供之間的“傳遞效應(yīng)”在市場地位低組更為顯著。由此正反兩方面的分析，本文的研究更突顯出市場地位低企業(yè)，尤其是廣大中小企業(yè)的融資困境。 本文嘗試性地將商業(yè)信用劃分為三種形式，即商業(yè)信用的提供、商業(yè)信用的獲得、凈商業(yè)信用，通過引入赫芬達爾指數(shù)，證明了商業(yè)信用“替代效應(yīng)”和“傳遞效應(yīng)”的存在性，并指出這兩種效應(yīng)會依據(jù)我國企業(yè)市場地位的差別而呈現(xiàn)出一定的特質(zhì)。本文的結(jié)論說明商業(yè)信用的競爭性假說在我國商業(yè)信用的信貸傳導(dǎo)效應(yīng)中占據(jù)主導(dǎo)地位。通過理論推導(dǎo)和實證檢驗，本文指出技術(shù)創(chuàng)新能力的提高是市場地位低企業(yè)擺脫賒銷過度依賴的有效途徑，同時本文的研究結(jié)論也為我國政府亟待改善市場地位低企業(yè)融資環(huán)境，為市場地位低企業(yè)構(gòu)建多層次資本市場提供了微觀層面的實證支持。
[Abstract]:Commercial credit has a long history of development and has effectively promoted the growth of enterprises. Commercial credit is a financial behavior with both transactions and loans. It is based on the transaction mode in which the use value of the commodity and the realization of the value of the commodity do not occur simultaneously in the course of the transaction between the two parties. At the lending level, it is a short period of time due to early or delayed payments in the course of a transaction between the two parties. Therefore, this paper uses the data of China A-share listed companies from 2010-2012 to test the influence of enterprise market position on commercial credit and its credit transmission effect. The results of this paper show that the improvement of the market position is conducive to the acquisition of business credit, and the acquisition of commercial credit is generally concentrated to the enterprises with high market position. However, there is no certain relationship between the acquisition of bank credit and the market position of enterprises. Under the same conditions, there is a "substitution effect" between the acquisition of bank credit and commercial credit. Further study shows that the "substitution effect" between bank credit and commercial credit acquisition is more significant in the high market status group than in the enterprises with low market position. On the contrary, the "transfer effect" between bank credit and commercial credit provision is more significant in the low market position group than the enterprises with high market position. The research in this paper highlights the financing dilemma of low-status enterprises, especially small and medium-sized enterprises. This paper attempts to divide commercial credit into three forms, namely, the supply of commercial credit, the acquisition of commercial credit, and the net commercial credit, through the introduction of Herfindale Index. It proves the existence of "substitution effect" and "transfer effect" of commercial credit. It is pointed out that these two effects will show certain characteristics according to the difference of the market position of Chinese enterprises. The conclusion of this paper shows that the competitive hypothesis of commercial credit plays a dominant role in the credit conduction effect of commercial credit in China. Through theoretical derivation and empirical test. This paper points out that the improvement of technological innovation ability is an effective way for enterprises with low market position to get rid of excessive dependence on credit sales. Meanwhile, the conclusion of this paper also makes the government of our country urgently need to improve the financing environment of low-status enterprises in the market. It provides micro-level empirical support for low-status enterprises to construct multi-level capital market.
【學位授予單位】：華僑大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F832.4

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