本文關(guān)鍵詞： 商業(yè)信用融資 成長(zhǎng)周期 區(qū)域金融發(fā)展　出處：《安徽工業(yè)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：一直以來(lái),企業(yè)融資渠道受到國(guó)內(nèi)外學(xué)者的廣泛關(guān)注。隨著商品經(jīng)濟(jì)的發(fā)展,商品和貨幣在時(shí)間和空間上的分離,商業(yè)信用這一短期融資方式在社會(huì)信用的背景下應(yīng)運(yùn)而生。憑借方便便捷、低風(fēng)險(xiǎn)、連通上下游企業(yè)的紐帶、能緩解融資約束等優(yōu)勢(shì),成為是企業(yè)重要的融資方式。企業(yè)在不同的生命周期階段對(duì)商業(yè)融資需求不同,這種不同對(duì)商業(yè)信用融資是否存在一定的差異值得探索。區(qū)域金融發(fā)展對(duì)所在區(qū)域企業(yè)銀行信貸融資有較大影響,因而影響處于不同生命周期階段的企業(yè)對(duì)商業(yè)信用融資的依賴(lài)程度。本文首先解釋商業(yè)信用的定義及特點(diǎn),然后分別從外部影響因素和內(nèi)部影響因素兩個(gè)不同的視角闡述其對(duì)商業(yè)信用的影響,對(duì)它們的研究情況進(jìn)行回顧、分析、總結(jié),然后經(jīng)過(guò)理論分析并結(jié)合數(shù)理模型推倒,提出本文的研究假說(shuō)。對(duì)實(shí)證部分,本文利用2005-2014年滬、深兩市上市公司財(cái)務(wù)數(shù)據(jù),分析企業(yè)所處生命周期階段、區(qū)域金融發(fā)展對(duì)其商業(yè)信用融資的影響。先根據(jù)全樣本劃分出不同生命周期階段,然后對(duì)比分析成長(zhǎng)期和非成長(zhǎng)期企業(yè)商業(yè)信用融資的差異,接著本文進(jìn)一步將非成長(zhǎng)期再細(xì)分為成熟期和衰退期兩個(gè)階段,分別對(duì)比分析其商業(yè)信用融資的差異。其次,進(jìn)一步分析其對(duì)商業(yè)信用融資的影響。最后,本文進(jìn)一步研究與金融發(fā)展水平低的地區(qū)相比,在金融發(fā)展水平高的地區(qū),成長(zhǎng)期企業(yè)商業(yè)信用融資與非成長(zhǎng)期企業(yè)的商業(yè)信用融資之間的差異,本文分別進(jìn)行了回歸分析,相關(guān)性檢驗(yàn),T檢驗(yàn)和穩(wěn)健性檢驗(yàn)。本文主要得出如下結(jié)論:(1)與非成長(zhǎng)期的企業(yè)相比,處于成長(zhǎng)期的企業(yè)獲得商業(yè)信用融資的比例更高。(2)在金融發(fā)展水平越高的地區(qū),商業(yè)信用融資比例越低;在金融發(fā)展水平越低的地區(qū),商業(yè)信用融資比例越高。(3)與區(qū)域金融發(fā)展水平低的地區(qū)相比,在區(qū)域金融發(fā)展水平比較高的地區(qū),處于成長(zhǎng)期企業(yè)獲得商業(yè)信用融資比例高于非成長(zhǎng)期企業(yè)獲得的商業(yè)信用融資比例更明顯。說(shuō)明金融發(fā)展水平對(duì)不同生命周期企業(yè)之間的融資差距具有“放大效應(yīng)”。
[Abstract]:As the development of commodity economy, commodity and currency are separated in time and space. Under the background of social credit, commercial credit has emerged as the times require. With the advantages of convenience and convenience, low risk, the link between upstream and downstream enterprises, the ability to ease financing constraints, etc. Becoming an important means of financing for enterprises. Enterprises in different life cycle stages of commercial financing needs are different, It is worth exploring whether there are certain differences in the commercial credit financing. The development of regional finance has great influence on the credit financing of the regional enterprise banks. This paper first explains the definition and characteristics of commercial credit. Then, from two different perspectives of external and internal influence factors, this paper expounds their influence on commercial credit, reviews, analyzes, summarizes their research situation, and then through theoretical analysis and combined with mathematical model to push down, In the empirical part, we use the financial data of listed companies in Shanghai and Shenzhen from 2005 to 2014 to analyze the life cycle of enterprises. The impact of regional financial development on its commercial credit financing. Firstly, different life cycle stages are divided according to the whole sample, and then the differences between growing and non-growing enterprises' commercial credit financing are compared and analyzed. Then, this paper further subdivides the non-growth period into two stages: mature period and recession period, and analyzes the difference of their commercial credit financing respectively. Secondly, it further analyzes its influence on commercial credit financing. Finally, This paper further studies the differences between the commercial credit financing of growing enterprises and the commercial credit financing of non-growth enterprises in the areas with high level of financial development compared with the regions with low level of financial development. Correlation test T test and robustness test. This paper draws the following conclusions: 1) compared with non-growth-stage enterprises, the proportion of commercial credit financing of enterprises in growing period is higher than that of non-grown-up enterprises. The lower the proportion of commercial credit financing is, the higher the proportion of commercial credit financing is in the region with lower level of financial development, compared with the low level of regional financial development, the higher the level of regional financial development is. The proportion of commercial credit financing obtained by enterprises in growing period is higher than that by non-growth enterprises, which indicates that the level of financial development has a "magnifying effect" on the financing gap between enterprises with different life cycles.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F832

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