经济与管理研究
經濟與管理研究
경제여관리연구
RESEARCH ON ECONOMICS AND MANAGEMENT
2014年
12期
46-54
,共9页
信用行为%商业信用%银行信用%经济周期%公司价值
信用行為%商業信用%銀行信用%經濟週期%公司價值
신용행위%상업신용%은행신용%경제주기%공사개치
Credit Behavior%Trade Credit%Bank Credit%Economic Cycle%Corporate Value
以1993—2012年在上海证券交易所和深圳证券交易所主板市场交易的所有非金融企业为样本，对公司的信用行为及其市场反应进行实证研究。结果发现：公司信用行为深受宏观经济政策的影响；商业信用的供给和需求与短期银行信用、长期银行信用显著负相关；商业信用需求与商业信用供给显著正相关；公司价值与商业信用供给显著正相关，与商业信用需求显著负相关，与短期银行信用需求和长期银行信用需求显著负相关；此外，宏观经济周期、企业的经济性质、公司规模、资本结构、成长性等因素对公司的信用行为和公司价值具有显著影响。
以1993—2012年在上海證券交易所和深圳證券交易所主闆市場交易的所有非金融企業為樣本，對公司的信用行為及其市場反應進行實證研究。結果髮現：公司信用行為深受宏觀經濟政策的影響；商業信用的供給和需求與短期銀行信用、長期銀行信用顯著負相關；商業信用需求與商業信用供給顯著正相關；公司價值與商業信用供給顯著正相關，與商業信用需求顯著負相關，與短期銀行信用需求和長期銀行信用需求顯著負相關；此外，宏觀經濟週期、企業的經濟性質、公司規模、資本結構、成長性等因素對公司的信用行為和公司價值具有顯著影響。
이1993—2012년재상해증권교역소화심수증권교역소주판시장교역적소유비금융기업위양본，대공사적신용행위급기시장반응진행실증연구。결과발현：공사신용행위심수굉관경제정책적영향；상업신용적공급화수구여단기은행신용、장기은행신용현저부상관；상업신용수구여상업신용공급현저정상관；공사개치여상업신용공급현저정상관，여상업신용수구현저부상관，여단기은행신용수구화장기은행신용수구현저부상관；차외，굉관경제주기、기업적경제성질、공사규모、자본결구、성장성등인소대공사적신용행위화공사개치구유현저영향。
Using non-financial listed companies in the main-board market of Shanghai and Shenzhen Stock Exchanges from 1993 to 2012 as a sample,an empirical research is made on the credit behavior and market reaction of listed companies.The results show that macroeconomic policy has a significant impact on the credit behavior of listed companies;the supply and demand of trade credit has a negative correlation with short-term and long-term bank credit;the demand of trade credit has a positive correlation with the supply of trade credit;and the corporate value has a positive correlation with the supply of trade credit.However,the corporate value has a negative correlation with the demand of trade credit,short-term bank credit and long-term bank credit.Furthermore,the factors such as macroeconomic cycle,economic nature of the company,the scale of the company,capital structure and growth significantly influence on the credit behavior and corporate value of listed companies.
