CAJ | 학술논문

文章运用面板数据模型，选取我国2002-2009年沪深两市金属冶炼业和通信设备、计算机及其他电子设备制造业上市公司的财务数据作为样本作对比分析。文章从商业信用需求角度研究影响商业信用的因素，并分析这些因素对不同行业影响程度的差异。结果发现商业信用需求同本企业给予下游企业的商业信用供给程度显著正相关，同时金属冶炼行业和通信设备制造业对商业信用的需求程度确实有明显差异，后者的需求程度更大。商业信用供给水平、公司规模、从金融机构融资的能力以及企业的偿债能力对这两类行业具有显著影响。行业繁荣程度、公司运营情况、成长性等变量在两个行业间的影响差异较大。基于文章的结论，建议今后的研究可以进一步针对行业特性分别研究。
문장운용면판수거모형，선취아국2002-2009년호심량시금속야련업화통신설비、계산궤급기타전자설비제조업상시공사적재무수거작위양본작대비분석。문장종상업신용수구각도연구영향상업신용적인소，병분석저사인소대불동행업영향정도적차이。결과발현상업신용수구동본기업급여하유기업적상업신용공급정도현저정상관，동시금속야련행업화통신설비제조업대상업신용적수구정도학실유명현차이，후자적수구정도경대。상업신용공급수평、공사규모、종금융궤구융자적능력이급기업적상채능력대저량류행업구유현저영향。행업번영정도、공사운영정황、성장성등변량재량개행업간적영향차이교대。기우문장적결론，건의금후적연구가이진일보침대행업특성분별연구。
With the development of the socialist market economy in China, as one of the main channels for financing, trade credit has becoming more and more important. However, whether trade credit played the same role in different sectors is still in the air. The aim of this paper is to study differences of the level of using trade credit in industries. By applying panel data model, this paper uses samples of China's listed firms of Shanghai and Shenzhen about metallurgy industry and communications equipment, computers and other electronic equipment manufacturing industries from 2002 to 2009 to do a comparative analysis. This paper pays attention to the demand for trade credit and studies its influencing factors. It is found that the demand for trade credit is strongly positively correlated with the level of the supply of trade credit. The level of trade demand of communications equipment, computers and other electronic equipment manufacturing industries is higher than the other one. Besides, the level of offering trade credit, the size of enterprise, profitability and the ability to finance from financial institutions and debt paying ability all have significant effect on different industries. It is also suggested that those four aspects are important factors affecting the level of credits and every part affects different industries differently. In addition , the prosperity index, operation conditions and growth also does differential effects.Based on the conclusions, future researches could focus on characters of different industries.