CAJ | 학술논문

采用结构方程模型分析我国制造业上市公司信用结构（商业信用、银行信用和证券信用）对企业绩效（市场绩效和财务绩效）的影响，探讨提高企业绩效的新途径。商业信用对企业绩效具有正面效应的观点得到验证。实证研究也得出与我国学者结论不一致的结果：银行信用对企业绩效具有负面效应；证券信用对企业市场绩效具有正面效应，但对企业财务绩效影响不显著。进一步分析还发现企业绩效与银行信用的期限结构有关，长期银行信用对企业的绩效具有正面效应。
채용결구방정모형분석아국제조업상시공사신용결구（상업신용、은행신용화증권신용）대기업적효（시장적효화재무적효）적영향，탐토제고기업적효적신도경。상업신용대기업적효구유정면효응적관점득도험증。실증연구야득출여아국학자결론불일치적결과：은행신용대기업적효구유부면효응；증권신용대기업시장적효구유정면효응，단대기업재무적효영향불현저。진일보분석환발현기업적효여은행신용적기한결구유관，장기은행신용대기업적적효구유정면효응。
This paper analyzes the effect on firm performance （market performance and financial performance） caused by credit structure （commercial credit, bank credit and securities credit） of listed companies in China＇s manufacturing industry by structual equation model, and explores new ways to improve firm performance. It has been verified that commercial credit has positive effects on firm performance. The conclusion of this empirical study is different from that drawn by Chinese scholars： bank credit has negative effects on firm performance; securities credit has positive effects on a finns market performance while the impact on the financial performance is not significant. Through further analysis, it is also found that firm performance is connected with the maturity structure of a bank＇s credit; long term bank credit is positive to firm performance.