CAJ | 학술논문

以沪深股市1990-2009年间的非金融上市公司为研究样本。利用T0bit模型和Inter-val模型对上下游企业的信任对上市公司赊销战略的影响以及区域金融发展对前两者关系的干扰效应展开研究。研究发现：上下游企业的总信任以及上游企业的信任会促使上市公司增加使用赊销战略，而下游企业的信任则会诱使上市公司减少赊销战略的使用；区域金融发展和上下游企业的总信任以及区域金融发展和上游企业的信任在对赊销战略的影响上是替代关系，但区域金融发展和下游企业的信任两者在影响公司赊销战略上的不确定关系仍待证实。
이호심고시1990-2009년간적비금융상시공사위연구양본。이용T0bit모형화Inter-val모형대상하유기업적신임대상시공사사소전략적영향이급구역금융발전대전량자관계적간우효응전개연구。연구발현：상하유기업적총신임이급상유기업적신임회촉사상시공사증가사용사소전략，이하유기업적신임칙회유사상시공사감소사소전략적사용；구역금융발전화상하유기업적총신임이급구역금융발전화상유기업적신임재대사소전략적영향상시체대관계，단구역금융발전화하유기업적신임량자재영향공사사소전략상적불학정관계잉대증실。
With Tobit and Interval model, this paper empirically studies influence of trust of upstream firm and downstream firm on credit strategy of listed-companies and interference effects of regional financial development on relationship between trust of upstream and downstream firms and corporate credit strategy. The study shows that the whole trust of upstream t＇nan and downstream t＇mn and trust of upstream can push corporate using more credit strategy and trust of downstream firm can induce firm to use less credit strategy. It is a substitute between regional financial development and the whole trust of upstream and downstream firm as well as regional financial development and trust of upstream finn in corporate credit strategy, and the uncertain relation between regional financial development and trust of downstream f＇trm in corporate credit strategy need to be confirrned.