CAJ | 학술논문

本文从全球金融危机的视角，基于我国A股上市公司2005到2011年的数据，实证研究了金融危机期间，企业资产的流动性、地区金融发展水平对企业商业信用供给下降的缓冲作用。研究发现，良好的流动性能缓冲金融危机造成的企业商业信用供给下降，而且民营企业对流动性的缓冲作用依赖更强。进一步的研究表明，在金融发展程度高的地区，企业对流动性缓冲作用的依赖会减小，并且民营企业对流动性的缓冲作用依赖更强的状况也得到了改善。这说明，金融发展能减小企业，特别是民营企业的融资约束，从而替代流动性的缓冲作用。本文从企业应对金融危机的角度拓展了商业信用供给的相关研究，并对金融发展如何支持经济增长提供了新的解释。
본문종전구금융위궤적시각，기우아국A고상시공사2005도2011년적수거，실증연구료금융위궤기간，기업자산적류동성、지구금융발전수평대기업상업신용공급하강적완충작용。연구발현，량호적류동성능완충금융위궤조성적기업상업신용공급하강，이차민영기업대류동성적완충작용의뢰경강。진일보적연구표명，재금융발전정도고적지구，기업대류동성완충작용적의뢰회감소，병차민영기업대류동성적완충작용의뢰경강적상황야득도료개선。저설명，금융발전능감소기업，특별시민영기업적융자약속，종이체대류동성적완충작용。본문종기업응대금융위궤적각도탁전료상업신용공급적상관연구，병대금융발전여하지지경제증장제공료신적해석。
Based on the data of Chinese listed firms of A-share from 2005 to 2011, this article studies the buffering effect of liquidity and financial development against trade credit decline in the global financial crisis, as well as their alternative mechanism. We find that credit crunch caused by the financial crisis will harm firms＇ trade credit supply by pushing up its costs. Thus the contraction in bank credit is passed on to trade credit. For firms with good liquidity, the decline of trade credit supply is relatively small, suggesting that good liquidity are able to alleviate the drop in trade credit supply due to the bank-driven shock to trade credit. What＇s more, we find that the buffering effect of good liquidity is more effective for nonstate owned firms, suggesting that non-state owned firms are more reliant on the buffering of liquidity. When further considering the role of financial development, we find that in regions with a devel- oped financial market, firms rely less on the buffering of liquidity when providing trade credit and the fact that non-state owned firms＇ reliance on the buffering of liquidity is stronger than state owned firms is mitigated. It can be declared that good financial development could help firms to defend the impact of the financial crisis on trade credit supply, and replace the buffering effect of liquidity. This paper contributes to the analysis of the development predicament of non-state owned firms and the related researches of trade credit supply from the perspective of how firms respond to the financial crisis. This paper also has important policy implications to the economic development of emerging entities like China. Our results show that developed financial market helps firms to tackle with market competition through the operating function of trade credit, and to redistribute bank credit through the financing function of trade credit. In this way, financial development could finally boost economic growth.