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年到2011年的面板数据，检验了商业信用的产品市场竞争动机。结果发现，即使受到金融危机的影响，企业依然有较强的意愿将商业信用作为一种产品市场竞争手段。进一步的研究发现，民营企业比国有企业将商业信用作为产品市场竞争手段的意愿更强，而且金融发展水平的提高可以帮助企业更好地发挥商业信用的产品市场竞争作用。本文一方面借助金融危机这个外生事件，深化了商业信用的产品市场竞争假说；另一方面从产品市场竞争的角度，为金融发展如何促进经济长期增长提供了新的解释。
본문종전구금융위궤적시각，기우아국A고상시공사2005년도2011년적면판수거，검험료상업신용적산품시장경쟁동궤。결과발현，즉사수도금융위궤적영향，기업의연유교강적의원장상업신용작위일충산품시장경쟁수단。진일보적연구발현，민영기업비국유기업장상업신용작위산품시장경쟁수단적의원경강，이차금융발전수평적제고가이방조기업경호지발휘상업신용적산품시장경쟁작용。본문일방면차조금융위궤저개외생사건，심화료상업신용적산품시장경쟁가설；령일방면종산품시장경쟁적각도，위금융발전여하촉진경제장기증장제공료신적해석。
From the perspective of the global financial crisis, this paper empirically examines the product mar- ket competitive motivation of trade credit based on the sample of Chinese listed companies of A - share. It is found that even though firms have been deeply influenced by the financial crisis, they still have a strong desire to offer trade credit as a competition tool, especially for private firms. Furthermore, financial development could support the product market competitive effect of trade credit. On the one hand, with the aid of the exogenous impact of financial crisis, our research deepens the product market competitive hypothesis of trade credit. On the other hand, from the perspective of competition, our research enriches the interpretation of how financial de- velopment boosts the long - term growth of economy.