财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2014年
3期
47~52
,共null页
商业信用 融资约束 企业投资 投资一现金流敏感性
商業信用 融資約束 企業投資 投資一現金流敏感性
상업신용 융자약속 기업투자 투자일현금류민감성
trade credit; financing constraints; corporate investment; investment-cash flow sensitivity
本文采用2003—2011年中国制造业上市公司数据，研究商业信用对投资．现金流敏感性的影响，考察商业信用对企业投资行为的作用。结果发现：我国上市公司的投资对现金流高度敏感，存在明显的融资约束现象；商业信用显著缓解了企业的融资约束；国有上市公司受到的融资约束比民营上市公司小，但是随着商业信用规模的扩大，民营上市公司的融资约束有明显的缓解。
本文採用2003—2011年中國製造業上市公司數據，研究商業信用對投資．現金流敏感性的影響，攷察商業信用對企業投資行為的作用。結果髮現：我國上市公司的投資對現金流高度敏感，存在明顯的融資約束現象；商業信用顯著緩解瞭企業的融資約束；國有上市公司受到的融資約束比民營上市公司小，但是隨著商業信用規模的擴大，民營上市公司的融資約束有明顯的緩解。
본문채용2003—2011년중국제조업상시공사수거，연구상업신용대투자．현금류민감성적영향，고찰상업신용대기업투자행위적작용。결과발현：아국상시공사적투자대현금류고도민감，존재명현적융자약속현상；상업신용현저완해료기업적융자약속；국유상시공사수도적융자약속비민영상시공사소，단시수착상업신용규모적확대，민영상시공사적융자약속유명현적완해。
With data of Chinese listed manufacturing companies between 2003 and 2011 , this paper tests the effect of trade credit on investment-cash flow sensitivity to investigate the influence of trade credit on corporate investment. The findings are： the investment of Chinese listed companies is highly sensitive to cash flow, so there exists an obvious phenomenon of fi- nancing constraints; trade credit has considerably eased off the financing constraints for enterprises ; non-state owned enterpri- ses are faced with bigger financing constraints than state owned enterprises, but as it expands in scope, trade credit has signifi- cantly eased off the financing constraints for non-state owned enterprises, whereas for state owned enterprises, the easement is not as obvious.
