The Influence of the Enterprise's Market power on Its Availability for Trade Credit and Bank Credit Financing Based on the Empirical Test about the Listed Companies of Electrical Energy

摘要

The paper, sampling the data from A-shares listed companies of electrical energy during the period of 2009 to 2012, checks out the influence of the enterprise's market power on its capacity for trade credit and bank credit financing. The paper tries to find out the internal relationship among them by building linear regression models of the explained variable, Credit, the explaining variable, MP, and the control variables, SIZE, EBIT, LIQ, CFO, SBA and SBA*MP. In the study, we find that the target customers of trade credits and bank loans are almost enterprises with a high market power.