货币政策对我国企业商业信用可得性影响的研究——基于商业信用融资动机

摘要

本文基于融资性动机,从商业信用使用的角度,研究货币政策对企业商业信用可得性的影响.利用2004—2014年度我国A股上市公司制造业的面板数据,实证验证了市场地位越高的企业更容易获得商业信用,且这种效应在货币政策紧缩期更明显;相对国有企业,非国有企业在货币政策紧缩期间对商业信用的依赖度更大,因此更多地使用商业信用.%Based on the financing motivation, this paper studies the impact of monetary policy on corporation trade credit availability,from the perspective of the use of trade credit. Using a panel data set of China's manufacturing A-share listed companies from 2004 to 2014,we validate that it is easier for companies with stronger market power to obtain trade credit,which is even more significant in the period of tightened monetary policy. Additionally,compared with state-owned enterprises, non-state-owned enterprises show greater reliance on trade credit during the period of tightened monetary policy,and use more trade credit. This paper enriches research on the relationship between macro-economic policy and enterprise behavior.