货币政策、商业信用与公司业绩增长.pdfVIP

中国科技论文在线 货币政策、商业信用与公司业绩增长# * 邓路，曲悠 （北京航空航天大学经济管理学院，北京100191） 5 摘要：本文利用中国上市公司数据，实证检验了不同货币政策下商业信用对公司业绩增长的 影响。研究发现，在货币政策紧缩期，使用商业信用较多的公司未来业绩增长更快，并且相 比于银行借款，商业信用在货币政策紧缩期可以更好地促进公司业绩增长。进一步的研究发 现，在货币政策紧缩期，商业信用与公司未来业绩的正相关关系在民营上市公司中更显著。 10 本文的研究结论为考察商业信用与公司业绩的互动关系开拓了新视野。 关键词：财务管理；商业信用；公司业绩；货币政策 中图分类号：F803.91 Monetary Policy, Trade Credit and Firm Performance 15 Growth DENG Lu, QU You (School of Economics and Management, Beihang University, Beijing 100191) Abstract: On the view of monetary policy, the paper examines the role of trade credit in firm performance with a sample of A-share listed firms in China from 2002 to 2013. The empirical results 20 show that during the period of tight monetary policy, the use of trade credit can promote the future performance of firms. Moreover, the paper finds that the positive relationship between trade credit and firms’ future performance is stronger than bank loans and firms’ future performance. In the Further study, the paper finds that, compared with state-owned firms, trade credit has a more positive impact on future performance growth of private firms. This paper also finds the evidence of substitutional relation 25 between trade credit and bank loan. Under the background of monetary policy, this paper expand the vision fields of the interaction between trade credit and firm performance. Key words: Financial management; Trade credit; Monetary policy; Firm Performance 0 引言 30 债务融资与公司理财行为以及未来业绩增长的互动关系是公司财务学术界关注的核心 问题。现有研究表明，债务融资支持了公司发