关键词: 企业货款拖欠, 商业信用, 影响因素, 经济后果

Abstract: Non-repayment of debts in Chinese firms had become a major problem to obstruct the development in China.The determined factors of the no-repayment of debts not only came from the firms'own characteristics,but also closely linked with external institutional environment.The determined factors of non-repayment of debts among the local firms and foreign firms were quite different,which provided a direct micro-level evidence to understand the behavioral characteristics and motivation of the no-repayment of debts among firms.With the appropriate instrumental variables,the further finding showed that the no-repayment of debts among the local firms of China would lead to lower total factor productivity and less R&D activities.

Key words: non-repayment of debts, trade credit, determined factors, macroeconomic impact