关键词: 货币政策 , 宏观经济发展状况 , 通货膨胀 , 商业信用 , 经济周期

Abstract: This paper constructs a theoretical framework to analyze the effect of macroeconomic factors on Chinese listed firms trade credit behavior from macro and micro two aspects, and tests how macroeconomic situation, monetary policy and inflation factor affect Chinese listed firm trade credit behavior using seasonally panel data. The results show that the net trade credit funds provided by Chinese listed firms are reduced with loosing monetary policy, macroeconomic expansion and increasing of inflation level. These findings reflect that the listing corporate sector provides more trade credit funds to the unlisted enterprises sector through trade credit channel in period of tightened monetary policy or macroeconomic shrinkage. Conversely, the listing corporate sector absorbs trade credit funds from the unlisted enterprises sector through the trade channel in period of too loose monetary policy or macroeconomic excessive expansion.

Key words: monetary policy , macroeconomic situation , inflation, trade credit , business cycle