Economic Theory and Business Management ›› 2014, Vol. 34 ›› Issue (6): 41-56.
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ZHANG Xi-Zheng-1,LIU Zhi-Yuan-2
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张西征1,刘志远2
作者简介:
基金资助:
国家自然科学基金项目(71172017,71072099);中央高校基本科研业务费资助项目(13D110805);东华大学校基金资助项目(108-10-0044010)
Abstract: This paper constructs a theoretical framework to analyze the effect of macroeconomic factors on Chinese listed firms 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
摘要: 本文为了揭示中国上市公司商业信用周期性变化的宏观经济动因,构建了一个宏观经济因素影响上市公司商业信用行为的理论分析框架,从宏观和微观两个层面分析了宏观经济发展状况、货币政策和通货膨胀水平对中国上市公司商业信用周期性变化的影响机理。利用中国上市公司季度面板数据进行了实证检验。结果显示,随着货币政策宽松、宏观经济扩张和通货膨胀水平的增加,中国上市公司提供的商业信用净额都显著降低。这些研究结果折射出,当货币政策收紧或宏观经济收缩时,商业信用资金从上市公司部门流向非上市企业部门;反之,当货币政策过度宽松或宏观经济过度扩张时,上市公司部门通过商业信用渠道从非上市企业部门吸纳商业信用资金。
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
ZHANG Xi-Zheng-1,LIU Zhi-Yuan-2. THE EFFECT OF MACROECONOMIC FACTORS ON THE PERIODICAL CHANGE OF CHINAS LISTED FIRMS TRADE CREDIT BEHAVIOR[J]. Economic Theory and Business Management, 2014, 34(6): 41-56.
张西征1,刘志远2. 中国上市公司商业信用 周期性变化的宏观经济动因研究[J]. 经济理论与经济管理, 2014, 34(6): 41-56.
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http://jjll.ruc.edu.cn/EN/Y2014/V34/I6/41