商业研究

商业研究

• 商经理论 • 上一篇    下一篇

供给侧结构性改革中商业信用再配置的经济后果：“锦上添花”抑或“雪中送炭”

王贞洁，李真真   

  1. （中国海洋大学 管理学院，山东 青岛 266000）
  • 收稿日期:2019-05-29 出版日期:2019-11-12
  • 作者简介:王贞洁（1982-），女，山东青岛人，中国海洋大学管理学院副教授，博士生导师，财务学博士，研究方向：公司财务与公司治理；李真真（1995-），女，山东潍坊人，中国海洋大学管理学院研究生，研究方向：微观资金配置效率。
  • 基金资助:
    国家社会科学基金项目，项目编号：19BJY025。

The Economic Consequences of Trade Credit Reallocation under the Background of Supply-side Structural Reform: “Icing on the Cake” or “Timely Help”

WANG Zhen-jie,LI Zhen-zhen   

  1. (School of Management,Ocean University of China,Qingdao 266000,China)
  • Received:2019-05-29 Online:2019-11-12

摘要： 本文以2008年至2017年A股上市公司为研究样本，考察供给侧结构性改革中商业信用再配置的经济后果——究竟是对强势企业的“锦上添花”，还是对弱势企业的“雪中送炭”。研究结果发现：从总体上来看，商业信用再配置主要表现为“雪中送炭”效应，商业信用资源主要从强势企业流向弱势企业，弱势企业是商业信用再配置的最大受益者，并且这一效应在供给侧结构性改革中具有持续性。在微观层面上，商业信用再配置能修正初始配置时期的信贷资源扭曲现象，表现为一方面强势企业的商业信用流出削减了自由现金流，抑制了代理问题产生，另一方面弱势企业利用商业信用流入缓解了融资约束。宏观层面上，商业信用再配置促使资源从收益较低的行业流向收益较高的行业。进一步分析发现，弱势企业的高管借助“红顶商人”身份等非正式制度和不断改善的外部环境谋取强势企业对其“雪中送炭”式的扶助。

关键词: 商业信用再配置, 供给侧结构性改革, 代理成本, 融资约束, 资源配置效率

Abstract: This paper takes A-share listed companies from 2008 to 2017 as the research sample to investigate the economic consequences of commercial credit reallocation in the supply side structural reform-whether it is “icing on the cake” for the strong enterprises or “timely help” for the weak enterprises.The results show that: on the whole, the reallocation of commercial credit mainly shows the effect of “timely help”, the commercial credit resources mainly flow from the strong enterprises to the weak ones, the weak ones are the biggest beneficiaries of the reallocation of commercial credit, and this effect is sustainable in the supply-side structural reform. At the micro level, commercial credit reallocation can correct the distortion of credit resources in initial allocation period, which shows that on the one hand, the outflow of commercial credit from the strong enterprises reduces the free cash flow, inhibits the generation of agency problems, and on the other hand, the weak enterprises use the inflow of commercial credit to ease the financing constraints.At the macro level, the reallocation of commercial credit promotes resources to flow from industries with low returns to industries with high returns. Further analysis shows that the executives of the weak enterprises seek the help of the strong enterprises by means of the informal system such as the identity of “red top businessman” and the constantly improving external environment.

Key words: Key words：commercial credit reallocation, supply- side structural reform, agency cost, financing constraint, resource allocation efficiency