商业信用融资对缓解企业风险的作用机制研究

为考察商业信用融资能否缓解企业风险,以中国A股上市制造业企业为研究样本,从规模与周期双重角度实证检验商业信用融资对企业风险的作用机制。研究表明:商业信用融资规模通过影响企业融资约束和库存持有,对企业风险产生非线性影响;立足市场交易角度,商业信用融资周期与企业风险呈现负相关关系;并且企业所有制不同会使商业信用融资规模和周期对企业风险的影响产生异质性。进一步研究发现,企业供应商集中度越高,商业信用融资规模对企业风险的影响越明显。

Study on the Mechanism of the Role of Commercial Credit Financing in Mitigating Enterprise Risk

To investigate whether commercial credit financing can alleviate corporate risk,this study,based on China’s A-share listed manufacturing enterprises,empirically tests the mechanism of trade credit financing on corporate risk from the dual perspectives of financing scale and cycle.This study shows that the scale of commercial credit financing has a non-linear effect on corporate risk by affecting corporate financing constraints and inventory holdings.Meanwhile,the trade credit financing cycle is found to have a negative correlation with corporate risk from the perspective of market transactions.In addition,the effects of trade credit financing scale and cycle on corporate risk are heterogeneous due to the difference in corporate ownership.Further,with the higher degree of supplier concentration,the scale of trade credit financing has a more salient effect on corporate risk.