我国商业信用的资源再配置效应与强制性特征——基于工业企业数据的实证检验

商业信用的资源再配置假说认为,商业信用可实现银行信贷资金的再配置,从而提高资源配置效率。以2004—2007年中国工业企业微观数据为基础,对我国商业信用的资源配置效应以及恶意拖欠基础上的强制性信用特征进行的检验结果表明,在我国,获取更多银行信贷的企业(包括国有企业)不仅未能提供更多商业信用,反而获取了更多商业信用,而市场势力的存在可能是导致这一配置结果的扭曲性因素;拥有更多应收账款的企业倾向于扩大应付账款规模,从而使企业间债务关系呈现出较强的"三角债"趋势。此外,与出口企业相比,产品内销企业在商业信用的供给中面临着更多的坏账损失风险。这说明我国商业信用的产生具有显著的恶意拖欠特征与违约风险。我国的商业信用不仅未能改善资源配置效率,反而增大了市场的交易费用和运行风险。

The Reallocation Effect and Compulsive Feature of China’s Trade Credit:Examinations Based on Data of Industry Firms

The Reallocation theory of trade credits states that trade credit can increasing the efficiency of resource allocation by reallocating bank loans among firms.This paper,using 2004-2007 micro-data of industry firms,tests the reallocation effects and compulsive characteristic of China’s trade credit.Firms getting more bank loans(including SOEs) do not provide more trade credits but tend to obtain more credits.Market power plays an important role in explaining this distortion.Firms with more accounts receivable are inclined to expanding their scales on accounts payable,and cause debt relationships among firms to have strong patterns of chain credit.Furthermore,local firms bear more losses from bad debts,compared with exporting firms.China’s trade credits have significant feature of non-repayment and default.Trade credits in China have not increased the efficiency of resource allocation,but raised transaction costs and the risk of market.