商业信用能够提高企业全要素生产率吗?——基于中国企业的融资约束视角
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摘要
中国货币金融体系有两大特征事实:非正规金融(或民间金融)发达和利率双轨制。这两个特征事实相互依存,对货币政策制定和实施过程产生重大冲击,使得我国货币政策运行模式明显有别于成熟的市场经济国家。非正规金融不受中国人民银行直接监控,由非正规金融体系中借贷资金供求关系决定的市场化的资金价格不同于正规金融体系中的资金价格,资金价格扭曲长期存在。为此,本文使用规模以上工业企业数据验证了商业信用是否是提高企业全要素生产率的有效金融手段这一问题。考虑了中国企业面临的融资约束和企业的异质性后,本文得出的结论是:商业信用对提高非国有企业的全要素生产率是有效的,但对提升国有企业的全要素生产率则没有显著的影响。特别地,融资约束越强,商业信用越有助于提高非国有企业的全要素生产率。商业信用通过有效地管理运营资本,平滑现金流和平滑创新投资提高企业的全要素生产率。
The financial system performs two facts in China: informal financing and double-track interest rate system. These two facts rely on each other, which shocks the monetary policy significantly. Therefore, our monetary system is different from those in other developed markets. Informal financing is not regulated by the central bank of China directly, due to the demand and supply is not up to the market price system. Therefore, this paper uses the manufacturing firm's data to investigate whether trade credit can improve Total Factor Productivity(TFP) efficiently or not. Across the financial constraints and heterogeneities of the firms, this paper demonstrates that trade credit can increase TFP significantly, but not for the state-owned firms. Specifically, trade credit contributes more significantly to the more financially constrained firms. Furthermore, trade credit significantly increases TFP through managing working capital, adding cash flow and smoothing innovation investment.
The financial system performs two facts in China: informal financing and double-track interest rate system. These two facts rely on each other, which shocks the monetary policy significantly. Therefore, our monetary system is different from those in other developed markets. Informal financing is not regulated by the central bank of China directly, due to the demand and supply is not up to the market price system. Therefore, this paper uses the manufacturing firm's data to investigate whether trade credit can improve Total Factor Productivity(TFP) efficiently or not. Across the financial constraints and heterogeneities of the firms, this paper demonstrates that trade credit can increase TFP significantly, but not for the state-owned firms. Specifically, trade credit contributes more significantly to the more financially constrained firms. Furthermore, trade credit significantly increases TFP through managing working capital, adding cash flow and smoothing innovation investment.
引文
[1]陈彦斌,郭豫媚,陈伟泽. 2008年金融危机后中国货币数量论失效研究[J].经济研究,2015,50(04):21-35.
[2]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,48(01):4-16.
[3]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004(01):42-55.
[4]石晓军,张顺明.商业信用、融资约束及效率影响[J].经济研究,2010,45(01):102-114.
[5]孙浦阳,李飞跃,顾凌骏.商业信用能否成为企业有效的融资渠道—基于投资视角的分析[J].经济学,2014,13(04):1637-1652.
[6]张冬洋.融资约束视角下的运营资本对中国企业全要素生产率的贡献[J].经济理论与经济管理,2018(03):72-84.
[7]张杰,芦哲,郑文平,陈志远.融资约束、融资渠道与企业R&D投入[J].世界经济,2012,35(10):66-90.
[8] Allen,F.,Qian,J.,&Qian,M.. Law,Finance,and Economic Growth in China. Journal of Financial Economics,2005,77(1:)57-116.
[9] Ayyagari,M.,Demirgü?-Kunt,A.,&MaksimovicV,.. Formal versus Informal Finance:Evidence from China. The Review of Financial Studies,2010,23(8):3048-3097.
[10] BrandtL,.,&Li,H.. Bank Discrimination in Transition Economies:IdeologyI,nformationo,r Incentives?. Journal of Comparative Economics,2003,31(3):387-413.
[11] BrandtL,.J,ohannesV,. B.,&ZhangY,.. Creative Accounting or Creative Destruction? Firm-Level Productivity Growth in Chinese Manufacturing. Journal of Development Economics,2012,97(2):339-351.
[12] BrownJ,. R.,&PetersenB,. C.. Why Has the Investment-Cash Flow Sensitivity Declined So Sharply? Rising R&D and Equity Market Developments. Journal of Banking&Finance,2009,33(5):971-984.
[13] CarpenterR,. E.&Guariglia,A.. Cash FlowI,nvestmenta,nd Investment Opportunities:New Tests Using UK Panel Data. Journal of Banking&Finance,2008,32(9):1894-1906.
[14] Chen,G.F,irth,M.,&XinY,.. Control TransfersP,rivatizationa,nd Corporate Performance:Efficiency Gains in China's Listed Companies. Journal of Financial and Quantitative Analysis,2008,43(1):161-190.
[15] Chen,M.,&Guariglia,A.. Internal Financial Constraints and Firm Productivity in China:Do Liquidity and Export Behavior Make A Difference? Journal of Comparative Economics,2013,41(4):1123-1140.
[16]ClearyS,.. The Relationship between Firm Investment and Financial Status. The Journal of Finance1,9995,4(2:)673-692.
[17] CullR,.X,uL,.&, ZhuT,.. Formal Finance and Trade Credit During China's Transition. Journal of Financial Intermediation2,0091,(82:)173-192.
[18] CullR,.L,i,W.,&SunB,.. Government Connections and Financial Constraints:Evidence from a Large Representative Sample of Chinese Firms. Journal of Corporate Finance,2015,32:271-294.
[19] Du,J.,Lu,Y.,&Tao,Z.. Bank Loans vs. Trade Credit. Economics of Transition,2012,20(3):457-480.
[20] EricksonT,.&, WhitedT,. M.. Measurement Error and the Relationship between Investment and Q. Journal of Political Economy,2000,108(5):1027-1057.
[21] FazzariS,. M.,HubbardR,. G.,&PetersenB,. C.. Investment-Cash Flow Sensitivities are Useful:A Comment on Kaplan and Zingales. The Quarterly Journal of Economics,2000,115(2):695-705.
[22] Guariglia,A.. Internal Financial ConstraintsE,xternal Financial Constraintsa,nd Investment Choice:Evidence from A Panel of UK Firms. Journal of Banking&Finance,2008,32(9):1795-1809.
[23] Guariglia,A.,&LiuP,.. To What Extent Do Financing Constraints Affect Chinese Firms'Innovation Activities?. International Review of Financial Analysis,2014,36:223-240.
[24] HadlockJ,.,&PierceR,.. New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index. Econometrica,2010,23:1909-1940.
[25] HéricourtJ,.,&PoncetS,.. FDI and Credit Constraints:Firm-Level Evidence from China. Economic Systems2,0093,(31:)1-21.
[26] KaplanS,. N.,&Zingales L.. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics,1997,112(1):169-215.
[27] Lin,H-C. M.,&Bo,H.. State-Ownership and Financial Constraints on Investment of Chinese-listed Firms:New Evidence. The European Journal of Finance,2012,18(6):497-513.
[28] LinT,. T.,&ChouJ,-H.. Trade Credit and Bank Loan:Evidence from Chinese Firms. International Review of Economics&Finance,2015,36:17-29.
[29] OlleyS,.,&Pakes,A.. The Dynamics of Productivity in the Telecommunications Equipment Industry. Econometrica1,9966,4,1263-1298.
[30] Popov,A.. Credit Constraints and Investment in Human Capital:Training Evidence from Transition Economies. Journal of Financial Intermediation,2014,23(1):76-100.
[31]Whited,T. M.,&Wu,G.. Financial Constraints Risk. The Review of Financial Studies,2006,19(2):531-559.
(1)与先行研究保持一致,本文使用应付账款作为商业信用的代理变量。
(1)根据Brandt等(2012)给出的分类,我们使用注册类型对所有制进行分类。
(2)为了确保中介效应模型估计的准确性,需要相关的路径变量直接对商业信用变量回归,进而明确商业信用影响路径变量的方向。作者已经进行验证并符合相关理论假设,基于篇幅限制,如需要请和作者索取。
[2]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,48(01):4-16.
[3]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004(01):42-55.
[4]石晓军,张顺明.商业信用、融资约束及效率影响[J].经济研究,2010,45(01):102-114.
[5]孙浦阳,李飞跃,顾凌骏.商业信用能否成为企业有效的融资渠道—基于投资视角的分析[J].经济学,2014,13(04):1637-1652.
[6]张冬洋.融资约束视角下的运营资本对中国企业全要素生产率的贡献[J].经济理论与经济管理,2018(03):72-84.
[7]张杰,芦哲,郑文平,陈志远.融资约束、融资渠道与企业R&D投入[J].世界经济,2012,35(10):66-90.
[8] Allen,F.,Qian,J.,&Qian,M.. Law,Finance,and Economic Growth in China. Journal of Financial Economics,2005,77(1:)57-116.
[9] Ayyagari,M.,Demirgü?-Kunt,A.,&MaksimovicV,.. Formal versus Informal Finance:Evidence from China. The Review of Financial Studies,2010,23(8):3048-3097.
[10] BrandtL,.,&Li,H.. Bank Discrimination in Transition Economies:IdeologyI,nformationo,r Incentives?. Journal of Comparative Economics,2003,31(3):387-413.
[11] BrandtL,.J,ohannesV,. B.,&ZhangY,.. Creative Accounting or Creative Destruction? Firm-Level Productivity Growth in Chinese Manufacturing. Journal of Development Economics,2012,97(2):339-351.
[12] BrownJ,. R.,&PetersenB,. C.. Why Has the Investment-Cash Flow Sensitivity Declined So Sharply? Rising R&D and Equity Market Developments. Journal of Banking&Finance,2009,33(5):971-984.
[13] CarpenterR,. E.&Guariglia,A.. Cash FlowI,nvestmenta,nd Investment Opportunities:New Tests Using UK Panel Data. Journal of Banking&Finance,2008,32(9):1894-1906.
[14] Chen,G.F,irth,M.,&XinY,.. Control TransfersP,rivatizationa,nd Corporate Performance:Efficiency Gains in China's Listed Companies. Journal of Financial and Quantitative Analysis,2008,43(1):161-190.
[15] Chen,M.,&Guariglia,A.. Internal Financial Constraints and Firm Productivity in China:Do Liquidity and Export Behavior Make A Difference? Journal of Comparative Economics,2013,41(4):1123-1140.
[16]ClearyS,.. The Relationship between Firm Investment and Financial Status. The Journal of Finance1,9995,4(2:)673-692.
[17] CullR,.X,uL,.&, ZhuT,.. Formal Finance and Trade Credit During China's Transition. Journal of Financial Intermediation2,0091,(82:)173-192.
[18] CullR,.L,i,W.,&SunB,.. Government Connections and Financial Constraints:Evidence from a Large Representative Sample of Chinese Firms. Journal of Corporate Finance,2015,32:271-294.
[19] Du,J.,Lu,Y.,&Tao,Z.. Bank Loans vs. Trade Credit. Economics of Transition,2012,20(3):457-480.
[20] EricksonT,.&, WhitedT,. M.. Measurement Error and the Relationship between Investment and Q. Journal of Political Economy,2000,108(5):1027-1057.
[21] FazzariS,. M.,HubbardR,. G.,&PetersenB,. C.. Investment-Cash Flow Sensitivities are Useful:A Comment on Kaplan and Zingales. The Quarterly Journal of Economics,2000,115(2):695-705.
[22] Guariglia,A.. Internal Financial ConstraintsE,xternal Financial Constraintsa,nd Investment Choice:Evidence from A Panel of UK Firms. Journal of Banking&Finance,2008,32(9):1795-1809.
[23] Guariglia,A.,&LiuP,.. To What Extent Do Financing Constraints Affect Chinese Firms'Innovation Activities?. International Review of Financial Analysis,2014,36:223-240.
[24] HadlockJ,.,&PierceR,.. New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index. Econometrica,2010,23:1909-1940.
[25] HéricourtJ,.,&PoncetS,.. FDI and Credit Constraints:Firm-Level Evidence from China. Economic Systems2,0093,(31:)1-21.
[26] KaplanS,. N.,&Zingales L.. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics,1997,112(1):169-215.
[27] Lin,H-C. M.,&Bo,H.. State-Ownership and Financial Constraints on Investment of Chinese-listed Firms:New Evidence. The European Journal of Finance,2012,18(6):497-513.
[28] LinT,. T.,&ChouJ,-H.. Trade Credit and Bank Loan:Evidence from Chinese Firms. International Review of Economics&Finance,2015,36:17-29.
[29] OlleyS,.,&Pakes,A.. The Dynamics of Productivity in the Telecommunications Equipment Industry. Econometrica1,9966,4,1263-1298.
[30] Popov,A.. Credit Constraints and Investment in Human Capital:Training Evidence from Transition Economies. Journal of Financial Intermediation,2014,23(1):76-100.
[31]Whited,T. M.,&Wu,G.. Financial Constraints Risk. The Review of Financial Studies,2006,19(2):531-559.
(1)与先行研究保持一致,本文使用应付账款作为商业信用的代理变量。
(1)根据Brandt等(2012)给出的分类,我们使用注册类型对所有制进行分类。
(2)为了确保中介效应模型估计的准确性,需要相关的路径变量直接对商业信用变量回归,进而明确商业信用影响路径变量的方向。作者已经进行验证并符合相关理论假设,基于篇幅限制,如需要请和作者索取。