信贷配给、市场势力与农村中小企业商业信用
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摘要
20世纪90年代以来,随着改革开放的不断深入和鼓励经济多元化政策的逐步落实,我国中小企业充分发挥自身的比较优势,凭借其独特灵活的运行体制和经营机制,获得了迅速发展。中小企业在推进技术革新、缓解就业压力、加速转移农村剩余劳动力等方面发挥越来越重要的作用。农村中小企业不仅是市场经济发展的产物,同时也是推动市场化、工业化、城市化持续稳定发展的基本动力,在我国国民经济中具有发展与改革的双重意义。
在金融体系不够发达的条件下,我国经济却保持着较高的发展速度,除了其它因素外,体制外融资方式是支撑经济增长的一个重要原因。随着社会和经济的发展,商业信用在中小企业中广泛使用,对它们的生存和发展起了重要作用。商业信用既是一种商品交易制度,也是一种借贷制度。绝大多数情况下,中小企业既是商业信用的获得者(赊购),也是商业信用的提供者(赊销)。从受信角度来看,商业信用扮演着融资性的角色,成为中小企业短期资金的重要来源。从授信角度来看,商业信用存在投资性的作用,成为企业运营性、竞争性的工具和手段。
农村中小企业和大企业相比,存在着特殊性。由于缺乏合格的抵押担保品以及多数情形下所有者与经营者的“高度合一”,造成借贷双方信息严重不对称,它们很难从银行获得贷款。特别是在金融危机背景下,以银行贷款为主要外部融资渠道的农村中小企业面临更加严重的资金约束,这使很多农村中小企业的经营更加举步维艰。众多农村中小企业不得不寻找正规金融以外的融资渠道,这为内生于经济体的商业信用提供了市场空间。另外,由于农村中小企业的“规模”限制,使它们在产业分工中一般处于较低层次,从事附加值较低的生产经营活动。除了极少数高新技术企业,多数农村中小企业的研究开发投入偏少,技术装备水平低,专业人才缺乏,它们生产的产品技术含量比较低,影响了企业的长远发展。同时,市场竞争日趋激烈,使农村中小企业面临较大的生存压力。农村中小企业向客户提供了大量的商业信用。
中国农村中小企业自身的特殊性,导致商业信用在农村中小企业发展中的运行机制以及所起的作用与其它国家的企业以及其它类型的企业相比也存在着差异性。论文通过对实地调查情况进行分析,剖析商业信用在农村中小企业中的运作机制。并对农村中小企业是否受到正规金融机构信贷配给以及配给程度进行衡量。在此基础上,从商业信用获得者和提供者的角度,研究商业信用是否能够有效缓解农村中小企业所受的正规金融机构信贷配给以及为何信贷约束较高的农村中小企业提供了较多的商业信用,分析商业信用在农村中小企业中所起的作用以及目前存在的问题。进而,论文提出农村中小企业商业信用发展路径,以期为政策的制定和安排提供科学依据。这有助于商业信用更好地为农村中小企业服务,最终促进农村地区经济水平的提高,具有重要现实意义。目前,对于商业信用的研究主要集中于英、美等发达国家的企业,特别是上市公司。对于新兴国家,特别是对以中国为代表的转型经济国家企业的商业信用研究还有较大空间。
本文是基于发展经济学、金融学、信息经济学、制度经济学等相关理论的分析框架,对上述问题予以探讨。全文共分为7个部分,研究的主要内容和结论如下：
研究内容一：农村中小企业商业信用运行机制
通过对实地调查的190个农村中小企业的数据整理并分析,从微观层面研究农村中小企业运行机制,包括商业信用数量、期限、条款以及结算方式等,结果如下：
190家样本企业显示,应付账款占总资产的比例为18.68%,应收账款占总资产的比例为25.34%。无论是作为商业信用的接受方还是提供方,商业信用在农村中小企业中的广泛使用体现出它的重要性。我国农村中小企业商业信用条款主要包括简单条款与优厚条款,国外常见的两部分条款在农村中小企业中几乎不存在。190家农村中小企业中,171家企业有应付账款,即采用赊购的方式来购买原材料。其中38家企业的供应商向其提供优厚信用条款,平均折扣率为3.3%,应付账款的平均结算天数为45天。190家农村中小企业中,181家企业有应收账款,即采用赊销的方式销售产品。其中60家企业向其客户提供优厚信用条款,平均折扣率为3.45%,应收账款的平均结算天数为62天。
农村中小企业商业信用最常见的结算方式是固定时间结算一次。在商业信用运行中产生拖欠行为的时候农村中小企业较多地采用加大催收力度和停止下一批货物的供应,较少地采用诉诸法律或者收取罚金等手段。
研究内容二：农村中小企业商业信用与信贷配给——基于商业信用获得的视角
本部分借鉴信息经济学理论,采用基于特殊设计的直接诱导式询问方法对农村中小企业所受到的信贷配给程度进行衡量。调查结果显示,在190个农村中小企业样本中,37.37%的企业受到正规金融机构的信贷配给,62.63%的企业未受到正规金融机构的信贷配给。在受到信贷配给的企业中,24.21%的企业受到部分配给,13.16%的企业受到完全配给。
在此基础上,对农村中小企业获得的商业信用与银行信用两者之间的关系进行验证。实证结果显示：受到信贷配给的农村中小企业,商业信用和银行信用两者之间的关系为相互替代,其替代程度为27.96%。这表明农村中小企业受到正规金融机构的信贷配给程度相对较高,在它们无法获得所需贷款时,商业信用是一种重要的融资方式,能改善它们资金紧张的局面。而在全部样本企业中,商业信用和银行信用两者的替代程度为22.79%。这说明受到信贷配给的样本企业和全部样本企业,商业信用和银行信用的替代程度是有较大差别的。在以往研究中,未对研究对象是否受到信贷配给作出区分的情况下,直接研究商业信用对企业融资约束的缓解作用,容易低估企业所获得的商业信用对其融资约束的缓解程度。
研究内容三：农村中小企业商业信用与市场势力——基于商业信用提供的视角
在对农村中小企业的应收账款、应付账款进行比较时我们发现,农村中小企业大多数是商业信用的净提供者。本章从产品差异化程度和销售份额集中程度两个维度衡量市场势力,对市场势力是如何影响农村中小企业提供的商业信用数量和条款进行实证分析,用以解释大多数农村中小企业为什么是商业信用的净提供者。农村中小企业的产品同质性较高、可替代性较强导致它们缺乏核心竞争力；农村中小企业资产少、规模小、产量低导致产品销售集中在少数客户,这使农村中小企业相对于其客户而言市场势力较弱。
研究结果表明：农村中小企业将向客户提供商业信用作为增强自身竞争力的一种手段,以在市场上占有一席之地。客户市场势力越强,农村中小企业提供的商业信用越多,信用条款也越优厚。本文研究结果还表明,农村中小企业提供商业信用是它们面对市场的理性反应,并非如同有些研究指出的是一种“被迫”行为。但是,由于农村中小企业本身就易受到正规金融机构信贷配给,资金来源较少,而向客户提供商业信用,等于是将自身的流动资金让渡出去,这会进一步加剧企业资金的紧张程度。
研究内容四：农村中小企业商业信用发展路径
根据以上研究内容,对于如何加强商业信用对农村中小企业的有利作用,解决其存在的问题,提出商业信用发展路径,主要从以下四方面着手：(1)推进征信体系建设,将商业信用纳入其中；(2)通过金融产品创新,使企业提供商业信用丧失的流动性得以回流；(3)完善配套的商业信用法律法规制度；(4)农村中小企业加强自身建设,增强产品竞争力。
Since the1990s, with the deepening of china's reform and opening and the gradual implementation of the economic diversification policy, SMEs in China have given full play to comparative advantage and been rapidly developed by virtue of its unique and flexible operating system and operating mechanism. SMEs play an increasingly important role of promoting technological innovation, releasing employment pressure and accelerating the transfer of rural surplus labor. Rural SMEs are not only the products of market economy development, but also the sustainable and stable driving force to promote marketization, industrialization and urbanization. Rural SMEs have double meanings with development and reform in our national economy.
Though China's financial system is not fully developed, the economy has maintained a high developing speed. The outside system of financing is an important reason to support economic growth besides other reasons. With the development of social and economic, trade credit is widely used in the enterprises which has been played an important role in their survival and development. Trade credit are both a commodity trading system and a lending system. As a receiver (accounts payable), trade credit plays a role of financing as an important source of short-term capital. As a supplier (accounts receivable), trade credit plays a role of investing and become means of Competitiveness.
Rural SMEs are particular compared with large enterprises. Due to lack of qualified mortgage collateral and the owners and operators are the same in most cases, there is serious information asymmetry between the lender and the borrower when rural SMEs are difficult to obtain loans from banks. Especially in the context of the current financial crisis, rural SMEs which depend on the bank loans as the main external financing channels confront severe financial constraints, thus making a lot of difficulties on production and management. In addition, because of the limit of scale, the rural SMEs are generally in a lower level of the industrial division, which engaged in low value-added production and business activities. Except the very small number of high-tech enterprises, the majority of rural SMEs invest less than normal in R&D, with low level of technical equipment and lack of professionals. The products have low percentage of technology which affects the development of enterprises. Rural SMEs are undertaking great pressure for survival because market competition is becoming fierce.
The differences between rural SMEs and large enterprises in these areas, resulting in particularity of the development of trade credit to rural SMEs. Study the working situation and role of trade credit to rural SMEs in China, and then analyze its development path, providing a scientific basis on the policy-making and arrangements, which ultimately helps to promote the economic level of the rural areas. It has important theoretical and practical significance. Most studies of trade credit are for enterprises mainly in Britain, the United States and other developed countries, especially for listed companies. For emerging countries, especially with China as the representative of the countries with economies in transition there is a large space.
This dissertation based on the analytical framework of development economics, finance, information economics and institutional economics. First, describe and compare trade credit of different types of enterprises of rural SMEs. Then, analyze the operation of trade credit in the survey sample. On this basis, on the one hand, we study their role as a receiver on the basis of suffering credit rationing from formal financial institutions of rural SMEs. On the other hand, we study their role as a supplier because of lower for rural SMEs in general competitiveness situation. Aim at fully reveal the beneficial and negative aspects of the trade credit in rural SMEs and finally propose the development path of rural SMEs. The full text is divided into seven parts, the main contents and conclusions of the study are as follows:
Research content one:the development of rural SMEs and the situation of SMEs' trade credit
First, introduce and compare trade credit situation of different types of corporate business. Then recognize and analysis the micro data of the survey of190rural SMEs. Finally, analysis accounts payable and accounts receivable from the amount, duration and terms at the micro level. The results are as follows:190sample enterprises indicete accounts payable to total assets account for18.68%and the proportion of accounts receivable to total assets was25.34%. Whether as trade credit recipient or provider, the widespread use of trade credit in rural SMEs reflects its importance. Trade credit terms for rural SMEs mainly include simple term and favorable term, but the two-part term which is popular in foreign countries rarely exists in rural SMEs. In all sample enterprises,171enterprises have accounts payable that is bought on credit to buy raw materials.38enterprises receive favorable credit terms from their suppliers in which the average discount rate is3.3%and the average duration of accounts payable is45days.181enterprises have accounts receivable that is sold on credit. Among them,60enterprises provide favorable credit terms to their customers in whom the average discount rate is3.45%and the average duration of accounts receivable is62days.
Research content two:trade credit and credit rationing of rural SMEs-the perspective based on accounts payable
This section draws on information economics theory to measure the degree of credit rationing of rural SMEs based on Direct Elicitation Methodology. The survey results show that37.37%of the sample enterprises suffer credit rationing by formal financial institutions,62.63%of the sample enterprises don't. And24.21%of the rural SMEs are part of the ration,13.16%of the rural SMEs were all rationed.
On this basis, the next step is to verify the relationship between trade credit (accounts payable) and bank credit. The empirical results show that:the relationship between trade credit and bank credit substitutes and the alternative level is27.96%of the rural SMEs which are subject to credit rationing; the degree of substitution between trade credit and bank credit in the total sample enterprises is22.79%. This shows that there is a large difference of the degree of substitution between trade credit and bank credit in different types of enterprises. Rural SMEs suffer to relatively high degree of credit rationing by the formal financial institutions. When they can not obtain the necessary loans, trade credit is a vital means of financing which can improve their financial strain. In previous studies researchers did not make a distinction whether the enterprises are subject to credit rationing and they directly study the effect of trade credit to ease financing constraints. In this way, it is easy to underestimate the degree of mitigation of trade credit to financing constraints.
Research content three:trade credit and market power of rural SMEs-the perspective based on accounts receivable
When comparing to accounts receivable and accounts payable we find that rural SMEs show more net provider of trade credit. On this basis, this chapter starting from the theory of market power explains why rural SMEs suffering relatively high degree of financing provide more credit. In this part we portray market power from the two dimensions, one is the degree of the products substitution and the other is the proportion of the first five customers'sales.
On this basis, we study the impact of customer market power to the amount and terms of trade credit of rural SMEs. Higher product homogeneity and strong substitutability of rural SMEs lead to the lack of core competitiveness. Less asset, small-scale and low output of rural SMEs lead to product sales are concentrated in a small number of customers, which makes rural SMEs relative to their customers, market power is weak. The results show that: the number of rural SMEs will provide customers with much more amount and more favorable terms of trade credit as a means to enhance their own competitiveness in the market place. However, because they themselves are vulnerable to suffer credit rationing from formal financial institutions and have fewer sources of funding, whereas provide customers with trade credit, equal to transferring out of their own liquidity, which will further exacerbate the funds tensions of the enterprise.
Research content four:the development path of trade credit for rural SMEs
Based on the research findings of above three parts, we mainly proceed from the following four areas regarding how to strengthen the positive aspects of trade credit to rural SMEs, reduce the negative aspects and propose the development path of trade credit, mainly proceed from the following four areas:(1) Promote the credit system, business credit included;(2)Through the financial product innovation, reflux the loss of liquidity by trade credit;(3)Improve the supporting system of trade credit laws and regulations;(4) Rural SMEs strengthen self-construction and enhance their own competitiveness.
在金融体系不够发达的条件下,我国经济却保持着较高的发展速度,除了其它因素外,体制外融资方式是支撑经济增长的一个重要原因。随着社会和经济的发展,商业信用在中小企业中广泛使用,对它们的生存和发展起了重要作用。商业信用既是一种商品交易制度,也是一种借贷制度。绝大多数情况下,中小企业既是商业信用的获得者(赊购),也是商业信用的提供者(赊销)。从受信角度来看,商业信用扮演着融资性的角色,成为中小企业短期资金的重要来源。从授信角度来看,商业信用存在投资性的作用,成为企业运营性、竞争性的工具和手段。
农村中小企业和大企业相比,存在着特殊性。由于缺乏合格的抵押担保品以及多数情形下所有者与经营者的“高度合一”,造成借贷双方信息严重不对称,它们很难从银行获得贷款。特别是在金融危机背景下,以银行贷款为主要外部融资渠道的农村中小企业面临更加严重的资金约束,这使很多农村中小企业的经营更加举步维艰。众多农村中小企业不得不寻找正规金融以外的融资渠道,这为内生于经济体的商业信用提供了市场空间。另外,由于农村中小企业的“规模”限制,使它们在产业分工中一般处于较低层次,从事附加值较低的生产经营活动。除了极少数高新技术企业,多数农村中小企业的研究开发投入偏少,技术装备水平低,专业人才缺乏,它们生产的产品技术含量比较低,影响了企业的长远发展。同时,市场竞争日趋激烈,使农村中小企业面临较大的生存压力。农村中小企业向客户提供了大量的商业信用。
中国农村中小企业自身的特殊性,导致商业信用在农村中小企业发展中的运行机制以及所起的作用与其它国家的企业以及其它类型的企业相比也存在着差异性。论文通过对实地调查情况进行分析,剖析商业信用在农村中小企业中的运作机制。并对农村中小企业是否受到正规金融机构信贷配给以及配给程度进行衡量。在此基础上,从商业信用获得者和提供者的角度,研究商业信用是否能够有效缓解农村中小企业所受的正规金融机构信贷配给以及为何信贷约束较高的农村中小企业提供了较多的商业信用,分析商业信用在农村中小企业中所起的作用以及目前存在的问题。进而,论文提出农村中小企业商业信用发展路径,以期为政策的制定和安排提供科学依据。这有助于商业信用更好地为农村中小企业服务,最终促进农村地区经济水平的提高,具有重要现实意义。目前,对于商业信用的研究主要集中于英、美等发达国家的企业,特别是上市公司。对于新兴国家,特别是对以中国为代表的转型经济国家企业的商业信用研究还有较大空间。
本文是基于发展经济学、金融学、信息经济学、制度经济学等相关理论的分析框架,对上述问题予以探讨。全文共分为7个部分,研究的主要内容和结论如下：
研究内容一：农村中小企业商业信用运行机制
通过对实地调查的190个农村中小企业的数据整理并分析,从微观层面研究农村中小企业运行机制,包括商业信用数量、期限、条款以及结算方式等,结果如下：
190家样本企业显示,应付账款占总资产的比例为18.68%,应收账款占总资产的比例为25.34%。无论是作为商业信用的接受方还是提供方,商业信用在农村中小企业中的广泛使用体现出它的重要性。我国农村中小企业商业信用条款主要包括简单条款与优厚条款,国外常见的两部分条款在农村中小企业中几乎不存在。190家农村中小企业中,171家企业有应付账款,即采用赊购的方式来购买原材料。其中38家企业的供应商向其提供优厚信用条款,平均折扣率为3.3%,应付账款的平均结算天数为45天。190家农村中小企业中,181家企业有应收账款,即采用赊销的方式销售产品。其中60家企业向其客户提供优厚信用条款,平均折扣率为3.45%,应收账款的平均结算天数为62天。
农村中小企业商业信用最常见的结算方式是固定时间结算一次。在商业信用运行中产生拖欠行为的时候农村中小企业较多地采用加大催收力度和停止下一批货物的供应,较少地采用诉诸法律或者收取罚金等手段。
研究内容二：农村中小企业商业信用与信贷配给——基于商业信用获得的视角
本部分借鉴信息经济学理论,采用基于特殊设计的直接诱导式询问方法对农村中小企业所受到的信贷配给程度进行衡量。调查结果显示,在190个农村中小企业样本中,37.37%的企业受到正规金融机构的信贷配给,62.63%的企业未受到正规金融机构的信贷配给。在受到信贷配给的企业中,24.21%的企业受到部分配给,13.16%的企业受到完全配给。
在此基础上,对农村中小企业获得的商业信用与银行信用两者之间的关系进行验证。实证结果显示：受到信贷配给的农村中小企业,商业信用和银行信用两者之间的关系为相互替代,其替代程度为27.96%。这表明农村中小企业受到正规金融机构的信贷配给程度相对较高,在它们无法获得所需贷款时,商业信用是一种重要的融资方式,能改善它们资金紧张的局面。而在全部样本企业中,商业信用和银行信用两者的替代程度为22.79%。这说明受到信贷配给的样本企业和全部样本企业,商业信用和银行信用的替代程度是有较大差别的。在以往研究中,未对研究对象是否受到信贷配给作出区分的情况下,直接研究商业信用对企业融资约束的缓解作用,容易低估企业所获得的商业信用对其融资约束的缓解程度。
研究内容三：农村中小企业商业信用与市场势力——基于商业信用提供的视角
在对农村中小企业的应收账款、应付账款进行比较时我们发现,农村中小企业大多数是商业信用的净提供者。本章从产品差异化程度和销售份额集中程度两个维度衡量市场势力,对市场势力是如何影响农村中小企业提供的商业信用数量和条款进行实证分析,用以解释大多数农村中小企业为什么是商业信用的净提供者。农村中小企业的产品同质性较高、可替代性较强导致它们缺乏核心竞争力；农村中小企业资产少、规模小、产量低导致产品销售集中在少数客户,这使农村中小企业相对于其客户而言市场势力较弱。
研究结果表明：农村中小企业将向客户提供商业信用作为增强自身竞争力的一种手段,以在市场上占有一席之地。客户市场势力越强,农村中小企业提供的商业信用越多,信用条款也越优厚。本文研究结果还表明,农村中小企业提供商业信用是它们面对市场的理性反应,并非如同有些研究指出的是一种“被迫”行为。但是,由于农村中小企业本身就易受到正规金融机构信贷配给,资金来源较少,而向客户提供商业信用,等于是将自身的流动资金让渡出去,这会进一步加剧企业资金的紧张程度。
研究内容四：农村中小企业商业信用发展路径
根据以上研究内容,对于如何加强商业信用对农村中小企业的有利作用,解决其存在的问题,提出商业信用发展路径,主要从以下四方面着手：(1)推进征信体系建设,将商业信用纳入其中；(2)通过金融产品创新,使企业提供商业信用丧失的流动性得以回流；(3)完善配套的商业信用法律法规制度；(4)农村中小企业加强自身建设,增强产品竞争力。
Since the1990s, with the deepening of china's reform and opening and the gradual implementation of the economic diversification policy, SMEs in China have given full play to comparative advantage and been rapidly developed by virtue of its unique and flexible operating system and operating mechanism. SMEs play an increasingly important role of promoting technological innovation, releasing employment pressure and accelerating the transfer of rural surplus labor. Rural SMEs are not only the products of market economy development, but also the sustainable and stable driving force to promote marketization, industrialization and urbanization. Rural SMEs have double meanings with development and reform in our national economy.
Though China's financial system is not fully developed, the economy has maintained a high developing speed. The outside system of financing is an important reason to support economic growth besides other reasons. With the development of social and economic, trade credit is widely used in the enterprises which has been played an important role in their survival and development. Trade credit are both a commodity trading system and a lending system. As a receiver (accounts payable), trade credit plays a role of financing as an important source of short-term capital. As a supplier (accounts receivable), trade credit plays a role of investing and become means of Competitiveness.
Rural SMEs are particular compared with large enterprises. Due to lack of qualified mortgage collateral and the owners and operators are the same in most cases, there is serious information asymmetry between the lender and the borrower when rural SMEs are difficult to obtain loans from banks. Especially in the context of the current financial crisis, rural SMEs which depend on the bank loans as the main external financing channels confront severe financial constraints, thus making a lot of difficulties on production and management. In addition, because of the limit of scale, the rural SMEs are generally in a lower level of the industrial division, which engaged in low value-added production and business activities. Except the very small number of high-tech enterprises, the majority of rural SMEs invest less than normal in R&D, with low level of technical equipment and lack of professionals. The products have low percentage of technology which affects the development of enterprises. Rural SMEs are undertaking great pressure for survival because market competition is becoming fierce.
The differences between rural SMEs and large enterprises in these areas, resulting in particularity of the development of trade credit to rural SMEs. Study the working situation and role of trade credit to rural SMEs in China, and then analyze its development path, providing a scientific basis on the policy-making and arrangements, which ultimately helps to promote the economic level of the rural areas. It has important theoretical and practical significance. Most studies of trade credit are for enterprises mainly in Britain, the United States and other developed countries, especially for listed companies. For emerging countries, especially with China as the representative of the countries with economies in transition there is a large space.
This dissertation based on the analytical framework of development economics, finance, information economics and institutional economics. First, describe and compare trade credit of different types of enterprises of rural SMEs. Then, analyze the operation of trade credit in the survey sample. On this basis, on the one hand, we study their role as a receiver on the basis of suffering credit rationing from formal financial institutions of rural SMEs. On the other hand, we study their role as a supplier because of lower for rural SMEs in general competitiveness situation. Aim at fully reveal the beneficial and negative aspects of the trade credit in rural SMEs and finally propose the development path of rural SMEs. The full text is divided into seven parts, the main contents and conclusions of the study are as follows:
Research content one:the development of rural SMEs and the situation of SMEs' trade credit
First, introduce and compare trade credit situation of different types of corporate business. Then recognize and analysis the micro data of the survey of190rural SMEs. Finally, analysis accounts payable and accounts receivable from the amount, duration and terms at the micro level. The results are as follows:190sample enterprises indicete accounts payable to total assets account for18.68%and the proportion of accounts receivable to total assets was25.34%. Whether as trade credit recipient or provider, the widespread use of trade credit in rural SMEs reflects its importance. Trade credit terms for rural SMEs mainly include simple term and favorable term, but the two-part term which is popular in foreign countries rarely exists in rural SMEs. In all sample enterprises,171enterprises have accounts payable that is bought on credit to buy raw materials.38enterprises receive favorable credit terms from their suppliers in which the average discount rate is3.3%and the average duration of accounts payable is45days.181enterprises have accounts receivable that is sold on credit. Among them,60enterprises provide favorable credit terms to their customers in whom the average discount rate is3.45%and the average duration of accounts receivable is62days.
Research content two:trade credit and credit rationing of rural SMEs-the perspective based on accounts payable
This section draws on information economics theory to measure the degree of credit rationing of rural SMEs based on Direct Elicitation Methodology. The survey results show that37.37%of the sample enterprises suffer credit rationing by formal financial institutions,62.63%of the sample enterprises don't. And24.21%of the rural SMEs are part of the ration,13.16%of the rural SMEs were all rationed.
On this basis, the next step is to verify the relationship between trade credit (accounts payable) and bank credit. The empirical results show that:the relationship between trade credit and bank credit substitutes and the alternative level is27.96%of the rural SMEs which are subject to credit rationing; the degree of substitution between trade credit and bank credit in the total sample enterprises is22.79%. This shows that there is a large difference of the degree of substitution between trade credit and bank credit in different types of enterprises. Rural SMEs suffer to relatively high degree of credit rationing by the formal financial institutions. When they can not obtain the necessary loans, trade credit is a vital means of financing which can improve their financial strain. In previous studies researchers did not make a distinction whether the enterprises are subject to credit rationing and they directly study the effect of trade credit to ease financing constraints. In this way, it is easy to underestimate the degree of mitigation of trade credit to financing constraints.
Research content three:trade credit and market power of rural SMEs-the perspective based on accounts receivable
When comparing to accounts receivable and accounts payable we find that rural SMEs show more net provider of trade credit. On this basis, this chapter starting from the theory of market power explains why rural SMEs suffering relatively high degree of financing provide more credit. In this part we portray market power from the two dimensions, one is the degree of the products substitution and the other is the proportion of the first five customers'sales.
On this basis, we study the impact of customer market power to the amount and terms of trade credit of rural SMEs. Higher product homogeneity and strong substitutability of rural SMEs lead to the lack of core competitiveness. Less asset, small-scale and low output of rural SMEs lead to product sales are concentrated in a small number of customers, which makes rural SMEs relative to their customers, market power is weak. The results show that: the number of rural SMEs will provide customers with much more amount and more favorable terms of trade credit as a means to enhance their own competitiveness in the market place. However, because they themselves are vulnerable to suffer credit rationing from formal financial institutions and have fewer sources of funding, whereas provide customers with trade credit, equal to transferring out of their own liquidity, which will further exacerbate the funds tensions of the enterprise.
Research content four:the development path of trade credit for rural SMEs
Based on the research findings of above three parts, we mainly proceed from the following four areas regarding how to strengthen the positive aspects of trade credit to rural SMEs, reduce the negative aspects and propose the development path of trade credit, mainly proceed from the following four areas:(1) Promote the credit system, business credit included;(2)Through the financial product innovation, reflux the loss of liquidity by trade credit;(3)Improve the supporting system of trade credit laws and regulations;(4) Rural SMEs strengthen self-construction and enhance their own competitiveness.
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