银行信贷、市场地位与商业信用管理

本文基于沪深两市A股上市公司2005～2017年的样本数据,探讨了银行信贷、市场地位与公司商业信用之间的关系。结果表明,公司从银行获取的借款越多,其提供给客户的商业信用越多,其占用的商业信用越少,说明商业信用和银行信贷存在替代关系。进一步研究发现,公司市场地位越低,其银行信贷的"二次分配效应"更为明显,即缺乏市场竞争力的公司获得的银行信贷越多,其为了提高市场地位,会向其客户提供更多的商业信用。而商业信用融资和银行信贷的"替代关系"在市场地位高的公司更为明显,即市场地位高的公司获得的银行信贷越多,其占用的商业信用越少。由此可见市场地位高的公司可以根据自身的经营策略和资金需求灵活地调整商业信用,而市场地位低的公司更依赖正规融资渠道。     

商业信用与实体企业金融化

已有研究表明,商业信用作为实体企业债务融资的一种重要途径,会对企业经营决策产生显著的影响。然而目前尚无文献探究商业信用与实体企业金融化之间的关系。基于此,文章就商业信用对非金融类公司金融化的影响进行了理论分析,并运用2007-2019年A股非金融类上市公司的数据进行了实证检验,结果表明,商业信用对企业金融化具有显著的负向影响。该结论在考察潜在的内生性问题、改变计量模型、替换关键变量、改变样本区间的情形下均具有较强的稳健性。进一步的作用机制检验表明,流动性约束对商业信用与金融化的中间作用机制为“遮掩效应”,代理成本对商业信用与金融化的中间作用机制为“中介效应”。研究商业信用对企业金融化的作用环境时发现,在地区市场化环境较好、行业内竞争地位较低的实体企业中,商业信用对企业金融化的抑制效应更加明显。     

社会腐败、企业经营状况与商业信用融资——基于我国大陆地区与香港地区零售业的面板数据检验

在我国,商业预付卡成为社会腐败的一种形式,由此造成企业商业信用融资水平的上升.本文搜集零售业上市公司2006-2013年的面板数据,实证检验社会腐败、企业经营状况与其商业信用融资水平的关系.研究发现,大陆地区社会腐败程度与零售业的商业信用融资水平正相关,而企业经营状况并非影响其商业信用融资水平的决定因素,这验证了商业预付卡背后存在着社会腐败现象.此外,通过与香港14家同类公司同期数据的对比分析发现:一方面,相对于大陆地区,香港零售企业商业信用融资水平更依赖于企业经营状况,而与社会腐败无明显关系;另一方面,在样本范围内,大陆地区社会腐败因素对商业信用融资所占总资产比例的增长贡献了至少5.5个百分点.     

供应链竞争条件下的贸易信用融资及其对企业绩效的影响研究

通过选取2015-2017年沪深A股上市公司为初始样本,最终选择50家上市公司3年共150条样本数据分析得到,客户集中度与供应商为前五大客户提供的贸易信用正向相关,前五大客户贸易信用量与供应商利润正向相关,说明客户集中度越高,买方企业越容易要求供应商企业为其提供贸易信用融资,同时贸易信用作为一种竞争工具,也能为供应商带来良好的效益。     

不确定性冲击下政府采购的价值效应

本文利用中国政府采购网公布的政府采购数据，基于新冠疫情这一外生事件，分析政府采购供应商企业在面临不确定性冲击时短期和长期的价值表现。研究发现，新冠疫情这一外生事件对政府采购具有显著的价值效应，短期表现为政府采购供应商公司的累计超额收益率显著高于非政府采购供应商公司，长期表现为政府采购供应商公司价值显著高于非政府采购公司。这一效应在产品市场竞争程度更高、融资约束更大、规模更小和所在行业受疫情冲击更大的公司中更为显著。分析其作用机制发现，政府采购主要通过为供应商公司带来稳定的需求和间接的信用背书，使其拥有更高的销售收入、更高的资产收益率、更低的信贷成本和更多的商业信用，进而降低了公司对不确定性冲击的敏感度，缓解了不确定性冲击下总需求下降、预期转弱所产生的负面影响，提升公司价值。另外，本文还发现政府采购的价值效应存在溢出效应。本文为揭示政府采购在不确定性冲击中的有益价值提供了经验证据，并对如何更好地发挥政府作用以应对不确定性冲击事件具有一定的启示作用。     

商业信用影响因素行业差距实证研究

由于我国特有的经济体制和国情,商业信用在企业交易中越来越重要,特别是在我国中小企业中。虽然国内外学者对商业信用的存在因素也有研究,但主要从企业自身的角度出发,分析了企业自身原因给商业信用带来的影响。同时选取了5个不同类型的行业比较了影响因素程度的大小。实证发现,企业规模、企业成长能力和企业偿债能力都不同程度的影响商业信用的存在,并且企业短期借款与商业信用需求显著负相关。     

商业信用与银行信贷间替代关系的实证分析

新的经济周期下,市场化程度不断加深,以银行间接融资为主导的金融体系一定程度上限制了企业的融资渠道,商业信用成为企业融资渠道的另一种主要来源。本文通过实证研究发现,商业信用与银行信贷之间存在一定比例的替代关系,同时发现企业资产负债情况等因素对企业的商业信用发展具有重要影响。在此研究基础上,提出改革中国金融体系的建议。     

供应商集中和资本结构——基于创业板上市公司的经验证据北大核心CSSCI

供应商集中程度对公司资本结构的影响是一个重要的理论课题,且具有较强的现实意义。以深圳证券交易市场2009—2014年创业板上市公司为研究对象的回归分析表明,供应商集中可显著降低公司的资产负债率,促使公司实施稳健的财务政策。而进一步对模型控制变量的分析表明,只有在中等市场化程度地区的公司其供应商集中程度与公司资产负债率呈现显著的负相关关系,而在高度市场化地区和低度市场化地区的公司,二者关系不明显。另外,从公司类别看,与制造业公司相比,非制造业公司供应商集中对资产负债率的影响更显著。因此,公司必须注重供应商环节的管理控制,拓宽采购渠道,摆脱对个别供应商的依赖,整合上下游供应链,建立对公司健康发展有利的经营环境,并重视非财务利益相关者对公司经营的影响。     

供应商、客户集中度与企业信用融资体系的关联度

目的:研究供应商与客户集中度对企业信用融资的影响。结果显示:企业随着供应商与客户集中度的提升而降低信用融资比率,供应链集中度越高越不利于企业利用信用融资来降低整体融资成本。本文为企业有效调控供应链集中度,与供应商和客户保持良好的关系,从而借助融资渠道降低融资成本,提供一定的参考。     

财务报告质量与公司商业信用模式选择研究

在系统考察了应付账款、应付票据和预付账款等商业信用模式的交易费用、风险及其对企业生产经营活动影响的基础上,利用信息经济学的信号传递理论,实证检验了财务报告质量对公司商业信用模式选择的影响。研究发现,高质量的财务报告能够显著提高企业应付账款和应付票据的获取能力,降低对预付账款的依赖。进一步研究证实,上述财务报告质量对商业信用模式选择的作用在民营控股公司中表现得更强烈。     

Universal Coverage, Pinpoint Illustration and Profound Impact HTC 2008 Intermedia Recommendation and Introduction Meeting

Holding 88 percent of train media resources across China, based on "Time Cube", on the 2008 Intermedia Recommendation and Introduction Meeting on December 19, 2007, HTC announced its high-profile strategy of tour marketing and tapping the immeasurable potentials on the train. Meanwhile, HTC officially launched its brand new product Olympic Train on the meeting, providing a fabulous platform for all the brands that are prepared to do a smart marketing on the occasion of 2008 Olympic Games.     

Market presence in China strengthened Network growth and Dual-Chinese-Hub Strategy More frequet Flyer Benefit——Air China and shanhai Airlines Join Star Alliance

In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.     

Brown＇s Blossom in Britain-China

The overall strategic relationship between U.K. and China is ＂better than ever＂, China- Britain relations have maintained good momentum, with increased high-level exchanges and the reinforcement of strategic mutual trust, with more room for growth in the future.     

Challenge and Opportunity Go Hand in Hand——What Global Economic Agitation Brings to the China's Economy?

Domino effects of the global finance agitation As the origin of the subprime crisis,US financial institutions lost USS45 billion last year,accounted for over half of the total US,EU & Japan loss.Since January 15th,Chtigroup released its financial statement of the 4th quarter,showing a net deficit of USS9.83 billion,which marked the hisoric high of its quarterly deficit.     

A World of Love 2008 Music Grand Ceremony

Under the guidance of the theme slogan of the 29th Olympic Games - One World One Dream, with dream, love and dedication as its theme, the 2008 Music Grand Ceremony ＆ 1000 People Charity Concert on 100 days cotmtdown to Paralympic Gamesis officiaily launched on December 22, 2007. The 2008 Music Grand Ceremony is sponsored by China Disabled Persons＇ Federation, and co-hosted by National Paralympic Committee of China,     

China''''s National Oil Reserve Center was Born

Aseries of events that occurred in October 2007, are rewriting the history of China's energy industry: November 3 an Energy Law Committee asked the public for suggestions on improvements; forty top experts came together to form the National Energy Expert Advisory Committee on November 6; and the National Oil Reserve Center (NORC)became the nerve centre of oil reserves on November 18. Yet, behind the progress of these recent activities remains the fact that international oil prices still hover around a very high price of US$ 90/barrel, and China's oil imports are close to accounting for half of its total oil reserves.     

MUYANG GROUP

With its headquarters in the historic city of Yangzhou,Jiangsu Muyang Group Co.,Ltd has since its founding in 1967 grown into a well-known group corporation whose activities cover research ＆ development,project design,manufacturing,installation and services in a multitude of industries including feed machinery and engineering,storage engineering,grain machinery and engineering,environmental protection,conveying equipment and automatic control systems.     

2007 China Harbor Ten People

2007 China Harbor Ten People elected the entrepreneurs who contributed a lot to port economy and enterprises this year trough their talent management.These ten people embody their social responsibility,professional skills,creative ability,and charming personality.Bearing full confidence in China＇s port economy,the port entrepreneurs are brave enough to explore a brand new area,so as to promote harbor economic development. At the very beginning of 2008,China Shipping Website,Dalian Maritime University,and China Port and Shipping In- stitute jointly select the 2007 China Harbor Ten People,demonstrate port entrepreneurs＇ stunning minds,disclose their secrets to success,and providing abundant experiences to others in harbor development.The top ten people are various excellence during the ups and downs harbor development.     

Sony Style in China

Since the normalization of the diplomatic ties between China and ） Japan, the bilateral economic relations have deepened continually. According to the statistic of Japan, China passed U.S. to become Japan＇s top trade partner as well as is the second largest export market for Japan and is the largest import resource for Japan. Japan companies such as Mitsui, Sumitomo, Sony and Panasonic, have set the subsidiaries in China and explored their scales. This year 2008 marks the 30th anniversary of the signing of the ChinaJapan Treaty of Peace and Friendship.     

China''''s Stock Market Wave

The annual meeting of the World Economy Forum was held in Davos,a little town in Switzerland,on January 23rd to the 27th this year,with the theme"the Power fo Collaborative Innovation",over 2500 celebrates from ture political and cconomic circles of more than 80 countries and challengred logether to talk about the future of the global economy in 2008,A Forum for the problems and challenges that face whole world,some of the keywords which drew attention during the event were:the U.S.subprime mortgage crisis,soaring energy prices,the economic slowdown in the U.S.ermerging economic bodies,authority funds and the general unpredictable nature of the global economy.