| 商业信用与银行借款的替代关系及其反周期性:1998-2006年 |
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| 引用本文： | 石晓军,李杰.商业信用与银行借款的替代关系及其反周期性:1998-2006年[J].财经研究,2009,35(3). |
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| 作者姓名： | 石晓军 李杰 |
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| 作者单位： | 北京航空航天大学,经济管理学院,北京,100191 |
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| 摘 要： | 商业信用和银行借款是我国企业最重要的两类短期融资来源,它们之间的关系及其随宏观经济周期变化的行为是两个重要的金融与经济问题.文章分别建立了混合样本的联立方程和分期联立模型,利用沪深两市1998-2006年上市公司的5 354个样本点数据展开实证.得到的关键结论有:两类融资之间的总体平均替代率约为17%;相关性检验认为替代系数与同步宏观经济指标GDP之间具有反周期性规律.提出了宏观政策设计和微观企业管理的相关建议.
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| 关 键 词： | 商业信用 银行借款 替代 经济周期 反周期性 |
Substitution between Trade Credit and Bank Borrowing and Its Counter Cyclical Phenomenon:From 1998 to 2006 |
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| SHI Xiao-jun,LI Jie.Substitution between Trade Credit and Bank Borrowing and Its Counter Cyclical Phenomenon:From 1998 to 2006[J].The Study of Finance and Economics,2009,35(3). |
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| Authors: | SHI Xiao-jun LI Jie |
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| Institution: | School of Economics and Management;Beihang University;Beijing 100083;China |
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| Abstract: | Trade credit and bank borrowing act as the most important short-term financing sources for Chinese enterprises.The relation between the two and the feature of cyclical behavior varying with economic cycle are two crucial financial and economic issues.Based on a sample containing 5 354 listed companies in Shanghai and Shenzhen stock markets from 1998 to 2006,the paper makes an empirical test by building a simultaneous equation of mixed samples and a period-divided simultaneous model.The results show that the... |
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| Keywords: | trade credit bank borrowing substitution economic cycle counter-cyclical phenomenon |
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