产业集聚与商业信用——基于中国市级地区SIC-3工业部门的实证分析

作为对银行信用的一种替代，商业信用是满足企业短期资金需求的重要渠道。从理论上说，产业集聚有助于企业获取外源融资，提高商业信用的水平。利用中国市级地区184个SIC-3分类工业部门截面数据进行实证分析的结果显示，企业应付账款比例与产业集聚程度显著正相关。进一步分行业检验也表明，产业集聚对不同类型行业商业信用水平的影响存在较大差异。因此，各地方政府应培育本地区专业化生产分工网络，引导同类产业的专业化集聚，扩大基于生产网络关系的商业信用供给。这对缓解中国目前中小企业融资难问题具有一定的现实意义。

Industrial Agglomeration and Trade Credit --An Econometric Analysis on City-level of SIC-3 Industries in China

As the substitution of bank credit, trade credit is an important method for companies to meet the requirement of short-term capitals. Theoretically, industrial agglomeration affects the firm＇ s ability to obtain external finance, particularly trade credit. The econometric analysis on city-level cross-section data of 184 SIC-3 industries shows that firms＇ accounts payable ratio correlates positively with the industrial agglomeration degree. Furthermore, the paper indicates the effect of industrial agglomeration on trade credit gained by firms vary from different kinds of industries. Therefore, local governments should cultivate their own specialized industrial network and clusters, develop the industrial agglomeration and expand the supply of the trade credit in order to alleviate the financing problems of small and medium sized enterprises.