政府信任、企业信用结构及其相关性的经验研究

本文提出"流动性"和"履约评价"相互转换的企业信用结构的转换规律,并研究"政府信任"的隐性担保功能对上市公司的"履约评价",以及对商业信用、银行信用和证券信用的影响.经验研究的结果说明,在上市公司信用结构中,商业信用主要受长期商业关系而不受政府信用的影响;政府信用增强了企业的长期银行借款能力,但短期银行借款更依赖于经营性因素;政府信用对增强企业的证券融资能力具有显著作用.

An Empirical Study on Government Credibility and Corporate Credit Structure and Their Correlation

The paper proposes the conversion pattern between the liquidity and contract execution evaluation of the corporate credit structure, and studies the implicit guarantor role of the government credibility to the listed companies, and thus its impact upon their commercial credit, bank credit and securities credit. Empirical studies reveal that commercial credit of the listed companies is mainly influenced by long - term business relations instead of the government credibility; that government credibility has strengthened the long - credit capacity of the enterprises, but short - term loans depend more on business operations factors; and that government contributes significantly to the securities financing capacity of the enterprises.