商业信用能否成为企业有效的融资渠道——基于投资视角的分析

本文使用中国工业企业数据验证了企业获得的商业信用能否成为企业有效的融资渠道这一问题。在考虑了中国信贷市场存在的信贷歧视等问题后，结果显示，中国企业能够利用商业信用作为融资渠道，而且，对于小企业，私营企业以及外部金融环境较差的企业，商业信用对其融资帮助更大。当正规部门融资成本上升时，国有及外资企业以及外部金融环境良好的企业能够更为有效地使用商业信用作为融资渠道。

Whether Trade Credit can be an Efficient Finance Channel for Firms : Based on the Perspective of Investment

Our paper investigates whether trade credit can be an efficient way for firms to finance. We construct the empirical work based on the inventory accumulation model. We employ cross-sector database of Chinese Industry Enterprise Database, which helps to avoid the problem of sample selection bias. Considering the current situation, results show that trade credit can be a financial channel especially for small firms, POEs and those with bad ti-nancial environment. However, as the cost of formal finance rises, trade credit plays a more important role for SOEs, FOEs and those with good financial environmen..