摘要
利用中国上市公司对质押贷款披露的独特数据,本文以2007年我国《物权法》的实施为切入点,具体从应收账款质押融资的角度研究了我国上市公司的供应链金融。本文的研究结果表明:在2007年《物权法》实施之后,无论是国有还是民营上市公司,其利用应收账款质押融资的行为都有所增强。进一步的研究发现:国有公司和所处地区金融发展水平比较高的公司会更多的利用应收账款质押融资;应收账款客户集中度会弱化公司利用应收账款质押融资的行为,客户为民营性质的上市公司更容易获得应收账款质押融资。本文的研究不仅在供应链金融、债权人保护以及商业信用融资三个方面弥补了国内外现有研究的不足,而且对于完善我国《物权法》和更好的推广供应链金融服务,尤其在发挥应收账款质押融资在解决我国企业融资难问题中的作用方面具有一定的启示意义。
Using a unique sample from Chinese listed companies which disclose information on pledged debt, this paper examines the effect of the 2007 Property Law on supply chain finance from the angle of bank loans pledged by accounts receivable. The results show that, after the enforcement of the Property Law, both state-owned and private firms use more bank loans pledged by accounts receivable. Further evidence shows that, state-owned firms and firms located in regions with high financial development use more bank loans pledged by accounts receivable. Moreover, banks provide less loans pledged by accounts receivable to firms with higher customer concentration, but more loans pledged by accounts receivable to firms with private customers. The paper not only contributes to the literature on supply chain finance, creditor protection, and trade credit financing, but also provides insight on the practice of improving the Property Law and promoting supply chain finance, especially on relaxing the problems of private firms or SMEs financing through bank loans pledged by accounts receivable.
出处
《经济研究》
CSSCI
北大核心
2016年第1期141-154,共14页
Economic Research Journal
基金
国家自然科学基金重点项目(71032006)和面上项目(71272212)
教育部人文社科基金项目(11YJC630076)
广东省普通高校人文社科一般项目(11WYXM011)
广东省普通高校人文社科重点研究基地暨南大学企业发展研究所重大项目(2014ZD001)
暨南大学暨南远航计划项目(15JNYH008)的资助
关键词
供应链金融
动产
应收账款质押
客户集中度
Supply Chain Finance
Movable Property
Accounts Receivable Pledge
Customer Concentration
