摘要
以1998—2012年中国制造业上市公司数据为样本,检验了企业的产品市场竞争状况与商业信用使用之间的非线性关系。检验结果发现,企业产品市场竞争中的市场竞争状况对企业商业信用的使用总体上呈非线性,在不同的竞争状况中,既会出现随着市场垄断力量增加而增加的情形,也会出现随市场力量减弱而增加的情形。同时,还检验了产品市场竞争状况与企业竞争能力对企业商业信用、银行信用间的替代性选择问题,市场力量更弱的公司的银行信用与商业信用间的替代性强于市场力量强的公司。这说明,那些面临更激烈竞争市场的企业会更多地利用商业信用替代银行信用。
Based on the data of Chinese listed manufacturing companies between 1998 and 2012,this paper tests the nonlinear relationship between enterprise＇s commodity competitive intensity and commercial credit utilization. Test results show that commodity competitive intensity has an overall nonlinear effect on the enterprise＇s commercial credit utilization. Under different competitive circumstances,it is both likely that market competition intensity will increase with the rise and the fall of market monopoly power. The paper also tests the impact of commodity competitive intensity and the enterprise＇s competitiveness on the choices between commercial credit and bank credit. It is found that enterprises with less market power display stronger substitution effect between bank credit and commercial credit than those with more market power. This shows that enterprises facing more fierce competition favor commercial credit over bank credit.
出处
《经济经纬》
CSSCI
北大核心
2017年第5期147-152,共6页
Economic Survey
基金
曲阜师范大学青年基金项目(XJ201234)
关键词
商业信用
银行信用
竞争强度
竞争能力
Commercial Credit
Bank Credit
Competition Intensity
Competitiveness
