摘要
As an important form of informal finance,commercial credit is widely used among enterprises.Does commercial credit promote the total factor productivity of enterprises?According to the theoretical literature and the reality,using the large sample data of Chinese industrial enterprises,the paper empirically tests the impact of commercial credit on the productivity of enterprises from three aspects:the provision and acquisition of commercial credit and the net commercial credit.The study finds that the provision of commercial credit reduces the productivity level of enterprises;the acquisition of commercial credit fails to promote productivity;while the net commercial credit as a short-term financial buffer for enterprises can alleviate the financing constraints,faced by enterprises,especially private enterprises,which help to increase their productivity levels.In addition,the study found that the higher the marketization process in the region,the more favorable the commercial credit is to the improvement of the production efficiency of private enterprises.
基金
the financial support from Chinese National Planning Office of Philosophy and Social Science(Project Title:Research on Trade Credit under Technology Innovation Strategy,Project No.17CJY006)
Surface Project of“Social Science Found of Shandong Province”(Project Title:Study on the Mechanism of Informal Finance Promoting Innovation in Shandong Province,Project No.19CJJJ23)
Key Project of“Shandong University Humanities and Social Sciences”(Project Title:the Mechanism of Commercial Credit Influencing Technological Innovation:an Empirical Study of Shandong Enterprises,Project No.J17RZ005)。
