摘要
既有文献论证了产融结合的金融资源聚集和配置效应,但尚未从具体的企业经营视角探讨产融结合如何服务实体经济。本文以企业商业信用使用为切入点进行研究,为了享受供应商提供的提前付款折扣,产融结合企业理论上可能会更多地利用金融性融资,进而减少商业信用使用;实证检验支持了上述理论分析。经济后果分析表明,产融结合企业如果减少商业信用使用,能够显著降低企业债务成本、提高企业毛利率,该发现揭示了产融结合服务实体经济企业经营的具体效应和途径。中介效应分析发现,企业通过产融结合能获得更多诸如短期借款的金融性融资,从而降低商业信用使用。基于企业自身特征的调节分析显示,当企业面临更高融资约束程度、更激烈的市场竞争程度、更大盈利压力时,产融结合降低企业商业信用使用的效应更明显。在中央提出金融服务实体经济的大背景下,本文从具体的企业经营视角探讨了产融结合如何服务实体经济,为决策层降低商业信用占用、促进企业提质增效提供了新思路。
Previous literatures show that financial-industrial integration enhances firms’access to financing from financial institution,but does not investigate what is the real economic effect of financial-industrial integration.This paper explores this issue in the context of trade credits payable.Theoretically,with the aim of enjoying more discount from suppliers,firm is more likely to finance from financial institutions instead of suppliers,and thus use less trade credits payable.Empirical test supports this theory and confirms that firm with financial-industrial integration is more likely to reduce the use of trade credits payable.To address the endogeneity concern,we conduct a battery of sensitivity tests,including employing Hackman model to rule out the issue of self-selection caused by unobservable factors,using propensity score matching(PSM)to rule out the issue of self-selection caused by observable factors,and employing firm fixed effects to absorb the potentially confounding effect of firm-level time-varying unobservable factors.Further analysis finds that if a firm with financial-industrial integration chooses to decrease trade credits payable,then the firm’s cost of debt would decrease and gross margin would increase,suggesting that the motivation of firm with financial-industrial integration to decrease trade credits payable is to enjoy more earlier-pay discount.Mediation analysis finds that the firm with financial-industrial integration is able to have more access to short-term loan,and thus less relies on trade credits payable.Cross sectional analysis shows for firms with higher financial constraints and lower agency cost,facing more competitive markets and more pressure to profit,are more likely to reduce trade credits payable if they implement financial-industrial integration.Based on the fact that the central government proposes better financial services to the real economy,this article discusses how the financial-industrial integration can serve the real economy from a corporate operation perspective,and provides new approach for decision-makers on reducing the occupation of commercial credit and promotes firms to improve quality and efficiency.
作者
张新民
叶志伟
胡聪慧
Zhang Xinmin;Ye Zhiwei;Hu Conghui(Business School,University of International and Economics;Business School,Beijing Normal University)
出处
《南开管理评论》
CSSCI
北大核心
2021年第1期4-16,19-20,共15页
Nankai Business Review
基金
国家自然科学基金重大项目(71790604)
国家自然科学基金项目(71972037)资助
关键词
产融结合
商业信用使用
实体经济
企业经营
提质增效
Financial-Industrial Integration
Trade Credits Payable
Real Economy
Business Operations
Firm’s Quality and Efficiency Improvement
作者简介
张新民,对外经济贸易大学国际商学院教授、管理学博士,研究方向为企业财务报表分析与公司财务;通讯作者:叶志伟,对外经济贸易大学国际商学院博士研究生、新加坡国立大学联合培养博士生,研究方向为公司财务与公司治理;胡聪慧,北京师范大学经济与工商管理学院副教授、经济学博士,研究方向为行为金融、资本市场与公司财务
