市场地位、商业信用与企业投资效率
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摘要
笔者基于沪深A股2007年第1季度到2015年第4季度的财务数据,实证讨论了商业信用的公司治理作用,研究发现:企业的商业信用规模越大,其投资效率越高;同市场地位较高的企业相比,商业信用对市场地位较低企业投资效率的提升作用更加明显。从行业的视角看,商业信用对处于非政府管制行业的企业投资效率具有明显的提升作用,这一现象在企业市场地位较低时更为明显;从政府保护的视角看,当企业的产权性质为民营、所处地区市场环境较差时,商业信用对企业投资效率的提升作用更加显著;从过度投资和投资不足的视角看,商业信用能够抑制市场地位较低企业的过度投资行为,同时可以缓解市场地位较高企业的投资不足问题。应该说,研究结论有利于进一步揭示中国制度背景下商业信用融资的经济后果,也为深化政府与企业关系的讨论提供了有益借鉴。
Based on Chinese A-share listed firms' financial data from 2007Q1 to 2015Q4,this paper discusses the corporate governance role of trade credit. The paper finds that firms with more trade credit show higher investment efficiency and the effect is more prominent for firms with lower market power. From the perspective of industry,trade credit may improve the investment efficiency of firms in non-government regulated industry and the relationship is more obvious for firms with lower market power. From the perspective of government protection,private enterprises and firms in poor market environment show a positive relationship between trade credit and investment efficiency,and trade credit can inhibit the over-investment problem of firms with lower market power and relieve the under-investment problem of firms with higher market power. Overall,the conclusions in this paper should reveal the economic consequence of trade credit in Chinese institutional settings,and will deepen the discussion on the relationship between government and corporations.
Based on Chinese A-share listed firms' financial data from 2007Q1 to 2015Q4,this paper discusses the corporate governance role of trade credit. The paper finds that firms with more trade credit show higher investment efficiency and the effect is more prominent for firms with lower market power. From the perspective of industry,trade credit may improve the investment efficiency of firms in non-government regulated industry and the relationship is more obvious for firms with lower market power. From the perspective of government protection,private enterprises and firms in poor market environment show a positive relationship between trade credit and investment efficiency,and trade credit can inhibit the over-investment problem of firms with lower market power and relieve the under-investment problem of firms with higher market power. Overall,the conclusions in this paper should reveal the economic consequence of trade credit in Chinese institutional settings,and will deepen the discussion on the relationship between government and corporations.
引文
[1]Modigliani F,Miller M H.The Cost of Capital,Corporation Finance and the Theory of Investment[J].American Economic Review,1958,48(3):261-297.
[2]Stein J C.Agency,Information and Corporate Investment[M]//Handbook of the Economics of Finance.Elsevier,2003(1):111-165.
[3]Fama E F,Miller M H.The Theory of Finance[M].Hinsdale,IL:Dryden Press,1972.
[4]Jensen M C,Meckling W H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360.
[5]Myers S C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[6]Parrino R,Weisbach M S.Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts[J].Journal Of Financial Economics,1999,53(1):3-42.
[7]Titman S.The Effect of Capital Structure on A Firm's Liquidation Decision[J].Journal of Financial Economics,1984,13(1):137-151.
[8]Jensen M C.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers[J].American Economic Review,1986,76(2):323-329.
[9]Grossman S J,Hart O D.The Costs and Benefits of Ownership:A Theory of Vertical and Lateral Integration[J].Journal of Political Economy,1986,94(4):691-719.
[10]Smith C W,Watts R L.The Investment Opportunity Set and Corporate Financing,Dividend,and Compensation Policies[J].Journal of Financial Economics,1992,32(3):263-292.
[11]Hart O,Moore J.Default and Renegotiation:A Dynamic Model of Debt[J].The Quarterly Journal of Economics,1998,113(1):1-41.
[12]Smith J.Trade Credit and Informational Asymmetry[J].Journal of Finance,1987,42(4):863-872.
[13]Jain N.Monitoring Costs and Trade Credit[J]Quarterly Review of Economics and Finance,2001,41(1):89-110.
[14]Burkart M,Ellingsen T.In-kind Finance:A Theory of Trade Credit[J].American Economic Review,2004,94(3):569-590.
[15]Cu珘nat V.Trade Credit:Suppliers as Debt Collectors and Insurance Providers[J].Review of Financial Studies,2007,20(2):491-527.
[16]Fisman R,Love I.Trade Credit,Financial Intermediary Development,and Industry Growth[J].Journal of Finance,2003,58(1):353-374.
[17]陆正飞,杨德明.商业信用:替代性融资,还是买方市场?[J].管理世界,2011(4):6-14.
[18]Ferrando A,Mulier K.Do Firms Use the Trade Credit Channel to Manage Growth?[J].Journal of Banking&Finance,2013,37(8):3035-3046.
[19]Allen F,Qian J,Qian M.Law,Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[20]Ayyagari M,Demirgü9-Kunt A,Maksimovic V.Formal Versus Informal Finance:Evidence from China[J].Review of Financial Studies,2010,23(8):3048-3097.
[21]王鲁平,杨湓来,康华.终极所有权,银行借款与投资行为的关系:基于商业银行制度变迁背景的经验研究[J].南开管理评论,2011(6):137-148.
[22]罗党论,应千伟,常亮.银行授信,产权与企业过度投资:中国上市公司的经验证据[J].世界经济,2012(3):48-67.
[23]罗军.民营企业融资约束,对外直接投资与技术创新[J].中央财经大学学报,2017(1):96-103.
[24]黄兴孪,邓路,曲悠.货币政策、商业信用与公司投资行为[J].会计研究2016(2):58-65.
[25]Ge Y,Qiu J.Financial Development,Bank Discrimination and Trade Credit[J].Journal of Banking&Finance,2007,31(2):513-530.
[26]王彦超,林斌.金融中介,非正规金融与现金价值[J].金融研究,2008(3):177-199.
[27]Aktas N,Bodt E,Lobez F,Statnik J.The Information Content of Trade Credit[J].Journal of Banking&Finance,2012,36(5):1402-1413.
[28]Murfin J,Njoroge K.The Implicit Costs of Trade Credit Borrowing by Large Firms[J].Review of Financial Studies,2015,28(1):112-145.
[29]邓路,谢志华,李思飞.民间金融、制度环境与地区经济增长[J].管理世界,2014(3):31-40.
[30]饶品贵,姜国华.货币政策、信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[31]Diamond D W.Financial Intermediation and Delegated Monitoring[J].Review of Economic Studies,1984,51(3):393-414.
[32]Diamond D W.Monitoring and Reputation:The Choice between Bank Loans and Directly Placed Debt[J].Journal of Political Economy,1991,99(4):689-721.
[33]林毅夫,孙希芳.信息,非正规金融与中小企业融资[J].经济研究,2005(7):35-44.
[34]谭伟强.商业信用:基于企业融资动机的实证研究[J].南方经济,2006(12):50-60.
[35]杨勇,黄曼丽,宋敏.银行贷款、商业信用融资及我国上市公司的公司治理[J].南开管理评论,2009,(5):28-37.
[36]刘欢,邓路,廖明情.公司的市场地位会影响商业信用规模吗?[J].系统工程理论与实践,2015,(12):3119-3134.
[37]Long M S,Malitz I B,Ravid S A.Trade Credit,Quality Guarantees,and Product Marketability[J].Financial Management,1993,22(4):117-127
[38]Fisman R,Raturi M.Does Competition Encourage Credit Provision?Evidence from African Trade Credit Relationships[J].Review of Economics and Statistics,2004,86(1):345-352.
[39]Van Horen.Trade Credit as A Competitiveness Tool:Evidence from Developing Countries[Z].Working Paper,2004.
[40]张新民,王珏,祝继高.市场地位、商业信用与企业经营性融资[J].会计研究,2012(8):58-65.
[41]Fabbri D,Menichini A M C.Trade Credit,Collateral Liquidation,and Borrowing Constraints[J].Journal of Financial Economics,2010,96(3):413-432.
[42]Giannetti M,Ellingsen T.What You Sell Is What you Lend:Explaining Trade Credit Contracts[J].Review of Financial Studies,2011,24(4):1261-1298.
[43]Tobin J.A General Equilibrium Approach to Monetary Theory[J].Journal of money,credit and banking,1969,1(1):15-29.
[44]Mc Lean R D,Zhang T,Zhao M.Why Does the Law Matter?Investor Protection and Its Effects on Investment,Finance,and Growth[J].Journal of Finance,2012,67(1):313-350.
[45]陈德球,李思飞,钟昀珈.政府质量,投资与资本配置效率[J].世界经济,2012(3):89-110.
[46]Duchin R,Ozbas O,Sensoy B A.Costly External Finance,Corporate Investment,and The Subprime Mortgage Credit Crisis[J].Journal of Financial Economics,2010,97(3):418-435.
[47]夏立军,陈信元.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究,2007(7):82-95+136.
[48]吕长江,严明珠,郑慧莲,许静静.为什么上市公司选择股权激励计划?[J].会计研究,2011(1):68-75.
[49]胡旭阳.民营企业家的政治身份与民营企业的融资便利---以浙江省民营百强企业为例[J].管理世界,2006(5):107-113.
[50]于文超,何勤英.投资者保护,政治联系与资本配置效率[J].金融研,2013(5):152-166.
[51]王化成,曹丰,高升好,李争光.投资者保护与股价崩盘风险[J].财贸经济,2014(10):73-82.
[52]樊纲,孙鲁,朱恒鹏.中国市场化指数(2011)[M].北京:经济科学出版社,2011.
[53]王化成,刘欢,高升好.经济政策不确定性,产权性质与商业信用[J].经济理论与经济管理,2016(5):34-45.
[54]Richardson S.Over-investment of Free Cash Flow[J].Review of Accounting Studies,2006,11(2-3):159-189.
[55]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012(7):113-126.
[56]刘慧龙,王成方,吴联生.决策权配置、盈余管理与投资效率[J].经济研究,2014(8):93-106.
[57]谈多娇,张兆国,刘晓霞.资本结构与产品市场竞争优势---来自中国民营上市公司和国有控股上市公司的证据[J].中国软科学,2010(10):143-151.
[58]张会丽,吴有红.超额现金持有水平与产品市场竞争优势---来自中国上市公司的经验证据[J].金融研究,2012(2):183-195.
(1)资本支出为“购建固定资产、无形资产和其他长期资产的支出”;并购支出为“取得子公司及其他营业单位支付的现金净额”;出售长期资产收入为“处置固定资产、无形资产和其他长期资产收回的现金净额”;折旧为“固定资产折旧、油气资产折耗、生产性生物资产折旧”。
[2]Stein J C.Agency,Information and Corporate Investment[M]//Handbook of the Economics of Finance.Elsevier,2003(1):111-165.
[3]Fama E F,Miller M H.The Theory of Finance[M].Hinsdale,IL:Dryden Press,1972.
[4]Jensen M C,Meckling W H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360.
[5]Myers S C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[6]Parrino R,Weisbach M S.Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts[J].Journal Of Financial Economics,1999,53(1):3-42.
[7]Titman S.The Effect of Capital Structure on A Firm's Liquidation Decision[J].Journal of Financial Economics,1984,13(1):137-151.
[8]Jensen M C.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers[J].American Economic Review,1986,76(2):323-329.
[9]Grossman S J,Hart O D.The Costs and Benefits of Ownership:A Theory of Vertical and Lateral Integration[J].Journal of Political Economy,1986,94(4):691-719.
[10]Smith C W,Watts R L.The Investment Opportunity Set and Corporate Financing,Dividend,and Compensation Policies[J].Journal of Financial Economics,1992,32(3):263-292.
[11]Hart O,Moore J.Default and Renegotiation:A Dynamic Model of Debt[J].The Quarterly Journal of Economics,1998,113(1):1-41.
[12]Smith J.Trade Credit and Informational Asymmetry[J].Journal of Finance,1987,42(4):863-872.
[13]Jain N.Monitoring Costs and Trade Credit[J]Quarterly Review of Economics and Finance,2001,41(1):89-110.
[14]Burkart M,Ellingsen T.In-kind Finance:A Theory of Trade Credit[J].American Economic Review,2004,94(3):569-590.
[15]Cu珘nat V.Trade Credit:Suppliers as Debt Collectors and Insurance Providers[J].Review of Financial Studies,2007,20(2):491-527.
[16]Fisman R,Love I.Trade Credit,Financial Intermediary Development,and Industry Growth[J].Journal of Finance,2003,58(1):353-374.
[17]陆正飞,杨德明.商业信用:替代性融资,还是买方市场?[J].管理世界,2011(4):6-14.
[18]Ferrando A,Mulier K.Do Firms Use the Trade Credit Channel to Manage Growth?[J].Journal of Banking&Finance,2013,37(8):3035-3046.
[19]Allen F,Qian J,Qian M.Law,Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[20]Ayyagari M,Demirgü9-Kunt A,Maksimovic V.Formal Versus Informal Finance:Evidence from China[J].Review of Financial Studies,2010,23(8):3048-3097.
[21]王鲁平,杨湓来,康华.终极所有权,银行借款与投资行为的关系:基于商业银行制度变迁背景的经验研究[J].南开管理评论,2011(6):137-148.
[22]罗党论,应千伟,常亮.银行授信,产权与企业过度投资:中国上市公司的经验证据[J].世界经济,2012(3):48-67.
[23]罗军.民营企业融资约束,对外直接投资与技术创新[J].中央财经大学学报,2017(1):96-103.
[24]黄兴孪,邓路,曲悠.货币政策、商业信用与公司投资行为[J].会计研究2016(2):58-65.
[25]Ge Y,Qiu J.Financial Development,Bank Discrimination and Trade Credit[J].Journal of Banking&Finance,2007,31(2):513-530.
[26]王彦超,林斌.金融中介,非正规金融与现金价值[J].金融研究,2008(3):177-199.
[27]Aktas N,Bodt E,Lobez F,Statnik J.The Information Content of Trade Credit[J].Journal of Banking&Finance,2012,36(5):1402-1413.
[28]Murfin J,Njoroge K.The Implicit Costs of Trade Credit Borrowing by Large Firms[J].Review of Financial Studies,2015,28(1):112-145.
[29]邓路,谢志华,李思飞.民间金融、制度环境与地区经济增长[J].管理世界,2014(3):31-40.
[30]饶品贵,姜国华.货币政策、信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[31]Diamond D W.Financial Intermediation and Delegated Monitoring[J].Review of Economic Studies,1984,51(3):393-414.
[32]Diamond D W.Monitoring and Reputation:The Choice between Bank Loans and Directly Placed Debt[J].Journal of Political Economy,1991,99(4):689-721.
[33]林毅夫,孙希芳.信息,非正规金融与中小企业融资[J].经济研究,2005(7):35-44.
[34]谭伟强.商业信用:基于企业融资动机的实证研究[J].南方经济,2006(12):50-60.
[35]杨勇,黄曼丽,宋敏.银行贷款、商业信用融资及我国上市公司的公司治理[J].南开管理评论,2009,(5):28-37.
[36]刘欢,邓路,廖明情.公司的市场地位会影响商业信用规模吗?[J].系统工程理论与实践,2015,(12):3119-3134.
[37]Long M S,Malitz I B,Ravid S A.Trade Credit,Quality Guarantees,and Product Marketability[J].Financial Management,1993,22(4):117-127
[38]Fisman R,Raturi M.Does Competition Encourage Credit Provision?Evidence from African Trade Credit Relationships[J].Review of Economics and Statistics,2004,86(1):345-352.
[39]Van Horen.Trade Credit as A Competitiveness Tool:Evidence from Developing Countries[Z].Working Paper,2004.
[40]张新民,王珏,祝继高.市场地位、商业信用与企业经营性融资[J].会计研究,2012(8):58-65.
[41]Fabbri D,Menichini A M C.Trade Credit,Collateral Liquidation,and Borrowing Constraints[J].Journal of Financial Economics,2010,96(3):413-432.
[42]Giannetti M,Ellingsen T.What You Sell Is What you Lend:Explaining Trade Credit Contracts[J].Review of Financial Studies,2011,24(4):1261-1298.
[43]Tobin J.A General Equilibrium Approach to Monetary Theory[J].Journal of money,credit and banking,1969,1(1):15-29.
[44]Mc Lean R D,Zhang T,Zhao M.Why Does the Law Matter?Investor Protection and Its Effects on Investment,Finance,and Growth[J].Journal of Finance,2012,67(1):313-350.
[45]陈德球,李思飞,钟昀珈.政府质量,投资与资本配置效率[J].世界经济,2012(3):89-110.
[46]Duchin R,Ozbas O,Sensoy B A.Costly External Finance,Corporate Investment,and The Subprime Mortgage Credit Crisis[J].Journal of Financial Economics,2010,97(3):418-435.
[47]夏立军,陈信元.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究,2007(7):82-95+136.
[48]吕长江,严明珠,郑慧莲,许静静.为什么上市公司选择股权激励计划?[J].会计研究,2011(1):68-75.
[49]胡旭阳.民营企业家的政治身份与民营企业的融资便利---以浙江省民营百强企业为例[J].管理世界,2006(5):107-113.
[50]于文超,何勤英.投资者保护,政治联系与资本配置效率[J].金融研,2013(5):152-166.
[51]王化成,曹丰,高升好,李争光.投资者保护与股价崩盘风险[J].财贸经济,2014(10):73-82.
[52]樊纲,孙鲁,朱恒鹏.中国市场化指数(2011)[M].北京:经济科学出版社,2011.
[53]王化成,刘欢,高升好.经济政策不确定性,产权性质与商业信用[J].经济理论与经济管理,2016(5):34-45.
[54]Richardson S.Over-investment of Free Cash Flow[J].Review of Accounting Studies,2006,11(2-3):159-189.
[55]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012(7):113-126.
[56]刘慧龙,王成方,吴联生.决策权配置、盈余管理与投资效率[J].经济研究,2014(8):93-106.
[57]谈多娇,张兆国,刘晓霞.资本结构与产品市场竞争优势---来自中国民营上市公司和国有控股上市公司的证据[J].中国软科学,2010(10):143-151.
[58]张会丽,吴有红.超额现金持有水平与产品市场竞争优势---来自中国上市公司的经验证据[J].金融研究,2012(2):183-195.
(1)资本支出为“购建固定资产、无形资产和其他长期资产的支出”;并购支出为“取得子公司及其他营业单位支付的现金净额”;出售长期资产收入为“处置固定资产、无形资产和其他长期资产收回的现金净额”;折旧为“固定资产折旧、油气资产折耗、生产性生物资产折旧”。
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