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本文基于1999-2009年中国工业企业数据库数据,采用统计分析和分位数回归方法,考察商业信用对企业信贷约束的影响。统计分析发现,企业商业信用净供给与信贷约束之间存在“错配现象”。在厘清商业信用对企业信贷约束作用机制的基础上,进行分位数回归结果表明,商业信用对信贷约束的作用随着企业信贷约束程度的变化而不同。其中,就信贷约束比较低的企业,商业信用有效地缓解了企业的融资约束;而对信贷约束比较高的企业,商业信用未能有效缓解企业的信贷约束,这表明,商业信用对银行信贷约束的缓解仅仅起到锦上添花的作用,没有做到雪中送炭。另外,分不同所有制的回归结果发现,非国有企业的商业信用对信贷约束的作用显著大于国有企业。
Based on the data of Chinese industrial enterprises database from 1999 to 2009, this paper uses statistical analysis and quantile regression method to examine the impact of commercial credit on corporate credit constraints. The statistical analysis shows that there is a “mismatch phenomenon” between the net supply of commercial credit and the credit constraint. On the basis of clarifying the mechanism of commercial credit constraint on corporate credit, the quantile regression results show that the effect of commercial credit on credit constraint varies with the degree of corporate credit constraints. Among them, for enterprises with lower credit constraint, commercial credit effectively relieves the financing constraints of enterprises; while for enterprises with relatively high credit constraints, commercial credit fails to effectively relieve the credit constraints of enterprises, indicating that commercial credit restricts bank credit The alleviation only plays the role of icing on the cake, did not do anything. In addition, the regression results of different ownership shows that commercial credit of non-state-owned enterprises has significantly greater effect on credit constraint than state-owned enterprises.