摘要
与商业信贷在我国中小企业中的作用与地位相比,相关理论和实证研究在国内尤显滞后。作者在对江苏省制造业中小企业问卷调查和计量分析基础上,从微观行为层面揭示了商业信贷在我国中小企业融资行为中的行为模式和运作机理。研究发现,基于企业间商业信用的商业信贷相对发达国家使用不足,是我国中小企业融资难的首因;我国中小企业的自身产业特性和技术能力,决定了其在交易市场上的弱势地位,进而决定了其2/3商业信贷净借出者身份;商业信贷中应收款和应付款普遍的“期限错配”特征,形成在宏观紧缩政策冲击下“银行信贷渠道”和“商业信贷渠道”交互作用机制下的资金链风险。
In contrast to its role and position in our SMS enterprises, commercial credit is not well studied theoretically and empirically in our country. Based on a questionnaire on SMS enterprises in manufacturing industry in Jiangsu Province and a quantitative analysis, the author discovers from the micro-perspective the model and mechanism of commercial credit for financing activities by SMS enterprises. It is found that financing dilemma faced by SMS enterprises is caused primarily by inadequate use of inter-enterprise commercial credit in China as compared with developed countries. The industrial characteristics and technical competence of these enterprises predetermines their weak positions in trading market. As a result, 2/3 of them are forced to become pure lenders of commercial credit. The receivables and payables in the commercial credit featuring term mismatch entail risks of capital chain, which arise from the interaction between ＂banking credit channel＂ and ＂commercial credit channel＂ under the impact of macro austerity policy.
出处
《金融论坛》
CSSCI
北大核心
2006年第10期3-9,共7页
Finance Forum
基金
2005年度国家社会科学基金重大项目A级中标课题<经济转轨中城乡互动
工农互促的协调发展道路问题研究>的阶段性研究成果
项目批准号为05&ZD033
关键词
商业信贷
融资约束
中小企业融资
期限错配
市场工具
commercial credit
financing constraint
financing by SMS enterprises
term mismatch
marketing tool
