摘要
本文以1991--2014年上市公司为样本,实证检验了商业信用对企业绩效的作用逻辑。研究发现,商业信用与企业绩效间呈倒U型关系,非效率投资起着显著U型中介作用,在这过程中,组织冗余发挥了显著的倒U型调节效应。文章从公司治理内外部治理视角研究了商业信用对企业绩效的影响机理,对公司治理文献的丰富和企业经营决策有一定借鉴意义。
Based on the data of China＇s listed firms from 1991 to 2014, this paper make an empirical test of the relationship between trade credit and cnterprise performance. We found that there is an inverted U-shaped relationship between enterprise performance and trade credit. Inefficient investment plays a significant U-shaped mediating effect and organizational slack has an inverted U-shaped moderating effect on the relationship between corporate performance and trade credit in this process. This paper has studied the effect mechanism of trade credit to enterprise performance and contributes to richen the literature of corporate governance and business decision of enterprise.
出处
《投资研究》
2016年第2期59-77,共19页
Review of Investment Studies
基金
国家自然基金项目(71272245和71072168)资助
关键词
商业信用
企业绩效
中介效应
调节效应
Commercial credit
Performance
Moderating effect
Mediating effect
