政府背景大客户有助于民营企业获得商业信用融资吗?
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国家社会科学基金项目(18BGL085);江苏高校“青蓝工程”(2022—2025);江苏省高校社科联发展专项(22GSB-008);南京农业大学金融学院学科建设专项和“深入学习贯彻党的二十大精神”项目(ZDXM202204)


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    摘要:

    基于2007—2021年我国沪深A股民营上市公司自愿披露的客户信息数据,从供应链视角考察了政府背景大客户对民营企业商业信用融资的影响。研究发现,政府背景大客户显著提升了民营企业商业信用融资水平;分位数回归结果表明,随着民营企业商业信用融资水平的提高,政府背景大客户对民营企业商业信用融资的促进作用在增强;作用机制检验结果表明,政府背景大客户能够强化产品市场竞争优势、优化资本市场信息环境、降低经营业绩波动来促使民营企业商业信用融资的提升;异质性分析结果表明,政府背景大客户对民营企业商业信用融资的正向效应,在经济政策不确定性较强时期、供应商集中度较高企业以及信贷可获得性较差企业中更为明显。研究结论丰富并拓展了政府采购的职能,以期为优化民营企业供应链融资策略、纾解民营企业融资困境提供了有益参考。

    Abstract:

    Using the voluntarily disclosed customer information data from private enterprises listed on the Shanghai and Shenzhen A share from 2007 to 2021, the impact of major government background customers on private enterprises trade credit financing is examined from the supply chain perspective. The study finds that major government background customers significantly enhance the level of private enterprises trade credit financing; quantile regression results show that the promotion effect of major government background customers is stronger for private enterprises with a higher level of trade credit financing; and the test results of the mechanism of the effect show that major government background customers can strengthen product market competitive advantage, optimize the information environment of capital market, reduce the fluctuations in operating performance. Heterogeneity analysis show that the positive effect of major government background customers on private enterprises trade credit financing is more obvious in the period of stronger economic policy uncertainty, enterprises with higher supplier concentration and enterprises with poorer credit accessibility. The findings of this paper enrich and expand the functions of government procurement, with a view to providing a useful reference for optimizing the supply chain financing strategy of private enterprises and alleviating their financing difficulties.

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张娆,张佳琪.政府背景大客户有助于民营企业获得商业信用融资吗?[J].南京审计大学学报,2024,(4):

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  • 在线发布日期: 2024-06-17
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