金融支持实体经济的信用模式优化——基于商业信用和银行信用的比较研究

当代财经 ›› 2022, Vol. 0 ›› Issue (10): 64-75.

金融支持实体经济的信用模式优化——基于商业信用和银行信用的比较研究

徐辉¹, 荣晨², 潘高远³

1.中国人民大学财政金融学院,北京 100045;
2.国家发展和改革委员会宏观经济研究院,北京 100032;
3.浙商证券股份有限公司研究所,北京 100027

收稿日期:2022-04-19 出版日期:2022-10-15 发布日期:2022-10-18
通讯作者: 徐辉,中国人民大学博士研究生,主要从事产融结合、商业信用研究,联系方式xuhui@ndrc.gov.cn。
作者简介:荣晨,国家发展和改革委员会副研究员,博士,主要从事发展战略研究;潘高远,浙商证券股份有限公司研究助理,博士,主要从事宏观经济研究。
基金资助:
国家自然科学基金重点项目“关键核心产品供应链风险防控与智能管理——主要基于战略性新兴产业视角”（72131010）; 国家自然科学基金面上项目“人民币国际使用的最佳边界与金融风险管理”（71573268）

The Credit Model Optimization of Finance Supporting Real Economy: Based on a Comparative Study of Commercial Credit and Bank Credit

XU Hui¹, RONG Chen², PAN Gao-yuan³

1. Renmin University of China, Beijing 100045;
2. Institute of Macroeconomic Research, NDRC, Beijing 100032;
3. Institute of Research, Zhesang Securities Company Limited, Beijing 100027, China

Received:2022-04-19 Online:2022-10-15 Published:2022-10-18

摘要/Abstract

摘要： 商业信用和银行信用是两种最基本的信用模式,在实体经济部门的产业循环中,要求资金的供给和融通在纵向和横向上相互结合,即银行信用和商业信用两者不可或缺、相互兼容。从银行信用影响因素、商业信用与银行信用、产融结合与企业经营效率、产融结合与企业风险承担能力四个方面进行理论分析,并利用我国上市公司2010—2020年的数据进行实证检验后发现,国有资本参股、市场占有率高的企业更加容易获得银行信用;商业信用对银行信用具有重要的补充特征,缺乏短期贷款的企业通常以更多的商业信用来补充,获得短期贷款越多的企业对下游企业提供的商业信用越多;企业使用商业信用对营业收入利润率产生正向影响,而使用银行信用对营业收入利润率产生反向影响;企业获得商业信用提升了风险承担能力,企业提供商业信用却降低了风险承担能力。因此,应建立健全商业信用体系,促进商业信用发展,强化信用体系建设,推进商业信用制度创新。

关键词: 商业信用, 银行信用, 产融结合

Abstract: Commercial Credit and bank credit are two basic credit models. In the industrial cycle of the real economic sector, the supply and financing of funds are required to combine with each other vertically and horizontally, that is, bank credit and commercial credit are indispensable and compatible with each other. This paper makes a theoretical analysis from the four dimensions, i.e., bank credit influencing factors, commercial credit and bank credit, industry-finance integration and enterprise operating efficiency, industry-financial integration and enterprise risk-taking ability. It also conducts an empirical test with the data of China's listed companies from 2010 to 2020. It is found that enterprises with state-owned capital participation and enterprises with higher market share are more likely to obtain bank credit.Commercial credit has an important complementary feature to bank credit, and enterprises lacking short-term loans usually use more commercial credit to make up for their fund shortage; companies that obtain more short-term loans provide more commercial credit to the downstream companies.The use of commercial credit by enterprises will generate a positive impact on the profit margin of their operating income; however, the use of bank credit will generate a reverse impact on the profit margin.The enterprises obtaining commercial credit will enhance their risk-bearing capacity, while enterprises providing commercial credit will reduce their risk-bearing capacity. Therefore, it is necessary to establish and improve the commercial credit system, promote the development of commercial credit, strengthen the construction of the credit system, and promote the innovation of the commercial credit system.

Key words: commercial credit, bank credit, integration of industry and finance

中图分类号:

F830

徐辉, 荣晨, 潘高远. 金融支持实体经济的信用模式优化——基于商业信用和银行信用的比较研究[J]. 当代财经, 2022, 0(10): 64-75.

XU Hui, RONG Chen, PAN Gao-yuan. The Credit Model Optimization of Finance Supporting Real Economy: Based on a Comparative Study of Commercial Credit and Bank Credit[J]. Contemporary Finance & Economics, 2022, 0(10): 64-75.

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