关键词: 商业信用,议价能力,货币政策,动态调整

Abstract: Taking China’s A-share listed manufacturing companies during the period of 2004-2014 as the research sample, this paper conducts an analysis of the dynamic adjustment of the commercial credit policies with the partial-adjustment model by adopting the method of systematic GMM estimation. The empirical result shows that China’s listed manufacturing companies do have target value of trade credit supply, which is dynamically adjusted toward this target value. The adjusting speed of the commercial credit policy is affected by the bargaining power of enterprises, the stronger the bargaining power is, the faster the adjusting speed will be; but this effect is restricted by financing constraints. Under different monetary policies, the corporate commercial credit policies with different financing capacity may have different adjusting speeds; the enterprises with weaker financing restraints usually have faster adjusting speed during the period of tight monetary policy.

Key words: trade credit; bargaining power; monetary policy; dynamic adjustment