【摘要】：從改革開放至今，以中小企業(yè)為核心的民營經(jīng)濟經(jīng)過將近30年的發(fā)展，逐漸成長為我國社會主義市場經(jīng)濟最有活力和發(fā)展?jié)摿Φ慕?jīng)濟力量。中小企業(yè)對于拉動我國經(jīng)濟增長、緩解就業(yè)壓力、促進我國經(jīng)濟穩(wěn)定乃至社會穩(wěn)定做出了巨大貢獻。上市中小企業(yè)是中小企業(yè)中發(fā)展較好，具有一定代表性的群體。商業(yè)信用是商品經(jīng)濟中最廣泛使用的信用形式，是社會信用體系的重要組成部分，因此，現(xiàn)階段研究中小板公司商業(yè)信用對于整個社會信用體系的建設有重要的意義。 本文首先參考經(jīng)典的Peterson和Rajan的商業(yè)信用供給和需求影響因素的模型，研究我國深證證券市場中小板企業(yè)商業(yè)信用供給和需求的影響因素。本文選取融資渠道中比較古老和傳統(tǒng)的商業(yè)信貸為研究視角，選取深市625家中小企業(yè)2010年至2012年一季度共11個時點數(shù)據(jù)（有些企業(yè)因成立時間和上市時間較晚，數(shù)據(jù)并不完全），建立多元回歸模型進行實證，研究上市中小企業(yè)商業(yè)信貸供給和需求的影響因素，，更好的了解上市中小企業(yè)商業(yè)信用的運用狀況，分析影響其使用的深層原因，并提出針對提高上市中小企業(yè)商業(yè)信用運用的效率的政策建議。本文采用的計量方法有描述性統(tǒng)計、Panel Data模型等，主要是分析企業(yè)內(nèi)部因素對商業(yè)信用的供給和需求產(chǎn)生的影響，本文沒有通過設置虛擬變量的方式將行業(yè)因素考慮，選取相關財務指標來代替各因素，通過將樣本分行業(yè)進行實證來分析各因素在行業(yè)間的差別及原因。 本文的實證研究發(fā)現(xiàn)企業(yè)內(nèi)部因素對商業(yè)信用運用的影響在行業(yè)間表現(xiàn)出很大的差異。資產(chǎn)規(guī)模變量和銷售增長率與應收賬款比率的關系在所有行業(yè)間表現(xiàn)一致。而對于商業(yè)信用的需求而言，影響最大的因素是資產(chǎn)負債率，且在各行業(yè)間表現(xiàn)一致。營業(yè)利潤率與應收比率的關系表明中小板企業(yè)較少的利用商業(yè)信用來實行價格歧視。資產(chǎn)周轉率對各行業(yè)的商業(yè)信用供給都有顯著影響，同時也說明中小板公司流動性較強的公司具有較強的外部融資能力。 根據(jù)實證結果，分析了產(chǎn)生差異的原因，并從提高財務穩(wěn)健度和財務彈性、建立客戶和供應商信用體系以及建立企業(yè)內(nèi)部商業(yè)信用管理制度等方面探討了如何提高企業(yè)商業(yè)信用的運用效率。
[Abstract]:Since the reform and opening up, the private economy with small and medium-sized enterprises as the core has gradually grown into the most dynamic and potential economic force of socialist market economy in China after nearly 30 years of development. Small and medium-sized enterprises have made great contributions to stimulating China's economic growth, alleviating employment pressure, promoting China's economic stability and even social stability. Listed small and medium-sized enterprises are well developed and representative groups in small and medium-sized enterprises. Commercial credit is the most widely used form of credit in commodity economy and an important part of social credit system. Therefore, it is of great significance to study the commercial credit of small and medium-sized board companies for the construction of the whole social credit system at this stage. This paper first refers to the classical Peterson and Rajan models of commercial credit supply and demand, and studies the influencing factors of commercial credit supply and demand of small and medium-sized board enterprises in Shenzhen Securities Market of our country. This paper selects the older and traditional commercial credit in the financing channels as the research perspective, and selects a total of 11 time points of 625 small and medium-sized enterprises in Shenzhen from 2010 to the first quarter of 2012 (some enterprises are late because of their establishment and listing time. The data is not complete. The multiple regression model is established to study the influencing factors of the supply and demand of commercial credit of listed small and medium-sized enterprises, so as to better understand the application of commercial credit of listed small and medium-sized enterprises. This paper analyzes the deep reasons that affect its use, and puts forward some policy suggestions for improving the efficiency of commercial credit application of listed small and medium-sized enterprises. The measurement methods used in this paper are descriptive statistical, Panel Data model, which mainly analyzes the influence of internal factors on the supply and demand of commercial credit. This paper does not consider the industry factors by setting virtual variables. Select the relevant financial indicators to replace the factors, through the sample sub-industry empirical analysis of the factors in the industry differences and reasons. The empirical study of this paper finds that the influence of internal factors on the use of commercial credit is very different among industries. The relationship between asset size variables and sales growth rates and accounts receivable ratios is consistent across all industries. For the demand of commercial credit, the biggest factor is the asset-liability ratio, and the performance is consistent among industries. The relationship between operating profit rate and receivable ratio shows that small and medium-sized board enterprises make less use of commercial credit to carry out price discrimination. The turnover rate of assets has a significant impact on the commercial credit supply of various industries, and it also shows that the companies with strong liquidity of small and medium-sized board companies have strong external financing ability. According to the empirical results, this paper analyzes the reasons for the differences, and from the improvement of financial robustness and financial flexibility, This paper probes into how to improve the efficiency of the application of commercial credit in enterprises from the aspects of establishing the credit system of customers and suppliers and establishing the internal commercial credit management system of enterprises.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F276.3

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