经济政策不确定性、产权性质与商业信用
ECONOMIC POLICY UNCERTAINTY,PROPERTY RIGHTS AND TRADE CREDIT

摘要 本文以经济政策不确定性为研究出发点，选取2007年第1季度—2014年第4季度沪深A股的上市公司，讨论了经济政策不确定性对企业商业信用规模的冲击。实证结果表明：当经济政策不确定性较高时，企业获得的商业信用规模总体上有缩小的趋势；国有企业会凭借产权优势抑制企业商业信用规模的下降；而较快的经济增长速度和较差的金融市场环境也会抑制企业商业信用规模的下降。本文的研究结果表明，经济政策不确定性对企业的商业信用规模确实存在冲击，商业信用作为企业维持经营的重要手段需引起特别重视。
Abstract： With the background of economic policy uncertainty, this paper selects the Ashares listed companies from 2007Q1 to 2014Q4, discusses the impact of the changes of macroeconomic entertainment for an enterprises trade credit The empirical results show as follows: With high economic policy uncertainty, the scale of enterprises trade decreases The stateowned enterprises, with property advantage, will inhibit the decrease of trade credit Especially in regions of highGDP growth and low financial market development, the effect of inhibition will be more significant The results in this paper support that the economic policy uncertainty has a great influence on the enterprises trade credit, the role of trade credit in a corporate borrows will attract more attention.