商业信用、融资约束与公司价值
Trade Credit, Financial Constraints and Corporate Value

以我国A 股非金融类上市公司为样本，就商业信用变动对公司价值的影响进行分析，并以投资效率损失作为融资约束程度分类标准，对融资约束程度不同公司的商业信用变动的边际价值进行对比分析。研究发现：商业信用有利于提高公司价值；融资约束公司的商业信用变动的边际价值小于非融资约束公司；对于融资约束类公司，商业信用变动的边际价值会随着商业信用存量的增加而增加；而对于非融资约束类公司，商业信用变动的边际价值会随着商业信用存量的增加而减小。
Taking A shares of non-financial listed companies as samples, this paper analyzes the effect of the change in trade credit on the corporate value. And it makes a comparison of that effect between the corporate facing financial constraints and the corporate not facing that, making use of efficiency losses in investment as classification criteria for the extent of financial constraints. This paper arrives at the conclusions as follows: trade credit improves the corporate value; the effect of trade credit on corporate value is different between the corporate facing financial constraints and the corporate not facing; the marginal value of trade credit is increasing as the stock of trade credit rising for financial constraints corporate while the marginal value of trade credit is decreasing as the stock of trade credit rising for no financial constraints corporate.