商业信用供给的同伴效应:近朱者赤乎？

Peer Effect of Commercial Credit Supply——True or Not?

中文关键词:  商业信用供给  同伴效应  市场结构  行业地位  领先同伴企业  追随同伴企业  客户关系

英文关键词:commercial credit supply  peer effect  market structure  industry status  leading peer company  following peer company  customer relationship

中文摘要:

      商业信用供给有助于企业扩大销售规模、提升市场竞争力,然而过度使用也可能引发资金被占用、业务发展受阻等问题。基于2008—2019年中国A股上市公司数据,从行业内公司间相互作用的视角实证检验了商业信用供给的同伴效应以深度考察行业内企业经营行为的趋同性,研究发现:我国上市公司商业信用供给水平会受到同行业公司的显著影响,并且该效应在不同市场结构、行业地位和客户关系情境下存在差异,具体表现为处在竞争型市场结构企业和客户集中度较高的企业,其商业信用供给的同伴效应更加显著；同时,同伴 效应在领先同伴企业中表现得更加明显。上述结果表明,企业在制订商业信用决策时应充分考虑同伴企业的情况,但不能盲目跟从领先企业,需要结合市场结构、行业地位和客户关系进行科学分析,切实防范资金被恶意占用的风险。

英文摘要:

      The commercial credit supply helps to expand the sales scale and enhance the market competitiveness. However, the overuse will lead to problems such as capital tied up, business development frustrated, etc. Based on the data of China's A-share listed companies during the years from 2008 to 2019, from the perspective of the interaction among companies in the industry, this paper empirically tests whether there is a peer effect in commercial credit supply to deeply investigate the convergence of business behavior in the industry. The research finds that the level of commercial credit supply of listed companies in China will be significantly affected by other companies' commercial credit supply level in the same industry, and this effect is different under different market structures, industry positions and customer relations. Specifically, companies with a competitive market structure and a high degree of customer concentration have a more significant peer effect of commercial credit supply, and are more significantly affected by leading peer companies. Therefore, when making business credit decisions, companies need to consider fully the situation of peer companies, but they cannot follow leading company blindly. They need to combine the market structure, industry status and customer relationship to carry out a scientific analysis to prevent effectively the risk of malicious occupation of capital.