经济与管理研究Issue(12)：46-54,9.
上市公司的信用行为及其市场反应
Credit Behavior and Market Reaction of Listed Companies
摘要
Abstract
Using non-financial listed companies in the main-board market of Shanghai and Shenzhen Stock Exchanges from 1993 to 2012 as a sample,an empirical research is made on the credit behavior and market reaction of listed companies.The results show that macroeconomic policy has a significant impact on the credit behavior of listed companies;the supply and demand of trade credit has a negative correlation with short-term and long-term bank credit;the demand of trade credit has a positive correlation with the supply of trade credit;and the corporate value has a positive correlation with the supply of trade credit.However,the corporate value has a negative correlation with the demand of trade credit,short-term bank credit and long-term bank credit.Furthermore,the factors such as macroeconomic cycle,economic nature of the company,the scale of the company,capital structure and growth significantly influence on the credit behavior and corporate value of listed companies.关键词
信用行为/商业信用/银行信用/经济周期/公司价值Key words
Credit Behavior/Trade Credit/Bank Credit/Economic Cycle/Corporate Value分类
管理科学引用本文复制引用
黄晓波,雷蔚..上市公司的信用行为及其市场反应[J].经济与管理研究,2014,(12):46-54,9.基金项目
教育部人文社会科学规划基金项目“基于广义资本财务报告的理论与模式研究” （）
