财经理论与实践Issue(4)：28-32,5.
商业信用、融资约束与公司价值
Trade Credit,Financial Constraints and Corporate Value
摘要
Abstract
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 con-straints.This paper arrives at the conclusions as follows:trade credit improves the corporate val-ue;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.关键词
商业信用/融资约束/公司价值Key words
Trade credit/Financial constraints/Corporate value分类
管理科学引用本文复制引用
苏志强,杜云晗..商业信用、融资约束与公司价值[J].财经理论与实践,2015,(4):28-32,5.基金项目
四川省社科基金项目(SC14E080)、四川省社科“十二五”规划项目(SC14XK23) （SC14E080）
