资金循环周期与企业信贷约束
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| Title | Cash Conversion Cycle and Firms’ Credit Constraints
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| 作者 | 李志远 汤学良 |
| Author | Li Zhiyuan and Tang Xueliang |
| 作者单位 | 复旦大学经济学院；扬州大学商学院 |
| Organization | Fudan University;Business College of Yangzhou University |
| 作者Email | zhyli@fudan.edu.cn；tang_xue_liang@yzu.edu.cn |
| 中文关键词 | 异质性 生产率 资金循环周期 信贷约束 |
| Key Words | Heterogeneity; Productivity; CCC; Credit Constraint |
| 内容提要 | 金融冲击通过信贷约束影响企业表现，然而文献中有关信贷约束的影响因素的研究还比较缺乏。本文识别、分析与检验了信贷约束的一个影响因素：资金循环周期。具体而言，本文在异质性企业框架下构建了生产率不完全信息的“银行-企业”模型，引入资金循环周期，内生推导出银行施与企业的最优信贷约束。在此内生信贷约束中，资金循环周期进入银行的信贷约束决策，决定信贷约束的严重程度。实证分析发现：（1）企业的资金循环周期是影响企业信贷约束的一个重要因素；（2）其他条件不变时，资金循环周期越长则企业面临的信贷约束越强。 |
| Abstract | Financial shocks affect firms’ performance through credit constraints. Factors that determine credit constraints, however, are not sufficiently investigated in existing literature. This paper identifies, analyses, and tests one such factor, the Cash Conversion Cycle (i.e. CCC). Specifically, we develop a “Bank-Firm” model which incorporates incomplete information in the sense that firms’ productivities are private information for the bank. In a heterogeneous firm setting, incomplete information delivers endogenous credit constraints that are optimal to the bank. In such optimal credit constraints, firms CCC plays a critical role, determing the level of the credit constraint. We show empirically that: (1) CCC is an important factor affecting the credit constraint; (2) given other condition constant, the longer CCC, the stronger credit constraint the firm faces. Such evidence provides strong support to our theoretical model. |
| 文章编号 | WP1227 |
| 登载时间 | 2017-10-10 |
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