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论文编号：	16129
作者编号：	2120243818
上传时间：	2026/6/8 18:51:41
中文题目：	商业信用供给对企业风险承担的影响研究
英文题目：	Research on the impact of trade credit supply on corporate risk-taking
指导老师：	王志红
中文关键字：	商业信用供给；企业风险承担；议价能力；行业竞争
英文关键字：	Trade credit supply；Corporate risk-taking；Bargaining power；Industry competition
中文摘要：	在高质量发展与不确定性并存的宏观背景下，商业信用已超越传统赊销的单一功能，演变为企业间重要的非正式融资机制与竞争策略工具。作为银行信贷的重要补充，商业信用不仅能够缓解企业短期资金压力、降低交易成本，更成为企业构建供应链网络、获取市场竞争优势的战略性资源。然而，商业信用供给在带来融资便利的同时，也意味着资金占用和违约风险的承担。如何把握商业信用供给的适度规模，平衡其收益与风险，成为企业财务管理和风险控制的核心议题。 基于上述背景，本文以2015-2024年我国A股上市公司为研究样本，从融资优势理论、买方市场理论及信号传递理论出发，深入探讨商业信用供给与企业风险承担水平之间的非线性关系及其作用机制。实证研究发现：商业信用供给与企业风险承担水平之间存在显著的U型非线性关系，适度的商业信用供给能降低企业风险承担水平，但当供给规模超过临界值后，企业风险承担水平将显著攀升。进一步研究显示，企业议价能力与行业竞争程度在上述关系中发挥重要的调节作用。高议价能力能够平滑风险曲线，弱化企业过度授信带来的负面风险冲击；而激烈的行业竞争则会放大商业信用供给的风险效应，迫使企业在“红海”中承担更高风险。异质性分析表明，非国有企业与技术密集型企业的U型特征更为显著，反映出在硬预算约束与高流动性依赖下，这两类企业在面对商业信用供给波动时表现出更高的脆弱性与敏感度。 本文的研究不仅丰富了商业信用与企业风险承担领域的理论研究，揭示了二者复杂的动态演化路径，也为微观企业优化信用政策、宏观监管层防范供应链系统性风险提供了重要的经验证据与决策参考。
英文摘要：	Against the macroeconomic backdrop of high-quality development and uncertainty, commercial credit has evolved beyond the singular function of traditional credit sales, becoming an important informal financing mechanism and competitive strategy tool among enterprises. As an important supplement to bank credit, commercial credit not only alleviates short-term financial pressure on enterprises and reduces transaction costs, but also serves as a strategic resource for enterprises to build supply chain networks and gain market competitive advantages. However, while commercial credit supply brings financing convenience, it also implies the occupation of funds and the assumption of default risks. How to grasp the appropriate scale of commercial credit supply and balance its benefits and risks has become a core issue in corporate financial management and risk control. Based on the aforementioned background, this paper takes Chinese A-share listed companies from 2015 to 2024 as the research sample. Starting from the theories of financing advantage, buyer's market, and signal transmission, it delves into the nonlinear relationship and its mechanism between commercial credit supply and corporate risk-taking level. The empirical research finds that there is a significant U-shaped nonlinear relationship between commercial credit supply and corporate risk-taking level. Moderate commercial credit supply can reduce the level of corporate risk-taking, but when the supply scale exceeds a critical value, the level of corporate risk-taking will significantly increase. Further research shows that corporate bargaining power and industry competition play an important moderating role in the above relationship. High bargaining power can smooth the risk curve and mitigate the negative risk impact brought by excessive credit extension to enterprises; whereas fierce industry competition will amplify the risk effect of commercial credit supply, forcing enterprises to bear higher risks in the "red ocean". Heterogeneity analysis indicates that the U-shaped characteristics are more pronounced for non-state-owned enterprises and technology-intensive enterprises, reflecting that under hard budget constraints and high liquidity dependence, these two types of enterprises exhibit higher vulnerability and sensitivity in the face of fluctuations in commercial credit supply. The research presented in this paper not only enriches the theoretical research in the field of commercial credit and corporate risk-taking, revealing the complex dynamic evolutionary path between the two, but also provides important empirical evidence and decision-making references for micro-enterprises to optimize credit policies and for macro-regulators to prevent systemic risks in the supply chain.
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