投资者调研影响上市公司商业信用融资研究——基于深市A股上市公司的实证

肖 翔1; 张 靖1; 权忠光2

投资者调研影响上市公司商业信用融资研究——基于深市A股上市公司的实证

引用本文：肖翔1，张靖1,权忠光2.投资者调研影响上市公司商业信用融资研究——基于深市A股上市公司的实证[J].财经理论与实践,2018,(6):90-97

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作者	单位
肖翔1，张靖1,权忠光2	(1.北京交通大学经济管理学院，北京 100044； 2.中企华资产评估有限公司，北京 100044）

中文摘要:以2013-2016年我国深市A股上市公司为研究样本，实证检验投资者调研对商业信用融资的影响，以及环境不确定性对二者关系的调节作用。研究结果表明：投资者调研与商业信用融资显著正相关，在非国有企业中，环境不确定性负向调节了投资者调研与商业信用融资之间的关系；在国有企业中，环境不确定性的调节作用不显著。进一步研究显示：投资者调研会促进企业获得较低成本的商业信用融资。

中文关键词:投资者调研商业信用融资环境不确定性产权性质

Does Investors' Investigation Affect the Trade Credit Financing of Listed Companies?——An Empirical Study Based on A-shares Listed Companies in Shenzhen Stock Market

Abstract:Using the data of the listed companies in Shenzhen Stock Exchange from 2013 to 2016 as a sample, the study examines the influence of investors' investigation on the trade credit financing and the moderating effect of environmental uncertainty on the relationship between them. The results show that investors' investigation is positively correlated with trade credit financing, and environmental uncertainty negatively regulates the relationship of investors' investigation and trade credit financing in non-state-owned enterprises, while the moderating effect of environmental uncertainty is not significant in state-owned enterprises. Further research shows that investors' investigation could help companies acquire lower cost of trade credit financing.

keywords:investors' investigation trade credit financing environmental uncertainty property rights

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