Trust of Upstream Firm and Downstream Firm and Credit Strategy:The Interference Effects of Regional Financial Development

以沪深股市1990—2009年间的非金融上市公司为研究样本,利用TObIT模型和InTEr-VAl模型对上下游企业的信任对上市公司赊销战略的影响以及区域金融发展对前两者关系的干扰效应展开研究。研究发现:上下游企业的总信任以及上游企业的信任会促使上市公司增加使用赊销战略,而下游企业的信任则会诱使上市公司减少赊销战略的使用;区域金融发展和上下游企业的总信任以及区域金融发展和上游企业的信任在对赊销战略的影响上是替代关系,但区域金融发展和下游企业的信任两者在影响公司赊销战略上的不确定关系仍待证实。With Tobit and Interval model,this paper empirically studies influence of trust of upstream firm and downstream firm on credit strategy of listed-companies and interference effects of regional financial development on relationship between trust of upstream and downstream firms and corporate credit strategy.The study shows that the whole trust of upstream firm and downstream firm and trust of upstream can push corporate using more credit strategy and trust of downstream firm can induce firm to use less credit strategy.It is a substitute between regional financial development and the whole trust of upstream and downstream firm as well as regional financial development and trust of upstream firm in corporate credit strategy,and the uncertain relation between regional financial development and trust of downstream firm in corporate credit strategy need to be confirmed.中国博士后基金项目“产品负面报道的金融加速器效应研究——以不信任情绪蔓延和资产负债表传染为中介变量”(2011M500884);江苏省高校哲学社会科学基金资助项目“前景理论、贸易信贷及其收益率分布特征”(09SJB630038);国家自然科学基金项目“跨企业边界的成本协同管理与价值创造驱动因素研究”(70872096);教育部人文社会科学研究规划基金项目“非理性视角下社会网络与资本配置效率研究”(11YJA630035);福建省社会科学规划项目“非理性行为、社会网络与公司投资决策”(2011B125