I 摘要 商业信用融资作为企业直接融资的方式之一，在上下游企业中获得了广泛运 用。当企业面临信贷约束时，商业信用或许可以作为一种补充性的资金来源，支 持企业的经营与发展，缓解企业的燃眉之急。因此，如何实现商业信用在资本市 场的有效运转一直是融资约束型企业和相关专家学者关注的焦点。 现有研究发现商业信用的流动受到企业内部经营发展状况、宏观经济与制度 等方面的外部因素影响。但企业在进行商业信用融资的决策时，无法对宏观外部 因素进行强制干预或影响，因此有必要探索非制度性因素对企业融资决策产生的 影响。在非制度性因素中，企业与银行、政府以及除此二者之外的外部机构的关 系作为一种重要的无形资产，能够帮助企业获得稀缺的资源，而鲜有研究回答了 如何运用这种无形资产帮助企业获得商业信用融资缓解信贷约束。 针对现有文献对关系网络影响商业信用融资研究的不足，本文基于社会资本 理论与信号传递理论，在文献梳理与理论分析的基础上，从银企关系、政企关系 与社企关系的多维关系视角出发，运用2011-2017年中国沪深A股上市企业1096 个非平衡面板数据展开多维关系网络对商业信用融资影响的实证研究。关系网络 实质反映了企业在网络结构中的地位差异，而市场地位又通过控制话语权影响企 业商业信用融资，市场地位是否形成了二者关系中介机制呢？实证结果发现：（1） 政企关系与银企关系能为企业带来更多的商业信用融资，而以社会责任指数衡量 的社企关系表明其与企业商业信用融资为负相关。运用分组赋值法将三维关系合 成加权关系网络以代表企业关系的丰富度与强度，发现即使关系网络丰富的企业 也无法获得更多的商业信用融资；（2）构建中介效应模型后的实证结果显示，尽 管各维关系对市场地位会产生不同程度的影响，但市场地位在关系网络与商业信 用融资关系中的中介作用并不显著。 企业在运营过程中要充分调配合理的关系资源，注意把握各维关系之间的动 态平衡，同时要促进会计准则规范化，为企业获得商业信用融资提供积极作用。 此外，企业还可运用关系资源通过寻求的其他渠道帮助企业获取商业信用融资。 关键词：银企关系;政企关系;社企关系;市场地位;商业信用融资 Abstract II Abstract Asoneofthedirectfinancingmethodsforenterprises,commercialcreditfinancing hasbeenwidelyusedinupstreamanddownstreamenterprises.Whenanenterprisefaces creditconstraints,tradecreditmaybeusedasasupplementarysourceoffundsto supporttheoperationanddevelopmentoftheenterpriseandeaseitsurgent needs.Therefore,howtorealizetheeffectiveoperationoftradecreditinthecapital markethasalwaysbeenthefocusoffinancing-constrainedenterprisesandrelated expertsandscholars. Theexistingresearchfindsthattheflowoftradecreditisinfluencedbyexternal factorssuchasthedevelopmentofinternalbusiness,macro-economyandsystem. However,whenanenterprisemakesadecisiononcommercialcreditfinancing,theycan notforcetointerveneorinfluencethemacro-externalfactors,soitisnecessaryto exploretheinfluenceofnon-institutionalfactorsonenterprisefinancingdecision. Amongthenon-institutionalfactors,therelationshipbetweenenterprisesandbanks、 governmentandotherexternalinstitutionsisanimportantintangibleasset,whichcan helpenterprisesobtainscarceresources.Butfewstudieshaveansweredthequestionof howtousetheintangibleassettohelpfirmsaccesstradecreditandeasecredit constraints. Inviewoftheinadequacyoftheexistingliteratureontheimpactofrelationship networksontradecreditfinancing,thispaper,basedonthetheoryofsocialcapitaland signalingtheory,onthebasisofliteraturereviewandtheoreticalanalysis,fromthe perspectiveofmulti-dimensionalrelationshipamongbank-enterpriserelationship, government-enterpriserelationshipandsocialenterpriserelationship,usingthedataof 1096unbalancedpaneldataofChina-ShanghaiandShenzhenA-sharelistedcompanies from2011to2017.Therelationshipnetworkessentiallyreflectsthedifferencesinthe positionsofenterprisesinthenetworkstructure,whilethemarketpositioninfluences thetradecreditfinancingofenterprisesbycontrollingthediscoursepower.Doesthe marketpositionformtheintermediarymechanismofthetworelationships?The empiricalresultsshowthat:(1)government-enterpriserelationshipandbank-enterprise relationshipcanbringmoretradecreditfinancingforenterprises,whilethesocial Abstract III enterpriserelationshipmeasuredbysocialresponsibilityindexshowsnegative correlationwithtradecreditfinancing.Byusingthegroupingassignmentmethod,the three-dimensionalrelationnetworkiscomposedintoaweightedrelationnetworkto representtherichnessandintensityoftherelation;(2)Theempiricalresultsafterthe establishmentoftheintermediaryeffectmodelshowthatalthoughtherelationshipof eachdimensionhasdifferenteffectsonthemarketposition,themediatingeffectof marketpositionontherelationshipbetweentherelationshipnetworkandcommercial creditfinancingisnotsignificant. Duringtheoperationofanenterprise,itisnecessarytofullyallocatereasonable relationshipresources,payattentiontograspthedynamicbalancebetweenvarious dimensionalrelationships,andatthesametimepromotethestandardizationof accountingstandardstoprovideanactiveroleforenterprisestoobtaincommercial creditfinancing.Inaddition,companiescanalsouserelationshipresourcestohelp companiesobtaincommercialcreditfinancingthroughotherchannelstheyseek. KeyWords:Bank-enterpriserelationship;Government-enterprise relationship;Social-enterpriserelationship;Marketstatus;Tradecreditfinancing 目录 IV 目录 第1章引言...................................................................................................................1 1.1研究背景与意义.................................................................................................1 1.1.1研究背景.....................................................................................................1 1.1.2研究意义.....................................................................................................2 1.2文献综述.............................................................................................................3 1.2.1商业信用融资.............................................................................................3 1.2.2关系网络.....................................................................................................9 1.2.3市场地位...................................................................................................11 1.2.4研究述评...................................................................................................12 1.3研究内容与方法...............................................................................................12 1.3.1研究内容...................................................................................................12 1.3.2研究方法...................................................................................................13 1.3.3研究框架图...............................................................................................13 1.4研究创新...........................................................................................................15 1.5本章小节...........................................................................................................15 第2章概念界定与理论基础.....................................................................................16 2.1相关概念界定...................................................................................................16 2.1.1商业信用融资...........................................................................................16 2.1.2多维关系网络...........................................................................................16 2.1.3市场地位...................................................................................................19 2.2理论基础...........................................................................................................20 2.2.1社会资本理论...........................................................................................20 2.2.2信号传递理论...........................................................................................20 2.3本章小节...........................................................................................................21 第3章研究假设与研究设计.....................................................................................22 3.1研究假设...........................................................................................................22 3.1.1多维关系网络与商业信用融资..