摘要
防范风险事关企业的存续和发展，更是实现经济社会高质量发展、打赢“三
大攻坚战”的重中之重。伴随着全球政治经济形势的严峻复杂化及新冠疫情的冲
击，企业生存环境愈显艰难，融资约束已成为遏制其健康发展的主要瓶颈。然而，
我国金融体系尚不完善，导致企业进入信贷市场的门槛高，难度大。在此背景下，
非正式的商业信用融资途径对我国企业发展起到了重要的支持作用，同时商业信
用供给成为企业应对市场竞争的重要策略。鉴于此，本文从融资和供给的双重视
角探究商业信用行为是否会缓解企业风险，并且基于企业所处市场环境和所有制
差异，考察商业信用行为对企业风险影响效应的异质性。本文的研究成果对有效
管控企业风险，保护各方利益相关者权益，实现企业高质量发展具有重要意义。
本文对商业信用与企业风险的相关文献进行了探讨，并在阐明理论机制的基
础上提出了研究假设。同时，基于 2010-2019年Ａ股上市制造业企业数据，选用
面板固定效应模型，对所提假设进行了实证检验。研究发现：首先，商业信用融
资与供给都对企业风险存在非线性“U”型作用规律，即基于企业风险视角，商
业信用融资和供给都存在适度规模；其次，在供应商集中度高的企业，商业信用
融资对企业风险影响更为显著；再次，产品独特性高的企业，其风险对商业信用
供给变化更加敏感；最后，不同企业所有制下，商业信用与企业风险的关系存在
差异性，民营企业的商业信用融资和供给对企业风险的影响相对更为显著。综上，
本文从企业角度提出合理进行商业信用决策和防范企业风险等建议，从政策制定
者角度提出健全金融市场体系和管控企业商业信用的过度使用，谨防“三角债”
问题再现等建议。
关键词：商业信用，企业风险，供应商集中度，产品独特性，企业所有权性质

Abstract
Preventing risks matters a great deal to the survival and development of an
enterprise. It is also the most significant precondition for achieving high-quality
economic growth and fighting the three tough battles. With the increasingly rigorous
and complicated global political and economic situation during the COVID-19
pandemic, the surviving environment for the enterprises becomes gradually rough.
Financing constraints become the main bottleneck to curb the healthy development of
the enterprises. And the financial system of China is not yet perfect, which leads to
difficulties and high barriers for enterprises entering the credit market. At the same
time, informal trade credit financing has played a significant role in supporting the
development of Chinese enterprises. trade credit supply also becomes a crucial
strategy for enterprises to respond to market competition. Therefore, this paper
explores whether trade credit behavior alleviates corporate risks from the dual
perspectives of financing and supply. Based on the market environment and
ownership differences of enterprises, the paper examines the heterogeneity of the
effect of trade credit behavior on corporate risk. The paper is of great significance for
effectively managing corporate risks, protecting the interests of stakeholders, and
achieving high-quality corporate development.
This paper reviews the literature on trade credit and enterprise risk and puts
forward the research hypothesis based upon elucidating the theoretical mechanism.
Based on the data of A-share listed manufacturing companies from 2010 to 2019, the
paper uses the panel fixed effects model to empirically test the hypothesis. The paper
finds that firstly there is a non-linear "U"-shaped relationship between trade credit
financing and supply on enterprise risks. Especially from the perspective of enterprise
risk, both have a moderate scale. Secondly, with the higher supplier concentration, the
impact of trade credit financing on corporate risks is more significant for enterprises.
And with the higher product uniqueness, the risks of enterprises are more sensitive to
changes in trade credit supply. Thirdly, the relationship between trade credit and
corporate risk is different under various corporate ownership. The trade credit
financing and supply of private enterprises have a more significant impact on the
enterprise risks. Ultimately, this paper presents two views for the enterprises and
policymakers. For the enterprises, they should make reasonable trade credit decisions.
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