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以中国A股制造业上市企业为样本,在回顾商业信用再配置理论的基础上,将再配置效应的检验逻辑从狭义的银行信贷视角拓展至广义的影子银行视角,通过构建附加影子信贷的再配置模型,实证检验了影子信贷这一再配置路径的存在,修正了传统再配置模型对再配置强度的低估;其次,以所有制差异和产能差异为视角,对企业实施再配置的动因进行了实证检验,证明了融资比较优势下的资本逐利动机(而非买方强势下的竞争性动机)是企业进行再配置的真实动因;最后,证明了宽松货币政策既会通过刺激企业的再配置意愿来推升应收账款规模,也会通过改善资金供给环境、加速产品销售与资金回笼来降低应收账款规模,即货币政策对商业信用存在双重干预机制。
Based on the review of the theory of commercial credit reallocation, taking the Chinese A-share listed manufacturing enterprises as a sample, this paper extends the test logic of the reconfiguration effect from the narrow banking credit perspective to the broad-based shadow banking perspective. By building additional shadow credit, Model, the model verifies the existence of the shadow credit re-allocation path, and fixes the underestimation of the re-configuration strength of the traditional re-allocation model. Secondly, empirically tests the motivation of the enterprise to implement re-allocation from the perspective of ownership difference and capacity difference , Proves that the capital-driven motivation for capital-driven capital under the comparative advantage of financing (rather than the competitive motivation of the buyer) is the real motivation for the enterprise to re-allocate capital. Finally, it is proved that the loose monetary policy can be pushed both by stimulating the re-allocation of enterprises The scale of receivables will also reduce the scale of accounts receivable by improving the funding environment and speeding up product sales and capital withdrawals, that is, there is a double mechanism of monetary policy’s intervention in commercial credit.