Abstract: Based on the Chinese manufacturing listed firms in Shanghai and Shenzhen between 2003 and 2009 as samples, this paper investigates under marketization process of different provinces, the bargaining power of key suppliers and customers impacts on the firms’ trade credit. We find that the concentration of key suppliers and customers, the bargaining power of the firms is more weak, and the firms will provide more trade credits for their key suppliers and customers. Furthermore, firms in regions with low marketization level, have lower bargaining power than their key customers, which makes them have to provide more trade credits, and they have higher bargaining power than their key suppliers, makes them obtain more trade credits. Our findings not only extend and promote the trade credit competition hypothesis from the point of the firms relative their key suppliers and customers, but also provides a possible explanation that how institution environment impacts the firms use trade credit as a means of market competition in order to promote enterprise growth.

摘要： 基于2003-2009年中国制造业上市公司，考察地区市场化进程不同的情况下，企业相对于主要供应商/客户的谈判能力对企业商业信用行为的影响。研究发现，企业的供应商和客户集中度越高，相对谈判能力越低，更可能提供商业信用，进一步发现在市场化进程较慢的地区，公司相对主要客户的谈判能力更弱，更有动机提供商业信用，而公司相对主要供应商的谈判能力增强，更可能获取商业信用。这不仅从企业相对主要交易伙伴的谈判能力视角拓展和深化了商业信用的竞争假说，而且从制度环境，为更好理解转型经济环境下企业利用信用方式作为市场竞争手段以促进企业发展提供了一种可能的解释。