Abstract: In China, commercial prepaid cards have become a form of social corruption, which results in the increase of trade credit financing of retail industry. Based on the empirical analysis of panel data, which comes from the listed companies of retail industry from 2006 to 2013, the article studies not only the relationship between the social corruption and the trade credit financing of the companies, but the relationship between the operating conditions of the companies and their trade credit financing as well. Research shows in Mainland Area the social corruption and the trade credit financing levels positively correlated, and verifies the existence of social corruption is closely related to the prepaid card. Meanwhile, the operating conditions are not entirely related to its commercial credit financing. By contrast, based on the comparison and analysis of data for the same period in Hong Kong 14 companies of the retail industry, the trade credit financing level is more dependent on their operating conditions, but no significant relationship with social corruption.

摘要： 在我国，商业预付卡成为了社会腐败的一种形式，由此造成零售业的商业信用融资上升。本文通过对零售业上市公司2006~2013年的面板数据进行实证分析，研究了社会腐败、企业经营状况与其商业信用融资的关系。研究得出社会腐败与大陆地区零售业商业信用融资水平正相关的结论，验证了商业预付卡背后存在着社会腐败现象。而企业经营状况并没有与其商业信用融资完全相关。通过与香港14家同类公司同期数据的对比分析发现，相对于大陆地区，香港零售企业商业信用融资水平更依赖于企业经营状况，而与社会腐败无明显关系。