Abstract: Based on the database of listed manufacturing enterprises in the years of 2009~2014, this paper studies the effect of supply chain relationship transaction on trade credit financing. The results show that the supplier relationship transaction can reduce the demand for trade credit, whereas the customer relationship transaction will increase the supply of trade credit. At the same time,the supply chain relationship transaction has a squeeze effect on enterprises, and can reduce the net trade credit. Furthermore, the paper verifies that high-position enterprises can decrease the negative impact of the supply chain relationship transaction on net trade credit. The conclusions are conducive to the understanding of the supply chain management and the essence of supply chain relationship transaction, while enriching and supplementing the relevant literatures of the trade credit as well.

Key words: Supply Chain Relationship Transaction, Trade Credit Financing, Market Position, Equity Position

摘要： 本文以上市制造企业2009~2014年数据为样本,研究了供应链关系型交易对各种商业信用融资的影响。结果表明,供应商关系型交易比例高会降低企业对商业信用的需求,而客户关系型交易比例高会增加企业商业信用的供给。同时,供应链关系型交易比例高给企业带来挤压效应,降低了净商业信用融资规模。进一步地,本文分别从企业市场地位和股权地位两方面验证了地位高企业可减弱供应链关系型交易对净商业信用融资的负向影响。本文结论有助于理解供应链管理及关系型交易的实质,丰富和补充了商业信用相关文献。

关键词: 供应链关系型交易, 商业信用融资, 市场地位, 股权地位