债务结构下商业信用对企业长期价值的影响

The Impact of Trade Credit on Long-Term Corporate Value from the Perspective of Debt Structure

摘要: 供应链协同与融资结构优化日益受到关注，商业信用作为内生于供应链交易的融资安排，其对企业长期价值的影响尚未得到充分验证。本文以A股上市公司为样本，识别商业信用占比相对于银行借款对企业长期价值的影响及其作用机制。研究发现，商业信用占比的提升显著促进了企业长期价值增长。就传导机制而言，商业信用对长期价值的贡献主要经由经营效率的提升和内部控制质量的改善来实现。分组回归的结果表明，这一正向关联在非国有样本和规模较大的样本中表现更强。本文从债务构成不同的视角出发，比较了商业信用与银行借款在长期价值上的差异，既拓展了商业信用经济后果的既有认识，也为企业调整融资结构提供了可供参考的经验证据。

Abstract: Supply chain coordination and financing structure optimization have drawn increasing attention, but the long-term value effect of trade credit, as a financing arrangement inherent in supply chain transactions, has not been fully verified. Using a sample of A-share listed companies, this paper identifies the impact of the proportion of trade credit relative to bank loans on corporate long-term value and its underlying mechanisms. The findings show that an increase in the proportion of trade credit significantly promotes long-term corporate value growth. Regarding the transmission channels, trade credit contributes to long-term value mainly through improved operational efficiency and enhanced internal control quality. Subgroup regression results indicate that this positive association is stronger in non-state-owned enterprises and larger firms. From the perspective of debt composition heterogeneity, this paper compares the long-term value differences between trade credit and bank loans, thereby extending existing knowledge of the economic consequences of trade credit and providing empirical evidence for firms to adjust their financing structures.