创业板市场的应收账款规模是主板市场的两倍以上,创业板上市公司更多是商业信用供给者。研究发现:上市公司为建立产品质量信号机制,积累市场声誉,规模越大的上市公司提供越多的商业信用;为追求“高成长”形象,交给资本市场一份满意答卷,上市公司采用较宽松的信用政策,应收账款不断增加,但应收账款回收速度却在不断下降;虽然创业板企业上市公司的银行信贷满足率低于主板上市公司,但获得银行信贷的上市公司还是积极通过提供商业信用为客户融资,进而保护和扩大自身销售市场。 GEM accounts receivable scale is more than twice the motherboard market, the GEM is more commercial credit providers. The study found that listed companies provide more commercial credit to listed companies that establish a product quality signal mechanism and accumulate market reputation, and larger ones. In order to pursue the image of “high growth”, the listed companies are given a satisfactory answer in the capital market. The listed companies With a more lenient credit policy, receivables are increasing, but the receivables recovery rate is declining. Although the credit satisfaction rate of listed companies in GEM is lower than that of the listed companies in the main board, the listed companies that obtain bank credit Or actively provide customers with commercial credit financing, and thus protect and expand their sales market.