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本文旨在研究商业信用对过度投资的治理作用,并从融资约束、市场竞争力差异的角度探讨该问题。研究表明:商业信用可以有效地抑制过度投资,且这种抑制作用对处于不同融资约束程度、市场竞争能力不同的企业有所差异。随着融资约束力的提高,商业信用抑制过度投资的作用增强;较之于市场竞争力强的企业,在市场竞争力弱的企业中,商业信用更能抑制企业的过度投资。本文不仅是对商业信用与过度投资关系研究等的有益补充,也为企业管理者合理利用商业信用提供参考。
The purpose of this paper is to study the governance effect of commercial credit on overinvestment, and discuss the issue from the perspectives of financing constraints and market competitiveness. The research shows that commercial credit can effectively restrain overinvestment, and this inhibitory effect is different for enterprises in different financing constraints and different market competitiveness. With the increase of financing constraints, the role of commercial credit overinvestment is enhanced. Compared with enterprises with strong market competitiveness, commercial credit can more effectively inhibit overinvestment in enterprises with less competitive market. This article is not only a useful supplement to the study of the relationship between commercial credit and overinvestment, but also provides a reference for managers to make rational use of commercial credit.