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題名：交易信用的決定因素:以台灣與大陸公司層面的追蹤資料為實證
作者：包喬瑞
作者(外文)：Chiao-Jui Pao
校院名稱：國立高雄第一科技大學
系所名稱：財務金融學院博士班
指導教授：周建新
學位類別：博士
出版日期：2015
主題關鍵詞：淨交易信用；追蹤資料；交易信用；道德風險；逆選擇；「抵換」關係；Moral Harazd；Adverse Selection；Trade-off；Panel Data；Net Trade Credit；Trade Credit
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本研究所建構的實證模型在進行台灣、中國大陸上市企業的追蹤資料分析時，發現模型能檢驗包括交易成本、差別訂價、逆選擇及道德風險等交易信用決定因素的不同假說。應收帳款(交易信用供給方)中發現台灣企業因金融機構信貸限制門檻高導致交易信用與銀行信貸間具有「替代」效果，而大陸企業因資金市場未完全自由化當企業提供交易信用時需搭配金融機構信貸導致交易信用與銀行信貸間具有「互補」效果。應付帳款(交易信用需求方)中則發現時海峽兩岸皆因金融機構信貸限制門檻高，故不論台灣或大陸的企業皆轉向需求供應商的交易信用導致交易信用與銀行信貸間具有「替代」效果。研究中特別發現應收帳款與應付帳款兩者之間的逆選擇與道德風險現象如同產品的邊際利潤與邊際成本之間的「抵換」關係。最後探討台灣與大陸企業的淨交易信用關係，發現差別訂價的代理變數總資產規模與淨交易信用之間因企業規模正快速成長及小型企業急於建立品牌商譽而節制提供交易信用的原因呈現顯著的負相關；至於淨交易信用與金融機構信貸之間關係，台灣企業的淨交易信用與銀行信貸間具有「替代」效果，反觀大陸企業的淨交易信用則與銀行信貸間具有「互補」效果。
This study presents an empirical model that can test hypotheses regarding various determinants of trade credit, such as transaction costs, discriminatory pricing, adverse selection, and moral hazards, using panel data from listed corporations in Taiwan and Mainland China. Investigating accounts receivable (supply side of trade credit), we found a substitution effect between trade credit and bank credit in Taiwanese corporations due to the strict credit limits imposed by financial institutions. In contrast, the incomplete liberalization of the capital market in Mainland China requires that their corporations arrange credit from financial institutions along with the trade credit they extend, which produced a complementary effect between trade credit and bank credit. With regard to accounts payable (demand side of trade credit), corporations in both Taiwan and Mainland China turned to the trade credit and bank credit. A unique finding of this study was that between accounts receivable and accounts payable, adverse selection and moral hazard show a tradeoff relationship similar to that between the marginal profits and marginal costs of a product. Finally, our investigation of the net trade credit in corporations in Taiwan and Mainland China revealed a negative correlation between net trade credit and total assets, which is a proxy variable for discriminatory pricing, on account of the abstinent extension of trade credit by swiftly growing corporations and small corporations anxious to establish brand reputation. In summary, net trade credit and bank credit present a substitution effect in Taiwanese corporations but display a complementary effect in corporations in Mainland China.
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