来自上海交通大学安泰经济与管理学院的胡悦教授、吴文峰教授于2022年1月在经济学（季刊）发表 《商业信用融资和我国企业债务的结构性问题》论文。

利用1998-2017年我国上市公司的数据，本文发现2008年以来上游供应商开始更倾向于为存在隐性担保的国有企业提供商业信用，这导致了国有企业商业信用融资的相对上升。

在横截面上，尽管大型和中西部国有企业的商业信用融资上升得更加明显，但其业绩却并未出现明显的改善。在银行信贷进一步向国有企业倾斜的背景下，商业信用不但没有对银行信贷体系形成有效的补充，反而同样表现出对国有企业的明显倾斜，这是近年来我国企业结构性债务问题的重要成因之一。

Using the data of Chinese listed companies from 1998 to 2017, we find that suppliers are more inclined to provide trade credit to state-owned enterprises (SOEs) with implicit government guarantees since 2008, which leads to a relative increase of SOEs' trade credit financing.

Cross-sectionally, SOEs that are larger or in central-western China experience a more significant increase of trade credit financing while no performance improvement can be observed. Under the background that bank credit is further tilted to SOEs, trade credit is also tilted to SOEs, which is an important factor of structural problems of corporate debt since 2008.

trade credit, state-owned enterprises, implicit government guarantee