中文摘要：

企业间的商业信用融资作为银行信贷的一种有效替代机制，可以缓解企业的融资约束，但不同特征的企业获取商业信用融资的难度却存在显著差别。利用1998-2009年中国上市公司的数据研究发现，企业的市场竞争力和国有股权对企业获取商业信用融资具有显著的正面影响，且两种影响力之间存在替代关系。在市场化程度较低的地区，市场竞争力对企业获得商业信用的作用相对较小，而国有股权的作用相对较大。结论说明，国有股权对获取商业信用融资有隐性担保功能。要从根本上解决民营企业融资难和所有制歧视问题，不能简单依赖于商业信用融资的替代作用，而必须进一步弱化政府对经济和金融领域的干预。

英文摘要：

Trade credit can be used as an effective substitute for bank credit to ease the financing constraints, thus it plays an important role in the business operation and growth. However, different enterprises differ significantly in their difficulty of gaining trade credit financing. Using the financial data of Chinese listed firms during 1998-2009, this paper shows that both market power and state ownership have a significantly positive effect on the use of trade credit, and there is a substitution effect between these two effects. In areas with lower degree of markctization, the positive effect of market power on the trade credit financing is weaker, while the positive effect of state ownership is stronger. The study shows that state ownership not only has a significant effect on the access to formal fi- nancing, but also has an implicit guarantee effect on the access to trade credit financing. Solving the financing difficulties of private enterprise and the ＂ownership discrimination＂ problem can not simply rely on the trade credit financing, but must further weaken the government＇s intervention in the economic and financial fields.