中文摘要：

利用tobit模型与interval模型,对1990～2009年间我国非金融上市公司的非平行面板数据验证后发现,省域经济景气、借贷额外成本、竞争劣势、公司年龄、公司规模、盈利公司的价格歧视是影响上市公司商业信用供给的稳健显著因素,持续景气的省域经济、逐渐宽松的货币政策和逐年递增的公司实力则是上市公司赊销战略逐年萎缩的主要原因。此外,20年来上市公司赊销战略萎缩的同时赊购战略却呈扩张趋势,这可能源于上市公司较低的合同执行技术和充沛的流动性。

英文摘要：

With tobit and interval model,this paper analyzes empirically unbalanced panel data of Chinese listed non-financial companies from 1990 to 2009 and finds the following reasons to influence trade credit supple： economic boom in the province,additional costs of borrowing,competitive disadvantage,firm age,firm size and price discrimination of profit companier.It is also found out that main reasons of the strategy of credit sale shriveling of Chinese listed companies during 1990-2009 incorporate continuance boom of province economy,gradually relaxed money policy,and increasing firm＇s strength.In addition,it is found that Chinese listed companies＇ strategy of credit sale is decreasing and their strategy of credit buy is increasing at the same time,which may have to do with low of contract execution technology and abundant liquidity of listed companies.