中文摘要：

采用2005—2014年沪、深两市上市公司财务数据,研究企业不同生命周期阶段、区域金融发展对企业商业信用融资的影响,研究发现：处于成长期的企业,其商业信用融资比例要显著高于非成长期的企业;所在区域金融发展水平越高,企业商业信用融资比例越低;进一步研究发现,与金融发展水平低的地区相比,在金融发展水平高的地区,成长期企业商业信用融资大于非成长期企业的商业信用融资的情况更为显著,说明金融发展水平对不同生命周期企业之间的融资差距具有＂放大效应＂。

英文摘要：

Taking the financial data of listed corporations in Shanghai and Shenzhen from 2005 to 2014 as samples,this paper makes a research on the influence of the different stages of the life cycle and regional financial development on enterprise credit financing. The study shows that in the growing period of enterprises,the proportion of commercial credit financing is significantly higher than the non-growing period of the enterprise; the higher the level of regional financial development,the lower the proportion of enterprise commercial credit financing. Further study finds that compared to areas with low level of financial development,in areas with a high level of financial development,commercial credit financing in the growing period enterprise is greater than that in the non-growing enterprise. It shows that the level of financial development has an＂amplification effect＂on the financing gap in enterprises in different life cycles.