中文摘要：

笔者从投资的角度剖析商业信用融资对实体经济的影响，为短期商业信用融资对经济增长的促进作用提供证据，并基于2007年～2012年的上市公司的样本数据，研究了商业信用融资对投资行为的影响。实证研究发现：我国上市公司的商业信用的使用促进了企业投资支出的增加；国有上市公司获得的商业信用更多，但并没有因此提高商业信用的投资行为，民营上市公司获得的商业信用融资更少，但是商业信用融资的使用显著地提高了投资支出。

英文摘要：

This paper analyzes the influence of trade credit financing on the real economy from the perspective of investment so as to provide the evidence of short-term trade credit financing promoting economic growth. Based on the sample of listed companies in 2007- 2012, we study the influence of the trade credit financing on investment. The empirical study shows that the use of trade credit of listed companies in China promotes the fixed assets, intangible assets and projects under construction; state-owned listed companies obtain more trade credit, but can＇ t improve investment that trade credit leads to, private listed companies get less trade credit financing, but the use of trade credit financing significantly improves the investment spending.