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1 3 :,,,, :,,,, :,, ( Putnam,1993 ; Fukuyama,1997 ; Knack and Keefer,1997) ;, (Barney and Hansen,1994 ; Sako and Helper,1998),, Coase (1937) Alchian (1965) Demsetz (1967) Cheung(1968) Williamson (1985) North (1990) ; ( ) (La Porta et al,1997,1998) Bertrand Mullainathan (2003),, ;Demirguc2Kunt Maksimovic (1999) Fan et al (2008) ; (2005) ; (2005) ( ), 3,, :201702, edu ;,;, ( : ) ( :04BJ Y013) ( :J51202) ( :09ZS190) Cheng Shijun, 2007,, 60

2 2009 8,,,, (North,1990 ; Greif,1994),, (Arrow,1975 ; Kreps and Wilson,1982 ; Fukuyama,1995), (2002),,,,,,,, (, 2001),,, (2002), (a social seal of approval),,,,,, (, ;, ) A,, :,, ; ;,,, :,; ; ; ( ),,,,,,,,, 61

3 ( ),,, (,2001) Kreps(1990),,, Kreps Wilson (1982),, (Williamson,1975) ( ),,,, ; (Bromiley and Cummings, 1995 ;Zaheer et al,1998) ;, ( Granovetter,1985),,, ; (Williamson,1975,1985) 1.,, (,2002) 31,,,(21819), (411) (217),, (,2005), Coase (1937), Zylbersztajn and Graca (2002) 9, 64, (Williamson,1975,1985),,,,, Cheung (1968),,, 2.,,,,,, 15000, ,, 60 %,, 511 % ; 13 ( ), 3812 %, 1918 %, 3411 %, ( )? 62

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5 2000,,,?,?,, ( ), ( ),,, (,2002),,, (,2002), (2002),,,,,,,,, :,,, ( ) 2000,, A,, ( 4448 ) CSMAR ; 2000,, (2002),,, 0 1 % 99 % 100 %,, IPO,,,,,,,,,,,,, 64

6 : Creditmode = Size Lev Cshr Shr Rpt Trust + j j Ind + k k Year +, Creditmode, Π( + ) Π,,,,,,,, ;,,,, :, Trust,,, Trust :,,,, ; (Size) (Lev) (Shr1),,,, ;,,,,,,,,,, 2002,,, Cshr, 1, 0, Cshr,,, Π Π( + + ),,,,,,,,, 2002,, : (5515 %) (5216 %) (5012 %) (2815 %) (2518 %) (916 %) 65

7 (Cash) (Market) ( Finance) (,2007) ;, ;,,,,,, 2001,, Tobinπs Q,,,,, 8, 3, 70 % ;,, Factor 1 1 Pjzk Yf Saleexpense Size Lev Cash Cshr Shr1 Π( + ), Π,,, Π Π,, 1 ; 0 Trust Rpt Finance Market Tobinπsq Factor, (2002) :,,,, 0 10, (2007) 2006, 0 10, Tobinπs Q = ( + + )Π, Ind Year,, ( ),, Π( + ) 01164, 01042, 66

8 Π5 ; 01035, 01021, ; 01061, ; Trust , 3011,75 % 25 % , ,, Pearson,, ; Cshr (, ),( Trust = 1), ( Trust = 0), (T2test) (Wilcoxon2test) Π( + ) Π,,,, :,, 1 %,,,,31,,, 1 Π, 1,,, Π( + ), ( ) 2,, 1 2,,, , 1 % ; 3, Trust ,T , 1 % 4 6,,, 1 %,,, Cshr,, 67

9 Rpt, 4, 5 6,,,, 2 1 Y= Pjzk 2 Y= Yf 3 Y= Saleexpense 4 Y= Pjzk 5 Y= Yf 6 Y= Saleexpense Intercept (10193) ( ) (13117) ( ) (5174) (7127) Trust ( ) ( ) ( ) ( ) ( ) ( ) Size (7132) ( ) ( ) Lev (7117) (2177) (2117) Cshr (3166) (8111) (3133) Shr ( ) ( ) ( ) Cash (14116) RPT Finance ( ) ( ) ( ) (1173) Market ( ) ( ) F Adj - R 2 ( %) N : 1(, ), 20 ;, P < 0110 P < 0105 P < 0101,,, ( 4) ;,, ( 5) ;,, 1, 0 Pjzk Yf, ; 68

10 2009 8,, (Market),,, ( 5 6) 3, (2002),,,,, ( GDP),,,, (2002),, 1 Y= Pjzk 2 Y= Yf 3 Y= Saleexpense Intercept ( ) (6119) (6155) Residual2trust ( ) ( ) ( ) Size (8106) ( ) ( ) Lev (7132) (5110) (1184) Shr ( ) ( ) ( ) Cshr (2105) (5143) (2144) Cash (11115) Rpt ( ) ( ) ( ) F Adj - R 2 ( %) N : P < 0110 P < 0105 P < 0101, Residual2trust, Residual2trust, 3, Williamson (1991), ( ),,, (Tobinπs Q) (Factor), 1 69

11 ,, 21819, 217,, 1,,,,,, 1 %,,,,,,, ( 1 % ),, ( ), 5,,, : ( Trust) (Pjzk) ( Yf) (Saleexpense), Laporta et al (1997) Morck et al (2000),,,,, Pjzk Yf, Trust,,,,,,,,,, ; Vif, Vif 2, ; White,,,,,?,,,,,,,, 70

12 2009 8,,,,,,,,,,,,2007 : 2006,,1948 :,,1985,2007 :, 3,2005 :, 5,2005 : :, 6,2005 :, 5,2001 :,,2002 : :, 10 Alchian, A. A., 1965, Some Economics of Property Rights, IL Politico, 30, pp Arrow, K. J. 1975, Gifts and Exchanges, In Phelps. E. S. Altruism, Morality and Economic Theory, New York : Russel Sage Foundation. Barney, J. B., Hansen, M. H.,1994, Trustworthiness as a Source of Sustained Competitive Advantage, Strategic Management Journal, 15, Bertrand, M., and S. Mullainathan,2003, Enjoying the Quiet Life? Managerial Behavior Following Antitakeover Legislation, Journal of Political Economy, 111, Bromiley P, Cummings L,1995, Transaction Costs in Organizations with Trust : A Theoretical Perspective, Research in Negotiations. Cheung, S.,1968, Private Property Rights and Sharecropping, Journal of Political Economy, Vol 76. Coase, R.,1937, The Nature of the Firm, Economica, Vol. 4, No. 16, pp Demsetz, H.,1967, Toward a Theory of Property Rights, American Economic Review, 57. Demirguc2Kunt, A., and Maksimovic, V., 1999, Institutions, Financial Markets, and Firm Debt Maturity, Journal of Financial Economics 54, Fan, Joseph P. H., Titman S. and Twite G., 2008, An International Comparison of Capital Structure and Debt Maturity Choices, working paper from www. ssrn. com. Fukuyama, F., 1995, Trust : The Social Virtues and the Creation of Prosperity, New York : The Free Press. Fukuyama, F.,1997, Social Capital and the Modem Capitalist Economy : Creating a High Trust Workplace, Stem Business Magazine. Granovetter, M.,1985, Economic Action and Social Structure : the Problem of Embeddedness, American Journal of Sociology. Greif, A.,1994, Cultural Beliefs and the Organization of Society :a Historical and Theoretical Reflection on Collectivist and Individualist Societies, Journal of Political Economy, 102 : Knack, S., Keefer, P., 1997, Does Social Capital Have an Economic Payoff a Cross2country Investigation, Quarterly Journal of,,,,,, ( ) 71

13 Economics, Vol. 112,No. 4,pp Kreps. D. and Wilson. R.,1982, Reputation and Imperfect Information, Journal of Economic Theory, 27, Kreps. D, 1990, A Course in Microeconomic Theory, Princeton University Press. La Porta, R., Lopez2de2Silanes, F., Shleifer, A., and Vishny, R., 1997, Legal Determinants of External Finance, Journal of Finance, 52, La Porta, R., Lopez2de2Silanes, F., Shleifer, A., and Vishny, R., 1998, Law and Finance, Journal of Political Economy, 106, Morck R., Yeung B., Yu W.,2000, The Information Content of Stock Markets : Why do Emerging Markets Have Synchronous Stock Price Movements? Journal of Financial Economics,58 : North, D. C.,1990, Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge. Putnam, 1993, Robert, Making Democracy Work, Princeton University Press. Redding, G., 1990, The Spirit of Chinese Capitalism, Walter de Gruyter, Sako, M., Helper, S., 1998, Determinants of Trust in Supplier Relations : Evidence From the Automotive Industry in Japan and the United States, Journal of Economic Behavior and Organization 34, Williamson, O. E.,1975, Markets and Hierarchies, New York : Free Press. Williamson, O. E., 1985, The Economic Institution of Capitalism, New York : The Free Press. Williamson, O. E.,1991, Comparative Economic Organization : the Analysis of Discrete Structural Alternatives, Administrative Science Quarterly, 36 (2) : Zaheer, A., McEvily B., Perrone V., 1998, Does Trust Matter? Exploring the Effects of Inter2Organizational and Interpersonal Trust on Performance, Organization Science, Vol. 9, No. 2, pp Zylbersztajn, D., Graca, C. T., 2003, Costs of Business Formalization : Measuring Transaction Costs in Brazil, Revista de Econom a Institucional, Vol. 5, No. 9. Trust, Transaction Cost and Mode of Trade Credit Liu Fengwei, Li Lin and Xue Yunkui (Shanghai National Accounting Institute ; Shanghai Institute of Foreign Trade ; Cheung Kong Graduate School of Business) Abstract :This paper investigates how trust, as an informal institution, affects corporate transaction cost and financial structure. Using trust index of different provinces in China, we find that differences of trust level in different regions of China cause different contract forms in different regions. The lower the regional trust level, the higher transaction costs of firms in that region. We prove this relationship between trust level and transaction costs because we find that firms in regions with a lower trust level use trade credit mode with higher transaction costs such as prepayments or notes payable and have more selling expenses and discounts per sales revenue. The conclusion of this paper supports that the local trust environment influences transaction behaviors and contract structure of firms and also indicates that trust has the same vital economic significance to firms as formal institutions. This paper also verifies the transmission characteristics of trust between groups and individual, which is practically significant for us to understand the interest relationship between the groups and individual. Key Words : Trust ;Transaction Cost ;Mode of Trade Credit JEL Classification :D23, G32, L14 ( : ) ( : ) 72

( ) : ,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4), ; (5) ( ), (2003),,,,,,, , 20,, ST,,,, :? ( ) 3 ( ) 77

( ) : ,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4), ; (5) ( ), (2003),,,,,,, , 20,, ST,,,, :? ( ) 3 ( ) 77 2005 4 3 ( 100084) : 1998 2002,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4),; (5) ( ),(2003),,,,,,, 1997 1, 20,, ST,,,,:? ( ) 3 (70473046) 77 :,?,, Modigliani Miller (1958), Jensen Meckling (1976),Grossman