COMMERCIALACCOUNTINGSHANGYEKUAIJI《商业会计》2023年第17期财务管理与资本运营ketCompetition[J].TheQuarterlyReviewofEconomicsandFinance,2020,(78):132-146.[17]MateutS.&ThanasetC.CustomerFinancing,BargainingPowerandTradeCreditUptake[J].InternationalReviewofFinancialAnalysis,2018,(59):147-162.[18]S.U.Khan.FinancingConstraintsandFirm-levelResponsestotheCOVID-19Pandemic:InternationalEvidence[J].ResearchinInternationalBusinessandFinance,2021,(59).[19]DaryS.K.,JamesH.S.DoesInvestmentinTradeCreditMatterforProfitability?EvidencefromPubliclyListedaGro-FoodFirms[J].ResearchinInternationalBusinessandFinance,2019,(47):237-250.[20]LawrenzJ.,OberndorferJ.FirmSizeEffectsinTradeCred⁃itSupplyandDemand[J].JournalofBanking&Finance,2018,(93):1-20.[21]X.M.Wang,W.J.Wu,C.Yin,etal.TradeCredit,OwnershipandInformalFinancinginChina[J].Pacific-BasinFinanceJournal,2019,(57).[22]X.H.Pan,M.N.Li,M.Y.Wang,etal.TheEffectsofaSmartLogisticsPolicyonCarbonEmissionsinChina:ADifference-in-DifferencesAnalysis[J].TransportationRe⁃searchPartE:LogisticsandTransportationReview,2020,(137).[23]S.Z.Qi,C.B.Zhou,K.Li,etal.TheImpactofaCarbonTradingPilotPolicyontheLow-CarbonInternationalCompetitivenessofIndustryinChina:AnEmpiricalAnaly⁃sisBasedonaDDDmodel[J].JournalofCleanerProduc⁃tion,2021,(281).[24]J.Lei,J.P.Qiu,C.Wan,etal.CreditRiskSpilloversandCashHoldings[J].JournalofCorporateFinance,2021,(68).[25]朱颐和,郭春蕊.新能源上市公司融资结构对企业绩效的影响研究[J].商业会计,2021,(21):88-91.一、产业基金的发展现状及特点近年来,旨在引导社会资金参与政府投资项目的产业基金快速发展。据清科研究中心统计,截至2020年末,我国已设立1800余支政府引导基金,总规模超过11万亿元,募资到位规模5.7万亿元,主要围绕先进制造业和战略性新兴产业设立。政府产业投资基金运行呈现以下特点:一是产业基金将政府引导和市场运作有机结合,有效发挥财政资金的杠杆放大作用,引导社会资本集聚,形成循环利用效应。产业基金采取股权投资形式,通过择机退出实现财政资金保...