How Does Market Operate under the Condition of Capital Shortage? A Study of Social Time Mechanism of Textile Industry of Pu Town

本文以浦镇轻纺产业为个案，通过引入社会时间机制来说明在资金短缺条件下，作为市场主体的中小企业如何借助生产链上的大规模逐级“欠账”和成本分摊来实现融资和持续运转。本文的分析从关系合同出发，在市场权力和社会关系的维度上加入了合同的时间维度，即所谓的社会时间机制，以此来打开交易过程中的信用概念，强调还教能力及还教周期对企业资金流转的限制，用以解释交易双方在无第三方信用担保的情况下，是如何借助社会时间机制彩成的资金结算周期来适应和促进整个市场的运作和发展的。

Based on the ease of textile industry of Fu Town, this paper brings in social time mechanism to illustrate how financial activities and continuous operation of the SMEs under the condition of capital shortage are realized through costallocation and massive graduated debts in the production chain. Starting from the relational contract, this paper adds a dimension of time, which is called social time mechanism, to those of market power and social relations. By this social time mechanism, the author expands the meaning of credit, highlights the restriction of repayment capacity and repayment period on trading process. Then the author uses this model to explain how the two trading parties adopt the capital settlement period developed under such mechanism to adapt to and promote operation and development of the market in absence of third-party credit guarantee.

李英飞

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