How trade credits foster exporting
How trade credits foster exporting
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贸易信贷如何促进出口
DOI：
10.1007/s10290-014-0203-8
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Monika Schnitzer
中科院分区：
文献类型：
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作者：
Katharina Eck;Martina Engemann;Monika Schnitzer
活跃于国际市场的公司严重依赖贸易信贷，尽管它们被认为特别昂贵。迄今为止，这种现象还很少被探索。我们的分析重点是预付现金融资。在理论模型的帮助下，我们表明企业密集使用预付现金，因为它可以作为减少与国际交易相关的高度不确定性的质量信号。具体而言，外国买家向出口商提供预付现金可以减轻逆向选择和道德风险风险。因此，出口变得更加有利可图，这使得生产力较低的公司可以开始出口。我们使用来自商业环境和企业绩效调查的德国企业独特的调查数据来测试预付现金融资对企业出口参与的影响。考虑到内生性，我们发现预付现金对企业的出口概率有积极影响。此外，我们的结果表明，这种影响对于生产力较低的企业尤其强烈。
Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our analysis focusses on cash-in-advance financing. With the help of a theoretical model, we show that firms intensively use cash-in-advance because it serves as a quality signal that reduces the high uncertainty related to international transactions. Specifically, cash-in-advance provided from a foreign buyer to an exporter can alleviate adverse selection and the risk of moral hazard. Thus, exporting becomes more profitable which allows less productive firms to start exporting. We use unique survey data on German enterprises from the Business Environment and Enterprise Performance Survey to test the effect of cash-in-advance financing on firms’ exporting participation. Accounting for endogeneity, we find that cash-in-advance has a positive impact on the firms’ probability to export. Moreover, our results suggest that this effect is particularly strong for less productive firms.