Trust and the Provision of Trade Credit
Trust and the Provision of Trade Credit
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DOI：
10.2139/ssrn.2721475
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发表时间：
2014-02
期刊：
影响因子：
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通讯作者：
Wenfeng Wu;M. Firth;Oliver M. Rui
中科院分区：
文献类型：
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作者：
Wenfeng Wu;M. Firth;Oliver M. Rui
在中国，国有控股的上市公司在从商业银行借款时得到优惠待遇;相反，私人控股的公司依赖非正规金融和贸易信贷。我们认为，并找到证据表明，位于较高的社会信任地区的私营企业使用更多的贸易信贷从供应商，扩大更多的贸易信贷客户，更快地收取应收账款和支付应付账款。对于那些位于产权保护薄弱省份的企业，这些发现得到了加强。我们的研究结果是强大的社会信任，法律的环境，和内环境的不同措施。总体而言，我们的研究结果表明，社会信任有助于私营企业克服融资活动的制度性困难。
State-controlled listed firms in China receive preferential treatment when borrowing from commercial banks; in contrast, private controlled firms rely on informal finance and on trade credit. We argue for and find evidence that private firms located in higher social trust regions use more trade credit from suppliers, extend more trade credit to customers, and collect receivables and pay payables more quickly. These findings are enhanced for firms located in provinces with weak protection of property rights. Our results are robust to different measures of social trust, legal environment, and endogeneity. Overall, our results show that social trust helps private firms overcome institutional difficulties in financing their activities.