Determinants of Trade Credit in the Japanese Manufacturing Sector
Determinants of Trade Credit in the Japanese Manufacturing Sector
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DOI：
10.1006/jjie.2001.0466
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发表时间：
2001-06
影响因子：
2.9
通讯作者：
Masanori Ono
中科院分区：
文献类型：
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作者：
Masanori Ono
摘要本文探讨了日本制造业企业贸易信用的决定因素。实证分析表明，贸易信贷量不仅受交易因素的影响，而且还受财务状况的影响。实证检验表明，企业的未来业务前景影响贸易信贷量。值得注意的是，对于流动性受到限制的小企业来说，非交易性因素，如现金流的增加，减少了对贸易信贷的需求。本文还发现，应付账款对银行贷款具有补充作用。贸易应付账款和银行贷款之间的数量关系表明，当货币政策在金融市场上发挥作用时，它也会影响与贸易有关的信贷市场。J.日本Int. Econ.，June 2001，15（2），pp. 160-177.地址：日本福岛市金谷川1号福岛大学经济系，邮编：960-1296。版权所有2001学术出版社。经济文献分类号：E52、G32。
Abstract This paper examines the determinants of trade credit in Japanese manufacturing companies. The empirical analysis presents evidence that the volume of trade credit is influenced not only by transactional factors but also by financial positions. The empirical test reveals that firms' future business prospects affect the volume of trade credit. Notably, for small firms whose liquidity is constrained, nontransactional factors such as an increase in cash flow reduce the need for trade credit. This paper also finds that trade payables act as a complement to bank loans. The quantitative relationship between trade payables and bank loans suggests that when monetary policy works in the financial markets, it also influences the trade-related credit markets. J. Japan. Int. Econ. , June 2001, 15 (2), pp. 160–177. Department of Economics, Fukushima University, 1 Kanayagawa, Fukushima-shi, Fukushima 960-1296, Japan. Copyright 2001 Academic Press. Journal of Economic Literature Classification Numbers: E52, G32.