Reverse Trade Credit or Default Risk? Explaining the Use of Prepayments by Firms
Reverse Trade Credit or Default Risk? Explaining the Use of Prepayments by Firms
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逆向贸易信用或违约风险？
DOI：
10.1016/j.jcorpfin.2014.09.009
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
Simona Mateut
中科院分区：
文献类型：
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作者：
Simona Mateut
本文提供了一个详细的实证研究的企业使用预付款。它建立了一些商业信用理论也可以适用于提前还款。从大型面板数据集获得的结果表明，一系列因素影响提前还款。首先，财力较强的客户为其财力较弱的供应商提供生产资金。第二，预付款也是为了应对国内和国际交易中的交易风险而发生的。最后，除了财务和保修原因外，贸易伙伴的相对议价能力也会影响付款条件。
This paper provides a detailed empirical study on the use of advance payments by firms. It establishes that some trade credit theories can also be applied to prepayment. The results, obtained from a large panel dataset, suggest that a series of factors affect prepayments. First, financially stronger customers finance the production of their financially weaker suppliers. Second, advance payments also occur as a response to transaction risk in both domestic and international transactions. Finally, besides financial and warranty reasons, the trading partners' relative bargaining power influences payment terms as well.