Trade credit: Theories and evidence
Trade credit: Theories and evidence
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DOI：
10.1093/rfs/10.3.661
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发表时间：
1997-09-01
影响因子：
8.2
通讯作者：
Rajan, RG
中科院分区：
文献类型：
--
作者：
Petersen, MA;Rajan, RG
公司可以由其供应商而不是金融机构提供资金。关于商业信用的理论很多，但全面的实证检验却很少。本文试图填补这一差距。我们专注于小企业的资本市场准入可能是有限的，并发现证据表明，企业使用更多的贸易信贷时，金融机构的信贷是不可用的。供应商之所以向受约束的公司提供贷款，是因为他们在获得买家信息方面具有比较优势，他们可以更有效地清算资产，而且他们在公司中拥有隐性股权。最后，较容易获得信贷的公司提供更多的贸易信贷。
Firms may be financed by their suppliers rather than by financial institutions. There are many theories of trade credit, but few comprehensive empirical tests. This article attempts to fill the gap. We focus on small firms whose access to capital markets may be limited and find evidence suggesting that firms use more trade credit when credit from financial institutions is unavailable. Suppliers lend to constrained firms because they have a comparative advantage in getting information about buyers, they can liquidate assets more efficiently, and they have an implicit equity stake in the firms. Finally, firms with better access to credit offer more trade credit.