| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5602 |
| 来源ID | Working Paper 5602 |
| Trade Credit: Theories and Evidence | |
| Mitchell A. Petersen; Raghuram G. Rajan | |
| 发表日期 | 1996-06-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | In addition to borrowing from financial institutions, firms may be financed by their suppliers. Although there are many theories explaining why non-financial firms lend money, there are few comprehensive empirical tests of these theories. This paper attempts to fill the gap. We focus on a sample of small firms whose access to capital markets may be limited. We find evidence that firms use trade credit relatively more when credit from financial institutions is not available. Thus while short term trade credit may be routinely used to minimize transactions costs, medium term borrowing against trade credit is a form of financing of last resort. Suppliers lend to firms no one else lends to because they may have a comparative advantage in getting information about buyers cheaply, they have a better ability to liquidate goods, and they have a greater implicit equity stake in the firm's long term survival. We find some evidence consistent with the use of trade credit as a means of price discrimination. Finally, we find that firms with better access to credit from financial institutions offer more trade credit. This suggests that firms may intermediate between institutional creditors and other firms who have limited access to financial institutions. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w5602 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563079 |
| 推荐引用方式 GB/T 7714 | Mitchell A. Petersen,Raghuram G. Rajan. Trade Credit: Theories and Evidence. 1996. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5602.pdf（1836KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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