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首页> 外文期刊>Applied Economics >Trade credit in economic fluctuations and its impact on corporate performance: a panel data analysis from China
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Trade credit in economic fluctuations and its impact on corporate performance: a panel data analysis from China

机译：经济波动的贸易信贷及其对企业绩效的影响：来自中国的小组数据分析

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摘要

Trade credit is an important auxiliary measure to complete transactions in supply chains, and it is also an important source of short-term financing for companies. This paper uses panel data for Chinese listed companies from 2002 to 2016 to study the impact of Tobin's Q and bargaining power on trade credit under different economic conditions, and we ultimately study how trade credit affects companies' performance during economic fluctuations. We find that companies with higher Tobin's Q values tend to reduce the use of trade credit demand, which increases during the economic expansion period and weakens during the economic downturn. Second, companies with lower bargaining power tend to increase their use of trade credit expansion as a competitive tool; however, this effect will weaken during the economic expansion period and will increase during the economic downturn. We also find that the amounts of trade credit demand and expansion are negatively correlated with corporate performance and that this effect weakens during the economic expansion period and increases during the economic downturn. The cycle of trade credit expansion is positively related to corporate performance. This relationship weakens during the economic expansion and strengthens during the economic downturn.
机译：贸易信贷是一个重要的辅助措施，以完成供应链的交易，也是公司短期融资的重要来源。本文使用2002年至2016年中国上市公司的面板数据研究塔宾Q和讨价还价权在不同经济条件下对贸易信贷的影响，最终研究贸易信贷在经济波动期间如何影响公司的绩效。我们发现，拥有较高塔宾Q值的公司往往会降低贸易信用需求的使用，在经济膨胀期间增加，经济衰退期间削弱。其次，讨价还价权较低的公司倾向于增加他们使用贸易信贷扩展作为竞争工具;但是，这种效果将在经济扩张期间削弱，并将在经济衰退期间增加。我们还发现，贸易信贷需求和扩张的金额与企业绩效负相关，并且在经济扩张期间，这一效果削弱，经济衰退期间增加。贸易信贷扩张的循环与企业绩效呈正相关。这种关系在经济衰退期间在经济扩张期间削弱，在经济衰退期间加强。

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