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Bank credit and trade credit: Evidence from natural experiments

机译：银行信贷和贸易信贷：自然实验的证据

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Prior studies find mixed evidence about the substitution relation between bank credit and trade credit. In this paper, using two bank interest rate deregulations in China, we revisit the substitution hypothesis by examining how exogenous increases in the availability of bank credit affect trade credit. We find that firms with higher credit risk increased their use of bank credit and reduced their use of trade credit after the 2004 bank interest rate ceiling deregulation, whereas firms with lower credit risk increased their use of bank credit and reduced their use of trade credit after the 2013 bank interest rate floor deregulation. Our results provide supportive evidence for the substitution hypothesis that firms reduce their use of trade credit after the relaxation of bank credit and suggest that bank credit is more favorable short-term financing than trade credit. (C) 2019 Elsevier B.V. All rights reserved.
机译：先前的研究发现有关银行信贷和贸易信贷之间替代关系的混合证据。在本文中，我们使用中国的两次银行利率放松管制，通过研究银行信贷可利用性的外生增长如何影响贸易信贷来重新审视替代假设。我们发现，信用风险较高的公司在2004年银行利率上限放宽后增加了对银行信贷的使用，并减少了贸易信贷的使用，而信用风险较低的公司在2004年以后对银行信贷的使用增加了，而贸易信贷的使用却减少了。 2013年银行对利率下限的放松管制。我们的结果为替代假设提供了支持性证据，即企业在放松银行信贷后减少了对贸易信贷的使用，并表明银行信贷比贸易信贷更有利于短期融资。 （C）2019 Elsevier B.V.保留所有权利。

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