• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of banking & finance >Trade credit, cash holdings, and financial deepening: Evidence from a transitional economy
【24h】

Trade credit, cash holdings, and financial deepening: Evidence from a transitional economy

机译：贸易信贷，现金持有量和金融深化：转轨经济的证据

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper investigates the effect of financial deepening on the relationship between trade credit and cash holdings among Chinese listed firms. We first document an asymmetric effect of trade payables and receivables on cash holdings, in that firms hold an additional $0.71 of cash for every $1 of credit payable but use $1 of receivables as a substitute for only $0.15 of cash. We then find that firms in regions with higher levels of financial deepening hold less cash for payables while substituting more receivables for cash. A more highly developed financial sector helps firms to better use trade credit as a short-term financing instrument. Finally, we find that the ratio at which receivables are substituted for cash increased following the implementation of the new receivables pledge policy in 2007, which allowed firms to use receivables as security for loans. This policy event represents an exogenous shock that mitigates the endogeneity concern.
机译：本文研究了金融深化对中国上市公司贸易信贷与现金持有量之间关系的影响。我们首先记录贸易应付账款和应收账款对现金持有量的非对称影响，因为公司每支付1美元的应付款，将持有额外的0.71美元现金，但仅使用1美元的应收账款代替0.15美元的现金。然后我们发现，金融深化程度较高的地区的公司持有的应付账款现金较少，而用更多的应收账款现金。高度发达的金融部门可以帮助企业更好地利用贸易信贷作为短期融资工具。最后，我们发现，在2007年实施新的应收款质押政策后，应收款代替现金的比率有所增加，该政策允许公司将应收款用作抵押贷款。此政策事件代表减轻内生性担忧的外源性冲击。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号