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首页> 外文期刊>Journal of Business Research >Trade credit during a financial crisis: A panel data analysis
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Trade credit during a financial crisis: A panel data analysis

机译：金融危机期间的贸易信贷：面板数据分析

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摘要

This paper investigates the use of trade credit by firms from countries that have recently undergone a financial crisis. The paper examines a sample of 147 firms from Argentina, Brazil, and Turkey and finds empirical evidence that supports the substitution hypothesis between bank credit and trade credit. The paper also supports the matching hypothesis in which firms that delay collection from their customers then demand long-term trade credit from their suppliers. Specifically, the paper finds that firms that present high levels of days-of-sales outstanding and a high probability of insolvency use more trade credit and that these relations are enhanced during a financial crisis. Results suggest that credit constraints during a financial crisis cause firms holding high levels of accounts receivable to postpone payments to suppliers. Specifically, high-risk firms postpone suppliers' payments to avoid insolvency. These results can be interpreted as evidence of a credit contagion in the supply chain.
机译：本文调查了最近遭受金融危机的国家/地区的公司对贸易信贷的使用情况。本文研究了来自阿根廷，巴西和土耳其的147家公司的样本，并找到了支持银行信贷和贸易信贷替代假设的经验证据。本文还支持匹配假设，即企业延迟从客户那里收取货款，然后要求供应商提供长期贸易信贷。具体而言，该论文发现，存在销售日数较高且破产可能性很高的公司会使用更多的贸易信贷，并且在金融危机期间这些关系得到了加强。结果表明，金融危机期间的信贷约束导致持有大量应收账款的公司推迟向供应商付款。特别是，高风险公司会推迟供应商付款以避免破产。这些结果可以解释为供应链中信贷传染的证据。

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