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The value of collateral in trade finance

机译：贸易融资抵押品的价值

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Suppliers are subject to the credit risk of their customers when they sell products on credit. However, rights to the collateral value of the products they sell may mitigate some of this risk. This paper demonstrates the important role of laws that support suppliers' rights to reclaim and liquidate collateral. Using a change in the US bankruptcy code that altered the rights of a subset of suppliers, I use a difference-in-differences setting to show that an improvement in suppliers' rights to the liquidation value of collateral results in an increase in the amount and duration of trade credit offered. The increase in collateral protection also reduced suppliers' lending standards, resulting in more dispersed trade credit lending and riskier customer portfolios. Finally, I find that the increase in collateral rights decreased suppliers' incentives to monitor their customers, consistent with collateral and monitoring being substitutes. Overall, the paper shows that with strong legal protections in place, trade credit has an important collateral component. (C) 2019 Elsevier B.V. All rights reserved.
机译：供应商在赊销产品时要承受客户的信用风险。但是，他们所销售产品的抵押品价值权可能会减轻这种风险。本文证明了支持供应商收回和清算抵押品权利的法律的重要作用。通过使用美国破产法的变更（改变了一部分供应商的权利），我使用了“差异中”设置来表明，供应商对抵押品清算价值的权利提高会导致金额和提供的贸易信贷期限。抵押保护的增加也降低了供应商的借贷标准，导致贸易信贷借贷更加分散，客户资产组合风险更高。最后，我发现抵押权的增加降低了供应商监督其客户的动机，这与抵押品和替代监测相一致。总体而言，本文表明，在强有力的法律保护下，贸易信贷具有重要的抵押成分。 （C）2019 Elsevier B.V.保留所有权利。

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