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首页> 外文期刊>Review of quantitative finance and accounting >Of substitutes and complements: trade credit versus bank loans in Japan, 1980-2012
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Of substitutes and complements: trade credit versus bank loans in Japan, 1980-2012

机译：替代品和补说：贸易信贷与日本银行贷款，1980-2012

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This paper explores the interplay of trade credit and short-term bank loans between 1980 and 2012 in Japan. Many of the issues discussed for the U.S. remain largely unexplored for Japan, yet Japan is an interesting country study because of the particular features of its financial sector and its experience of extended zero interest rates. This paper makes three contributions: (1) We develop a new approach to using the Bank of Japan tankan survey, matched with individual firm-level data, to explore the impact of perceived business conditions and credit constraints on trade credit. (2) We divide the 30 years into sub-periods to gain a more granular view of the trade credit-bank loan relationship over time. (3) We use firm-level data to explore the relationship between trade credit and bank loans for listed firms in distress. We find that trade credit was a bank loan substitute during the upswing of the 1980s, but a complement (driven by the transaction motive) during the stagnation of the 1990s and 2000s. At the firm level, trade credit is contingent on the financial health of the borrower. For firms in distress, in the 1980s and 1990s trading partners extended trade credit after the main bank had come to the rescue. In contrast, in the early 2000s, both main banks and trading partners have reduced support of firms in distress, removing any substitution effect. Trade credit discriminates at the micro-level, which explains why previous research has yielded ambiguous results on the substitute versus complement question.
机译：本文探讨了日本1980年至2012年贸易信贷和短期银行贷款的相互作用。对于美国讨论的许多问题在很大程度上对日本仍然是未开发的，日本是一个有趣的国家研究，因为其金融部门的特殊性及其扩展零利率经验。本文提出了三项贡献：（1）我们开发了使用日本银行调查的新方法，与个人公司级别数据相匹配，探讨感知业务条件和信贷限制对贸易信贷的影响。 （2）我们将30年分为30年，以获得更加粒度的贸易信贷银行贷款关系。 （3）我们使用公司级别数据来探索贸易信贷与银行贷款之间的关系，为遇险的公司。我们发现，在20世纪80年代的上市期间，贸易信贷是一家银行贷款替代品，但在20世纪90年代和2000年代停滞期间，一项补充（由交易动机驱动）。在坚定的水平上，贸易信贷取决于借款人的财务状况。对于遇险的公司，在20世纪80年代和1990年代贸易伙伴，主要银行来到救援后，贸易商延长了贸易信贷。相比之下，在2000年代初，主要银行和贸易伙伴都减少了困境中的公司的支持，从而消除了任何替代效应。贸易信贷在微观级别歧视，这解释了为什么先前的研究在替代与补充问题上产生了模糊的结果。

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