Trade credit versus bank credit: Evidence from corporate inventory financing

被引：47
作者：
Yang, Xiaolou [1 ]
机构：
[1] Youngstown State Univ, Williamson Coll Business, Dept Accounting & Finance, Youngstown, OH 44555 USA
来源：
QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2011年 / 51卷 / 04期
关键词：
Trade credit; Bank loans; Inventory financing;
D O I：
10.1016/j.qref.2011.07.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this study, I introduce capital market imperfections into a structure framework of inventory investments and investigate impacts of trade credit on firms' inventory dynamics and analyze the relationship between trade credit and bank loans. As a result, firms end up using a mix of trade credit and bank loans. I find that the use of trade credit and bank credit can be either complements or substitutes. During tight monetary periods, trade credit operates mainly as a substitute for bank borrowing while during looser monetary episodes even when the economy is weak, trade credit and bank loans are dominated by a complementary effect. (c) 2011 The Board of Trustees of the University of Illinois. Published by Elsevier B.V. All rights reserved.
引用
收藏
页码：419 / 434
页数：16
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