| Trade Credit in the Crisis： Selling or Financing？ |
| |
| 作者姓名： | Candida Bussoli Claudio Giannotti |
| |
| 作者单位： | University LUM Jean Monnet, Bari, Italy |
| |
| 基金项目： | This paper is the result of a joint effort and a continuous exchange of ideas between the two authors. The individual parts are attributed as follows： Claudio Giannotti has written Sections 1 and 6 and Candida Bussoli has written Sections 2, 3, 4, and 5. |
| |
| 摘 要： | The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises （SMEs） and investigates, over the years of 2009-2011： the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.
|
| 关 键 词： | 融资方式 商业信用 线性回归模型 贸易政策 中小型企业 销售 信贷政策 依存关系 |
Trade Credit in the Crisis： Selling or Financing？ |
| |
| Candida Bussoli Claudio Giannotti.Trade Credit in the Crisis： Selling or Financing？[J].Journal of Modern Accounting and Auditing,2014(8):853-864. |
| |
| Abstract: | bank-firm relationship, financial crisis, small and medium-sized enterprises （SMEs）, trade debt, trade credit |
| |
| Keywords: | bank-firm relationship financial crisis small and medium-sized enterprises （SMEs） trade debt trade credit |
| 本文献已被 维普 等数据库收录！ |
