Trade credit: theories and evidence |
| |
Authors: | Petersen, MA Rajan, RG |
| |
Affiliation: | University of Chicago, USA z Corresponding author at: Department of Finance, J L Kellogg Graduate School of Management, Northwestern University, Leverone Hall, 2001 Sheridan Road, Evanston, IL 60208-2001, USA |
| |
Abstract: | Firms may be financed by their suppliers rather than by financialinstitutions. There are many theories of trade credit, but fewcomprehensive empirical tests. This article attempts to fillthe gap. We focus on small firms whose access to capital marketsmay be limited and find evidence suggesting that firms use moretrade credit when credit from financial institutions is unavailable.Suppliers lend to constrained firms because they have a comparativeadvantage in getting information about buyers, they can liquidateassets more efficiently, and they have an implicit equity stakein the firms. Finally, firms with better access to credit offermore trade credit. |
| |
Keywords: | |
本文献已被 Oxford 等数据库收录! |
|