What You Sell Is What You Lend? Explaining Trade Credit Contracts

被引:513
作者
Giannetti, Mariassunta [1 ]
Burkart, Mike [1 ]
Ellingsen, Tore
机构
[1] Stockholm Sch Econ, CEPR, London Sch Econ, ECGI, SE-11383 Stockholm, Sweden
关键词
FINANCE; DEBT; DETERMINANTS; INFORMATION;
D O I
10.1093/rfs/hhn096
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We relate trade credit to product characteristics and aspects of bank-firm relationships and document three main empirical regularities. First, the use of trade credit is associated with the nature of the transacted good. In particular, suppliers of differentiated products and services have larger accounts receivable than suppliers of standardized goods and firms buying more services receive cheaper trade credit for longer periods. Second, firms receiving trade credit secure financing from relatively uninformed banks. Third, a majority of the firms in our sample appear to receive trade credit at low cost. Additionally, firms that are more creditworthy and have some buyer market power receive larger early payment discounts. (JEL G32)
引用
收藏
页码:1261 / 1298
页数:38
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