Trade Credit of Chinese Listed Manufacturing Companies:A Panel Analysis
Trade credit refers to the credit provided by a supplier to its customers. By providing trade credit a company may increase its competitiveness while by receiving trade credit a company may improve its efficiency in cash management and meet its demand for financing. This paper takes the companies that receive trade credit as subjects and focuses on the elements determining their demand of trade credit, the influence of trade credit on their operations, and the relationship between trade credit and bank credit. The paper first puts forth the aggregate demand curve of trade credit and three hypotheses, and then uses 1911 groups of data of listed manufacturing companies in the Shanghai Securities Exchange with the time ranging from 2000 to 2005 to test them. The paper comes into the conclusions that the demand of trade credit of Chinese listed manufacturing companies mainly comes from the transaction motive, that the companies that obtain more trade credit increase their inventory in vestment, and that there is a substitutive relationship between trade credit and bank credit especially in the relatively small-sized listed companies. In order to fully analyze the relationship between trade credit and bank credit and further understand the effects of monetary policies, future studies will focus on the trade credit of small-and medium-sized companies.
Listed Manufacturing Company Trade Credit Bank Credit
Wei ZHAO Kun LIU
School of Business,Nanjing University,China
国际会议
南京
英文
290-300
2008-06-06（万方平台首次上网日期，不代表论文的发表时间）