Substitutes or complements? Use of trade credit and bank credit by family SMEs

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2025-07-01 DOI:10.1016/j.bar.2024.101464

Xianzhe Jin , Jialong Li , Yefeng Wang , Yuan Wang

引用次数: 0

Abstract

This research examines the intricate relationship between trade and bank credit, with a specific focus on family and nonfamily small and medium-sized enterprises (SMEs). Our analysis of a sample of 3690 US SMEs reveals a distinctive pattern: Trade credit and bank credit act as substitutes for each other for family firms, but they serve as complements to each other for nonfamily firms. Furthermore, our findings highlight that this distinctive pattern is particularly pronounced in the contexts of low-performing SMEs and smaller SMEs. The results provide a nuanced understanding of the relationship between trade and bank credit and underscore the importance of considering the impact of a governance structure on an SME's financing behaviors.

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替代还是互补？家庭中小企业使用贸易信贷和银行信贷的情况

本研究探讨了贸易与银行信贷之间错综复杂的关系，重点关注家族和非家族中小型企业（SMEs）。我们对 3690 家美国中小企业的样本进行了分析，发现了一种独特的模式：对于家族企业来说，贸易信贷和银行信贷是相互替代的，但对于非家族企业来说，它们是相互补充的。此外，我们的研究结果还强调，这种独特的模式在低绩效中小企业和规模较小的中小企业中尤为明显。这些结果提供了对贸易与银行信贷之间关系的细微理解，并强调了考虑治理结构对中小企业融资行为影响的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.