{"title":"银行和企业贸易信贷的不确定性","authors":"Japan Huynh","doi":"10.1016/j.bir.2024.04.014","DOIUrl":null,"url":null,"abstract":"<div><p>This paper uses data from commercial banks and nonfinancial listed firms in Vietnam from 2007 to 2022 to address the effect of banking uncertainty on firms’ trade credit. We find that trade credit increases with heightened uncertainty in the banking sector, which is more conspicuous in nonstate-owned firms and when the macro economy experiences shocks, such as those caused by the global financial crisis and the COVID-19 pandemic. We also determine that banking uncertainty is associated with lower bank debt in firms, indicating a substitution effect between bank credit and trade credit when uncertainty rises. A further mechanism test shows that the uncertainty effect on trade credit works through strategic and financing motives. Finally, we find that trade credit expansion may hurt corporate performance; this effect is amplified during periods of banking uncertainty.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 4","pages":"Pages 838-855"},"PeriodicalIF":6.3000,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000772/pdfft?md5=db105beec6e99c6d40099633216a1922&pid=1-s2.0-S2214845024000772-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Uncertainty in banking and trade credit of firms\",\"authors\":\"Japan Huynh\",\"doi\":\"10.1016/j.bir.2024.04.014\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper uses data from commercial banks and nonfinancial listed firms in Vietnam from 2007 to 2022 to address the effect of banking uncertainty on firms’ trade credit. We find that trade credit increases with heightened uncertainty in the banking sector, which is more conspicuous in nonstate-owned firms and when the macro economy experiences shocks, such as those caused by the global financial crisis and the COVID-19 pandemic. We also determine that banking uncertainty is associated with lower bank debt in firms, indicating a substitution effect between bank credit and trade credit when uncertainty rises. A further mechanism test shows that the uncertainty effect on trade credit works through strategic and financing motives. Finally, we find that trade credit expansion may hurt corporate performance; this effect is amplified during periods of banking uncertainty.</p></div>\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":\"24 4\",\"pages\":\"Pages 838-855\"},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S2214845024000772/pdfft?md5=db105beec6e99c6d40099633216a1922&pid=1-s2.0-S2214845024000772-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214845024000772\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024000772","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
This paper uses data from commercial banks and nonfinancial listed firms in Vietnam from 2007 to 2022 to address the effect of banking uncertainty on firms’ trade credit. We find that trade credit increases with heightened uncertainty in the banking sector, which is more conspicuous in nonstate-owned firms and when the macro economy experiences shocks, such as those caused by the global financial crisis and the COVID-19 pandemic. We also determine that banking uncertainty is associated with lower bank debt in firms, indicating a substitution effect between bank credit and trade credit when uncertainty rises. A further mechanism test shows that the uncertainty effect on trade credit works through strategic and financing motives. Finally, we find that trade credit expansion may hurt corporate performance; this effect is amplified during periods of banking uncertainty.
期刊介绍:
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations