贸易信贷能否吸收不利冲击？日本中小企业的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-10-15 DOI:10.1016/j.pacfin.2024.102556

Daisuke Tsuruta , Hirofumi Uchida

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引用次数: 0

摘要

本文旨在研究贸易信贷是否有助于吸收对企业的不利冲击。当企业遇到外部不利冲击时，如果放宽对供应商的信贷支付条件能够抑制企业的实际活动水平，那么企业就不需要减少从供应商处的采购。我们利用全球金融危机后在日本进行的两次企业调查和 COVID-19 中的中小企业（中小型企业）数据来验证这一假设。我们发现，付款期延长的企业仍有可能减少向供应商的采购，这表明贸易信贷无助于吸收不利冲击。

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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Does trade credit absorb adverse shocks? Evidence on SMEs in Japan

The aim of this paper is to examine whether trade credit can help absorb adverse shocks to firms. When firms encounter exogenous adverse shocks, if relaxation of terms of credit payment to suppliers can hold back the level of firms' real activities, then they do not need to reduce their purchases from suppliers. We test this hypothesis by using data of SMEs (small- and medium-sized enterprises) from two corporate surveys taken in Japan after the Global Financial Crisis and COVID-19. We find that firms with extended payment periods are still likely to reduce their purchases from suppliers, which indicates trade credit does not help to absorb adverse shocks.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.