贸易信贷与资本结构调整速度——来自中国上市公司的证据

IF 0.3 Q4 BUSINESS, FINANCE

Review of Pacific Basin Financial Markets and Policies Pub Date : 2021-03-01 DOI:10.1142/S0219091521500028

Jifeng Cao, Yiwen Cui

{"title":"贸易信贷与资本结构调整速度——来自中国上市公司的证据","authors":"Jifeng Cao, Yiwen Cui","doi":"10.1142/S0219091521500028","DOIUrl":null,"url":null,"abstract":"This paper examines the impact of trade credit on the speed of capital structure adjustment toward target leverage using an integrated dynamic partial adjustment model. Trade credit is an important substitute for debt financing and gives firms a low-cost means of adjusting leverage toward the target capital structure in China. We measure trade credit by accounts payable. Using the public listed company data from 1998 to 2016, we find that trade credit accelerates capital structure adjustment. The asymmetric impacts on the capital structure adjustment speed in different situations are also evidenced. The positive impact of trade credit on the speed of capital structure adjustment is more pronounced for over-levered firms. The trade credit also accelerates the speed of capital structure adjustment more quickly for high market share firms. Our results imply that firms use trade credit to save cash flow and restore the leverage level to the target capital structure in China.","PeriodicalId":45653,"journal":{"name":"Review of Pacific Basin Financial Markets and Policies","volume":"24 1","pages":"2150002"},"PeriodicalIF":0.3000,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Trade Credit and Capital Structure Adjustment Speed: Evidence From Chinese Listed Firms\",\"authors\":\"Jifeng Cao, Yiwen Cui\",\"doi\":\"10.1142/S0219091521500028\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper examines the impact of trade credit on the speed of capital structure adjustment toward target leverage using an integrated dynamic partial adjustment model. Trade credit is an important substitute for debt financing and gives firms a low-cost means of adjusting leverage toward the target capital structure in China. We measure trade credit by accounts payable. Using the public listed company data from 1998 to 2016, we find that trade credit accelerates capital structure adjustment. The asymmetric impacts on the capital structure adjustment speed in different situations are also evidenced. The positive impact of trade credit on the speed of capital structure adjustment is more pronounced for over-levered firms. The trade credit also accelerates the speed of capital structure adjustment more quickly for high market share firms. Our results imply that firms use trade credit to save cash flow and restore the leverage level to the target capital structure in China.\",\"PeriodicalId\":45653,\"journal\":{\"name\":\"Review of Pacific Basin Financial Markets and Policies\",\"volume\":\"24 1\",\"pages\":\"2150002\"},\"PeriodicalIF\":0.3000,\"publicationDate\":\"2021-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Pacific Basin Financial Markets and Policies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1142/S0219091521500028\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Pacific Basin Financial Markets and Policies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/S0219091521500028","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 2

摘要

本文采用综合动态局部调整模型，考察了贸易信贷对资本结构向目标杠杆调整速度的影响。贸易信贷是债务融资的重要替代品，为企业提供了一种低成本的手段来调整杠杆，以适应中国的目标资本结构。我们用应付账款来衡量贸易信用。利用1998年至2016年的上市公司数据，我们发现贸易信贷加速了资本结构调整。不同情况下资本结构调整速度的不对称影响也得到了证明。贸易信贷对资本结构调整速度的积极影响在杠杆过高的企业中更为明显。贸易信贷也加快了高市场份额企业资本结构调整的速度。我们的研究结果表明，在中国，企业利用贸易信贷来节省现金流，并将杠杆水平恢复到目标资本结构。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Trade Credit and Capital Structure Adjustment Speed: Evidence From Chinese Listed Firms

This paper examines the impact of trade credit on the speed of capital structure adjustment toward target leverage using an integrated dynamic partial adjustment model. Trade credit is an important substitute for debt financing and gives firms a low-cost means of adjusting leverage toward the target capital structure in China. We measure trade credit by accounts payable. Using the public listed company data from 1998 to 2016, we find that trade credit accelerates capital structure adjustment. The asymmetric impacts on the capital structure adjustment speed in different situations are also evidenced. The positive impact of trade credit on the speed of capital structure adjustment is more pronounced for over-levered firms. The trade credit also accelerates the speed of capital structure adjustment more quickly for high market share firms. Our results imply that firms use trade credit to save cash flow and restore the leverage level to the target capital structure in China.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Review of Pacific Basin Financial Markets and Policies BUSINESS, FINANCE-

CiteScore

1.30

自引率

11.10%

发文量

期刊介绍： This journal concentrates on global interdisciplinary research in finance, economics and accounting. The major topics include: 1. Business, economic and financial relations among the Pacific rim countries. 2. Financial markets and industries. 3. Options and futures markets of the United States and other Pacific rim countries. 4. International accounting issues related to U.S. companies investing in Pacific rim countries. 5. The issue of and strategy for developing Tokyo, Taipei, Shanghai, Sydney, Seoul, Hong Kong, Singapore, Kuala Lumpur, Bangkok, Jakarta, and Manila as international or regional financial centers. 6. Global monetary and foreign exchange policy, and 7. Other high quality interdisciplinary research in global accounting, business, economics and finance.