Two essays on determinants of trade credit

[[abstract]]本論文是由兩篇探討交易信用決定因素的文章所構成，第一篇研究是探討中國在全球金融危機期間、之前及之後，交易信用與銀行融資的變化；第二篇研究是以台灣上市公司為研究對象，本研究發現三個新變數對交易信用決策的影響。兩篇文章之摘要說明如下： 第一篇文章採用了1 213家中國企業的季資料探討交易信用和銀行融資之間的關係，資料從2006年第一季到2012年第四季。特別是，本文研究在2008 - 2009年全球金融危機期間，交易信用和銀行融資之間的關係是如何變動。本文研究結果如下，首先，交易信用的供給（應收帳款）和銀行融資呈顯著的正相關關，交易信用的需求（應付帳款）和銀行融資呈顯著負相關，這表示交易信用和銀行融資之間存在互補和替代效應。其次，在金融危機期間，交易信用的供給和需求都有顯著的減少；在全球金融危機後，以交易信用當作融資來源的情形持續增加。最後，在全球金融危機期間，大型企業提供交易信用（應收帳款）的情形和小型企業使用交易信用（應付帳款）的情形同時顯著較少。全球金融危機後，大型企業仍然提供較少的交易信用給他們的客戶，但他們從供應商獲得的交易信用卻比小型企業多。 第二篇文章使用台灣上市製造業的資料，分析影響企業交易信用融資的因素。本文延伸之前的研究擴大探討交易信用在企業融資中所扮演的角色。以下三個變數是先前文獻中未曾使用過的，包括台灣企業信用評級指標（TCRI），產業集中度和家族企業。本文實證結果表示如下，首先，就交易信用的供給(應收帳款)來看，TCRI對全部樣本企業有顯著的影響，表示願意提供交易信用給信用評等高的企業；就交易信用的需求(應付帳款)來看，TCRI對大型企業有顯著影響。其次，當市場競爭非常激烈，賣方必須提供非價格競爭策略增加銷售，這種非價格的競爭策略就是交易信用的使用。最後，家族企業經營較為保守，不允許買方拖延付款；在另一方面，他們為降低融資成本會減少對貿易信貸的依賴。[[abstract]]Essay 1 uses quarterly data of 1213 Chinese firms from the first quarter of 2006 to the end of 2012 to examine the relationship between trade credit and bank credit In particular we investigate how the relation is affected during the 2008–2009 global financial crises Several findings are noted First there is a significantly positive relationship between the supply of trade credit (i e accounts receivable) and bank loans and a significantly negative relationship between the demand of trade credit (i e accounts payable) and bank loans indicating a complementary and substitution effect between trade credit and bank loans Second this study shows a significant decrease of the demand/supply-side of trade credit at the peak of financial crisis followed by a subsequent increase of this source of financing after the crisis events Third both large and small firms provide significantly less trade credits (accounts receivable) and receive less trade credits (accounts payable) during financial crisis After the crisis large firms still provide significantly less trade credit to their customers but receive more trade credits from the suppliers than smaller firms Essay 2 uses disaggregated data from Taiwan manufacturing firms to analyze the role of trade credit in the financing of businesses We extend previous studies by giving a more extensive analysis of the role played by trade credit This study is the first to survey the literature analyzing the Taiwan corporate credit rating index (TCRI) industrial concentration and family-owned businesses First for the supply of trade credit (account receivable) this result show that TCRI has a strong positive effect for all groups of firms it expressed the supplier willingness to offer trade credit to high credit rating company For the demand of trade credit (account payable) has a strong positive effect for large firms Second sellers must implement a non-price competition strategy to increase sales when the market is highly competitive This non-price competition strategy is trade credit Finally Family-owned business in operation type is conservative it disallows a buyer to delay payment On the other hand they reduce the reliance on trade credit to decrease financing cost