Empirical Study on Relationship between Trade Credit and Bank Borrowing in Economic Transition Period ——Evidence from China’s Listed CompaniesReportar como inadecuado




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Trade credit and bank borrowing are important external financing sources for enterprises. For their relationship, there are two opposite viewpoints: substitution and supplementation. Using data from China’s listed company and establishing a multivariable linear regression model, this paper empirically examines the relationship between trade credit and bank borrowing. The result shows that there is a substitution between the two. Then we survey the difference of the degree of substitution by dividing the sample into four groups according to different corporate sizes and ownerships. The results provide that, compared to big company and state-owned enterprise, the substitution between trade credit and bank borrowing is stronger in small companies and private enterprises.

KEYWORDS

Economic Transition; Trade Credit; Bank Borrowing

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Autor: Shicai Wang, Xiufu He

Fuente: http://www.scirp.org/



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