石晓军,王骜然,谭松涛——EMERGING MARKETS FINANCE AND TRADE:Trade-Credit Financing under Financial Constraints: A Relational Perspective and Evidence from ...
时间:2020-03-15
This article finds that relational debt financing, especially trade credit, is a viable channel to which a firm resorts when facing the binding financial constraints of formal credit in China. We present strong evidence indicating that the substitution of trade credit for bank credit increases when financial constraints are aggravated, regardless of the size of the firm. The countercyclicity of the substitution over economic cycles is more evident for financially constrained firms. Moreover, ins