Trade Credit, the Financial Crisis, and SME Access to Finance

被引：222

作者：

Carbo-Valverde, Santiago ^{[1
,2
]}

Rodriguez-Fernandez, Francisco ^{[3
,4
]}

Udell, Gregory F. ^{[5
]}

机构：

[1] FUNCAS, Bangor Business Sch, Bangor, Gwynedd, Wales

[2] CUNEF, Madrid, Spain

[3] Univ Granada, E-18071 Granada, Spain

[4] FUNCAS, Madrid, Spain

[5] Indiana Univ, Bloomington, IN 47405 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2016年 / 48卷 / 01期

关键词：

SMEs; financing constraints; bank lending; trade credit; predictability; CASH FLOW SENSITIVITIES; MONETARY-POLICY; LOAN MARKET; CONSTRAINTS; INVESTMENT; DISEQUILIBRIUM; RISK; BANKING; GROWTH; SHOCKS;

D O I：

10.1111/jmcb.12292

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Mounting evidence indicates that firms, particularly SMEs, suffered from a significant credit crunch during this crisis. We analyze for the first time whether trade credit provided an alternative source of external finance to SMEs during the crisis. Using firm-level Spanish data we find that credit constrained SMEs depend on trade credit, but not bank loans, and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on bank loans but not on trade credit.

引用

页码：113 / 143

页数：31