PRODUCT RISK, ASYMMETRIC INFORMATION, AND TRADE CREDIT

被引：232

作者：

LEE, YW ^{[1
]}

STOWE, JD ^{[1
]}

机构：

[1] UNIV MISSOURI,COLL BUSINESS & PUBL ADM,COLUMBIA,MO 65211

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 1993年 / 28卷 / 02期

关键词：

D O I：

10.2307/2331291

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The purpose of this paper is to explain cross-sectional variations in trade credit terms across firms and industries. This study shows that there is a separating equilibrium in which the size of the cash discount conveys information about product quality. The driving forces of this equilibrium outcome are the risk-sharing motives of the producer and buyer as well as asymmetric information about product quality. The empirical implications of the model are derived and discussed in relation to industry practices.

引用

页码：285 / 300

页数：16

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