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Trade Credits and Bank Credits in International Trade: Substitutes or Complements?

机译:贸易信贷和银行信贷在国际贸易中:替代品或补充?

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摘要

Trade credits are an important financing tool for internationally active firms. This is surprising, as trade credits are generally more expensive than bank credits and thus a costly substitute for bank financing. In this paper, we investigate the relation between trade credits and bank credits for exporting firms. We develop a theoretical model and show that trade credits convey a quality signal which reduces the risk of the transaction and may thus facilitate obtaining additional bank credits. Thus, for exporters who are not able to obtain bank credits in the first place, trade credits and bank credits are complements. Using panel data on German manufacturing firms, we provide supportive evidence for our theoretical predictions. For financially unconstrained firms, trade credits and bank credits are substitutes. For financially constrained exporters, instead, trade credits have a significantly positive effect on the availability of bank credits.
机译:贸易信贷是国际活跃公司的重要融资工具。这是令人惊讶的,因为贸易信贷通常比银行信贷更昂贵,因此是银行融资的昂贵替代品。在本文中,我们研究了出口企业的贸易信贷与银行信贷之间的关系。我们建立了一个理论模型,并表明贸易信用证传达了质量信号,该信号降低了交易的风险,因此可能有助于获得额外的银行信用证。因此,对于最初无法获得银行信贷的出口商来说,贸易信贷和银行信贷是补充。利用有关德国制造公司的面板数据,我们为理论预测提供了支持性证据。对于财务不受限制的公司,贸易信贷和银行信贷是替代品。相反,对于资金拮据的出口商而言,贸易信贷对银行信贷的可获得性具有明显的积极影响。

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