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A Substitution Effect of Corporate Trade Credit on Bank Finance.

  • Park, Mujeong
This study provides an empirical analysis on a substitution effect of corporate trade credit on bank finance from the buyer¡¯s perspective. For the research, the study examines evidence from corporations listed on the Korean stock market from 2004 to 2016. Unlike the previous studies which focused on simple verification of substitution effect in the trade credit, this study conducts a comprehensive analysis given both the financing and quality control functions of the corporate trade credit, aiming to identify changes in the substitution effect of bank finance depending on the purpose of trade credit according to the corporate features of subject companies. Our findings show that the substitution effect of trade credit on bank finance increases if companies use trade credit for financing purpose due to high financial constraints and low market dominance. As same as the previous study outcomes, the study also identifies the financial intermediary role of trade credit as for the companies credit-rationed by banks. Furthermore, the analysis finds out that the substitution effect decreases or even disappears for the companies with low financial constraints and high market share, confirming the quality control effect of trade credit and its role as a financing vehicle. Based on such outcomes, the use of trade credit by large corporations with less financial constraints should be understood as a reasonable business act to maintain their product and brand image not as an act of money swindling from their suppliers.
Trade Credit,Account Payable,Source of Finance,Short-term Bank Finance,Long-term Bank Finance