Taxes and the Theory of Trade Debt
证明税收本身就能解释贸易信贷的流动方向，无需假设信贷市场不完美。贸易信贷的流向取决于买卖双方的边际税率分布，均衡时供需双方形成由税收驱动的客户群。
ABSTRACT In this paper, we show that taxes motivate the flow of trade credit without involving the assumption of credit market imperfections. The direction of trade credit flow depends on the distribution of marginal tax rates among buyers and sellers. In equilibrium, the trade credit decision follows a tax‐induced clientele on both the supply and demand side.