A Transactions Theory of Trade Credit Use
从交易伙伴节约交换联合成本的动机出发，推导出贸易信贷使用的交易理论，认为贸易信贷能分离货币交换与商品交换的不确定性，减少预防性货币持有并更有效管理净货币积累。
This paper derives a transactions theory of trade credit use from the motives of trading partners to economize on the joint costs of exchange. In the formal analysis, uncertain delivery time is used to generate a demand by firms to hold inventories of both goods and money. Trade credit is viewed as a mechanism that separates the exchange of money from the uncertainty present in the exchange of goods. By forewarning both trading partners of the timing of money flows, credit permits a reduction in precautionary money holdings and the more effective management of net money accumulations.