A Contingent Claims Analysis of Trade Credit
用或有债权分析方法，从风险债务定价角度研究贸易信贷决策，帮助卖方合理设定信贷限额。
We investigate trade credit decisions using a framework which reflects capital market equilibrium via contingent claims analysis. We approach the valuation of trade credit from the perspective of straightforward evaluation of risky debt. By modeling the trade credit limit decision in this way, optimal decisions on the part of the seller and buyer are assumed. This paper has two purposes. First, to develop a theoretically plausible credit-valuation framework. Second, to illustrate the proper use of this framework for effectively setting credit limits.