Trade Credit, Corporate Groups, and the Financing of Belgian Firms
利用1989-1991年661家比利时大型非金融企业数据，发现买方商业信用额度取决于资金需求和内部可用资金，主要用于短期资产融资，是短期银行贷款和长期金融债务的重要替代，但不受供应商关联影响。
We investigate the role of trade credit as a source of financing. Using a sample of 661 large non‐financial Belgian firms for the 1989–1991 period, we find that the amount of trade credit a buyer takes is determined by his need for funds and the internally available funds. Trade credit is primarily used to finance short‐term assets. As such, it seems to be an important alternative not only for short‐term bank debt but also for long‐term financial debt, including intragroup debt. We find no evidence that the amount of trade credit taken is influenced by affiliation with the supplier.