Access to Institutional Finance and the Use of Trade Credit
构建了一个分析框架，研究机构贷款可得性如何影响企业对供应商融资（贸易信贷）的需求，实证发现信贷受限的企业会将贸易信贷作为机构融资的替代品，且在货币紧缩时期这种替代效应更明显。
I develop a conceptual framework for analyzing the effect of the availability of institutional loans on firms' demand for supplier (trade) finance. I test for the existence of credit constraints and their effect on corporate financing policies. My empirical results support the hypothesis that trade credit is taken up by firms as a substitute for institutional finance at the margin when they are credit constrained. Further, in line with studies on the credit channel of monetary policy transmission, I find an increased reliance on trade credit by financially constrained firms during periods of tight money.