Evidence on the Determinants of Credit Terms Used in Interfirm Trade
记录了不同行业间企业信用条款和信用政策的丰富差异，实证检验了企业是否提供信用、是否采用折扣条款等决策，结果支持信用条款作为解决产品质量和买方信用信息问题的合同方案的理论。
Abstract Trade credit is created whenever a supplier offers terms that allow the buyer to delay payment. In this paper we document the rich variation in interfirm credit terms and credit policies across industries. We examine empirically the firm's basic credit policy choices: whether to extend credit or to require cash payment; and, if credit is extended, whether to adopt simple net terms or terms with discounts for prompt payment. We also examine determinants of variations in two‐part terms. Results are supportive primarily of theories that explain credit terms as contractual solutions to information problems concerning product quality and buyer creditworthiness.