Financial Development,Ownership and the Signaling Effect of Trade Credit
利用中国工业企业数据，研究发现企业提供的净商业信用越多，获得的银行贷款也越多，且这种信号效应在民营企业和金融发达地区更强。
Using the Chinese Annual Industrial Survey Database,this paper proposes and examines the signaling effect of net trade credit on bank loans.The results support our argument and show that,the more net trade credit firms provide,the more bank loans they can obtain,what's more,in private firms and firms located in regions with high financial development,the signaling effect of net trade credit on bank loans is stronger.Further evidence shows that,in private firms and firms located in regions with high financial development,firms provide more net trade credit.This paper not only helps us fully understand the financing role of trade credit,but also inspires practices to relax the problems of SMEs financing.