Trade Credit and Product Pricing: The Role of Implicit Interest Rates
利用产品级交易价格和企业特征的面板数据，研究发现紧缩信贷的衰退期，提供更多贸易信贷的企业会显著提高现金价格，以补偿流动性机会成本和交易对手风险。
Abstract We empirically investigate the proposition that firms charge premia on cash prices in transactions involving trade credit. Using a comprehensive panel data set on product-level transaction prices and firm characteristics, we relate trade credit issuance to price setting. In a recession characterized by tightened credit conditions, we find that prices increase significantly more on products sold by firms issuing more trade credit, in response to higher opportunity costs of liquidity and counterparty risks. Our results thus demonstrate the importance of trade credit for price setting and show that trade credit issuance induces a channel through which financial conditions affect prices.