Interest Rates in Trade Credit Markets
针对贸易信贷利率与借款人风险正相关关系不明显的现象，提出知情与不知情供应商之间的竞争削弱了贸易信贷成本与借款人信用度之间的关联。
All things equal, interest rates should increase with the borrower's risk. And yet, Klapper, Laeven, and Rajan (2012) cannot find such a positive relation in a broad sample of trade credit contracts. We shed some light on this puzzle by arguing that competition between informed and uninformed suppliers weakens the link between the trade credit cost and the borrower's creditworthiness. Our model implies that trade credit rates are more likely to increase with the borrower's risk if suppliers are less profitable, have high cost of funds, or sell inputs to firms plagued by moral hazard and financial distress.