How Do Firms Choose Between Intermediary and Supplier Finance?
研究了企业短期融资中中介贷款与贸易信贷的选择，发现代理成本高的企业通过使用贸易信贷更容易获得银行贷款，支持了贸易信贷的信号作用和供应商清算优势理论。
This paper examines firms’ short‐term financing choices between intermediated loans and trade credit. I test two sets of empirical hypotheses: 1) hypotheses concerning the cross‐sectional differences in the level of intermediary finance for firms that use different levels of trade credit and 2) hypotheses concerning the dynamics of trade credit growth. I find strong evidence that for firms with high agency costs, the use of trade credit facilitates access to conventional bank loans. The evidence is consistent with theories based on the signaling role of trade credit provision and suppliers’ liquidation advantage.