Trade Credit, Financial Intermediary Development, and Industry Growth
发现，在金融制度薄弱的国家，依赖商业信用融资的行业增长更快，且这一效应主要源于现有企业规模的扩大，而非新企业进入。
Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative source of funds. We show that industries with higher dependence on trade credit financing exhibit higher rates of growth in countries with weaker financial institutions. Furthermore, consistent with barriers to trade credit access among young firms, we show that most of the effect that we report comes from growth in the size of preexisting firms.