Trade credit in Europe: Financial constraint and substitution effect in crisis times
研究了2008-2016年欧洲企业在危机时期是否因金融配给而增加商业信用使用，并区分大、中、小、微型企业，发现中、小、微企业更可能受约束并广泛使用商业信用。
Abstract This paper aims to prove whether financial rationing condition leads European enterprises to increase trade debt during the period 2008–2016 and whether companies offering deferred payments to customers obtain trade debt from suppliers. The work contributes to the existing literature by finding new empirical evidence on the substitution and matching hypotheses in times of crises, measuring the specific rationing conditions for businesses and distinguishing large, medium, small and micro‐sized companies. The results revealed that, in times of crisis, medium, small and micro firms, highly likely to be constrained, employ trade credit more extensively, as those granting deferred payment terms.