Determinants and effects of trade credit financing: Evidence from the maritime shipping industry
利用海运业上市公司面板数据，研究贸易信贷受盈利能力、杠杆、规模等因素影响，并发现其影响财务绩效、股权价值和风险，对财务主管有参考价值。
Abstract This paper investigates the factors and effects of trade credit, as an alternative source of capital, by employing a generalized method of moments instrumenting for endogeneity based on a panel data set of public maritime shipping companies and compatible companies in other industries. Our study shows that the magnitude of trade credit is affected by profitability, financial leverage, company size, cost of capital, financial distress, institutional ownership, corporate power, corporate liquidity, asset intensity, and corporate growth. It also suggests that trade credit affects financial performance, equity value, and risk. These empirical findings yield important implications for principal financial officers, as discussed herein.