Influence of Legal Environment and Banking System on Trade Credit in Private Firms
利用52国2004-2021年企业数据，研究发现法律执行力度强时企业更依赖商业信用而非短期银行融资，银行融资占比和银行持股限制也增加商业信用相对使用，金融危机时商业信用相对增加而疫情期间减少。
ABSTRACT Using a firm‐level database covering 52 countries during the period 2004–2021, I investigate how legal institutions and characteristics of banking systems affect the provision of trade credit for private firms. The results show that there is more reliance on trade credit versus short‐term bank financing in environments characterized by higher legal enforcement while protection of creditors’ rights has no effect on the relative use of trade credit. As for the influence of the structure of the banking system, the relative use of trade credit, compared to short‐term debt, increases with the weight of bank financing in the country and the existence of restrictions on banks owning and controlling nonfinancial firms. During the global financial crisis, the relative use of trade credit increased, compared to short‐term debt, while it decreased during the COVID‐19 pandemic.