Trade credit, ownership and informal financing in China

被引：20
|
作者：
Wang, Xiaoming [1 ]
Wu, Weijun [2 ,3 ]
Yin, Chen [4 ]
Zhou, Sili [5 ,6 ]
机构：
[1] Shanghai Univ Finance & Econ, Inst Finance & Econ, Shanghai, Peoples R China
[2] Jiangxi Univ Finance & Econ, Sch Finance, 169 East Shuanggang Rd, Nanchang 330013, Jiangxi, Peoples R China
[3] Jiangxi Univ Finance & Econ, Res Ctr Sci & Tech Finance, 169 East Shuanggang Rd, Nanchang 330013, Jiangxi, Peoples R China
[4] Fudan Univ, Sch Social Dev & Publ Policy, Shanghai, Peoples R China
[5] Fudan Univ, Fanhai Int Sch Finance, Room 520,5 Bldg,220 Handan Rd, Shanghai 200433, Peoples R China
[6] Fudan Univ, Sch Econ, Room 520,5 Bldg,220 Handan Rd, Shanghai 200433, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2019年 / 57卷
关键词：
Informal financing; Non-SOEs; China; Accounts receivable; Accounts payable; Financial crisis; GROWTH; BANKS;
D O I：
10.1016/j.pacfin.2019.101177
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate informal financing such as trade credit in China. The credit for both state-owned enterprises (SOEs) and non-SOEs dramatically increased over time. Our results suggest that non-SOEs rely more on trade credit financing, but this effect is mitigated by supplier's liquidity position. Further results show that during financial crisis, non-SOEs reduce their account receivables due to high financing costs. Our research highlights the importance of informal financing and ownership structure in emerging markets.
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页数：9
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