{"title":"卖空和贸易信贷：新证据","authors":"Xin Xiang , Xu He","doi":"10.1016/j.bir.2023.10.006","DOIUrl":null,"url":null,"abstract":"<div><p>This study investigates the effect of short sales on firms' use of trade credit. Using a sample of 3262 Chinese listed firms from 2007 to 2019, the analysis results show that both the deregulation and the magnitude of short sales negatively affect trade credit. The transmission mechanism indicates that firms' access to formal financing decreases after short sales deregulation, which mitigates firms’ ability to redistribute formal financing through trade credit. Moreover, the results suggest that shortable firms tend to adopt a moderate trade credit policy and adjust their trade credit to the target level at a lower rate than non-shortable firms. This study reveals the features of the short sales–trade credit relationship in an emerging market.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845023001138/pdfft?md5=888a9fa236e9c133780aec96c62030ba&pid=1-s2.0-S2214845023001138-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Short selling and trade credit: New evidence\",\"authors\":\"Xin Xiang , Xu He\",\"doi\":\"10.1016/j.bir.2023.10.006\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This study investigates the effect of short sales on firms' use of trade credit. Using a sample of 3262 Chinese listed firms from 2007 to 2019, the analysis results show that both the deregulation and the magnitude of short sales negatively affect trade credit. The transmission mechanism indicates that firms' access to formal financing decreases after short sales deregulation, which mitigates firms’ ability to redistribute formal financing through trade credit. Moreover, the results suggest that shortable firms tend to adopt a moderate trade credit policy and adjust their trade credit to the target level at a lower rate than non-shortable firms. This study reveals the features of the short sales–trade credit relationship in an emerging market.</p></div>\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S2214845023001138/pdfft?md5=888a9fa236e9c133780aec96c62030ba&pid=1-s2.0-S2214845023001138-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214845023001138\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845023001138","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
This study investigates the effect of short sales on firms' use of trade credit. Using a sample of 3262 Chinese listed firms from 2007 to 2019, the analysis results show that both the deregulation and the magnitude of short sales negatively affect trade credit. The transmission mechanism indicates that firms' access to formal financing decreases after short sales deregulation, which mitigates firms’ ability to redistribute formal financing through trade credit. Moreover, the results suggest that shortable firms tend to adopt a moderate trade credit policy and adjust their trade credit to the target level at a lower rate than non-shortable firms. This study reveals the features of the short sales–trade credit relationship in an emerging market.
期刊介绍：
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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