银行和企业贸易信贷的不确定性

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.04.014
Japan Huynh
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引用次数: 0

摘要

本文利用 2007 年至 2022 年越南商业银行和非金融上市企业的数据,探讨了银行业不确定性对企业贸易信贷的影响。我们发现,贸易信贷会随着银行业不确定性的增加而增加,这在非国有企业和宏观经济遭遇冲击(如全球金融危机和 COVID-19 大流行病造成的冲击)时更为明显。我们还确定,银行业的不确定性与企业较低的银行债务有关,这表明当不确定性上升时,银行信贷与贸易信贷之间存在替代效应。进一步的机制测试表明,不确定性对贸易信贷的影响是通过战略和融资动机产生的。最后,我们发现贸易信贷扩张可能会损害企业业绩;在银行业不确定时期,这种效应会被放大。
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Uncertainty in banking and trade credit of firms

This paper uses data from commercial banks and nonfinancial listed firms in Vietnam from 2007 to 2022 to address the effect of banking uncertainty on firms’ trade credit. We find that trade credit increases with heightened uncertainty in the banking sector, which is more conspicuous in nonstate-owned firms and when the macro economy experiences shocks, such as those caused by the global financial crisis and the COVID-19 pandemic. We also determine that banking uncertainty is associated with lower bank debt in firms, indicating a substitution effect between bank credit and trade credit when uncertainty rises. A further mechanism test shows that the uncertainty effect on trade credit works through strategic and financing motives. Finally, we find that trade credit expansion may hurt corporate performance; this effect is amplified during periods of banking uncertainty.

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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
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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