자금조달수단으로서의 기업신용거래에 대한 실증연구

초록

Corporate trade credit becomes a major financing source as a substitute for bank credit if firms are credit-rationed or financially constrained from information asymmetry in loan markets. This study provides an empirical analysis on a substitute of corporate trade credit for bank credit from the buyer’s perspective. For the research, the study examines evidence from corporations listed on the Korean stock market from 2004 to 2016. Unlike the previous studies which focused on the simple verification of substitution of trade credit for bank loans, this study verifies whether trade credit replace long-term bank credit as well as short-term bank credit respectively. Furthermore, the effect of financial constraint on the substitution of trade credit for bank credit is analyzed. The analysis finds out that, first, the trade credit has a meaningful effect on substituting both short-term and long-term bank loans. Unlike the general perception that non-current assets are financed through non-current liabilities and current assets are financed through current liabilities, our finding shows that even for long-term bank credit, companies actively use trade credit as a viable option to cover the funding shortage caused by credit-rationing. Second, the degree of substitution of trade credit for bank credit increases more for financially constrained firms. Therefore, trade credit utilized by financially constrained firms should be understood as a means of financing in order to address liquidity and under-investment problems.

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