The Information Contents of Trade Credit

기업영업부채의 정보특성

  • 박래수 (숙명여자대학교 경영학부) ;
  • 김재복 (국립경상대학교 경영학과)
  • Published : 2010.02.28


This paper analyses the information contents of the trade credit in Korea. Trade credit is not only a settlement device in business cycle but also an information messenger in the financial market with an asymmetric information. The empirical results support that in addition to the bank loan, trade credit takes a significant role in that it provide a cheap and reliable credit to firms that have financial difficulties because of the information problem.


  1. 손상호, 어음제도 개선방안, 한국금융연구원 정책 조사 보고서 96-01, 1996.
  2. 송원근, “외환금융 위기 이후 4대 재벌의 사업구조와 내부거래”, <한국의 재벌: 기초자료 수집, 분석 및 평가>, 참여사회연구소.인하대 산업경제연구소 공동 심포지엄 자료집, 2003.
  3. 이윤호, 재벌의 재무구조와 자금조달, 나남출판사, 2005.
  4. A. Berger and G. Udell, "The Economics of Small Business Finance: The Role of Private Equity and Debt Markets in the Financial Growth Cycle," Journal of Banking and Finance, Vol.22, pp.613-673, 1996.
  5. M. Berlin, "Trade Credit: Why Do Production Firms Act as Financial Intermediaries?," Business Review(Federal Reserve Bank of Philadelphia), pp.21-28. 2003.
  6. B. Biais and C. Gollier, "Trade Credit and Credit Rationing," Review of Financial Studies, Vol.10, No.4, pp.903-937, 1997.
  7. G. Blasio, "Does Trade Credit Substitute for Bank Credit? Evidence from Form-Level Data," Economic Notes, Vol.34, No.1, pp.85-112, 2005.
  8. M. Brennan, V. Maksimovic, and J. Zecgner, "Vendor Financing," Journal of Finance, Vol.43, pp.1127-1241, 1988.
  9. M. Burkart, T. Ellingsen, and M. Giannetti, "What You Sell Is What You Lend? Explaining Trade Credit Contracts," Working Paper, 2004.
  10. M. Deloof and M. Jerger, "Trade Credit, Corporate Groups, and the Financing of Belgian Firms," Journal of Business Finance and Accounting, Vol.26, No.7, pp.945-966, 1999.
  11. A. Demirguc-Kunt and V. Maksimovic, "Firms as Financial Intermediaries: Evidence from Trade Credit Data," World Bank, 2001.
  12. D. Diamond, "Debt Maturity Structure and Liquidity Risk," Quarterly Journal of Economics, Vol.56, pp.709-738, 1991.
  13. J. Ferris, "A Transactions Theory of Trade Credit Use," Quarterly Journal of Economics, Vol.94, pp.243-270, 1981.
  14. R. Fisman and I. Love, "Trade Credit, Financial Intermediary Development, and Industry Growth," Journal of Finance, pp.353-374, 2003.
  15. Z. Fluck, "Capital Structure Decisions in Small and Large Firms: A Life-Cycle Theory of Financing," Working Paper, 1999.
  16. M. Frank and V. Maksimovic, "Trade Credit, Collateral, and Adverse Selection," Working Paper, 1998.
  17. O. Hart and J. Moore, "A Theory of Debt Based on the Inalienability of Human Capital," Working Paper, MIT, 1991.
  18. M. Long, I. Malitz, and A. Ravid, "Trade Credit, Quality Guarantees and Product Marketability," Financial Management, Vol.22, pp.117-127, 1993.
  19. I. Love, L. Preve, and V. Sarria-Allende, "Trade Credit and Bank Credit: Evidence from Recent Financial Crises," World Bank Policy Research Working Paper No.3716, 2005.
  20. S. Mian and C. Smith, "Accounts Receivable Management Policy: Theory and Evidence," Journal of Finance, pp.169-200, 1992.
  21. W. K. Newey, and K. D. West, "A Simple, Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Vol.55, pp.703-708, 1987.
  22. W. K. Newey, and K. D. West, "Automatic Lag Selection in Covariance Matrix Estimation," Review of Economic Studies, Vol.66, pp. 631-653, 1994.
  23. J. Nilsen, "Trade Credit and the Bank Lending Channel," Journal of Money, Credit and Banking, Vol.34, pp.408-423, 2002.
  24. C. Ng, J. Smith, and R. Smith, "Evidence on the Determinants of Credit Terms Used in Interfirm Trade," Journal of Finance, Vol.54, pp. 1109-1129, 1999.
  25. M. Petersen and R. Rajan, "Trade Credit: Theories and Evidence," Review of Financial Studies, Vol.10, pp.661-691, 1997.