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The Information Contents of Trade Credit

기업영업부채의 정보특성

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

Abstract

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.

Keywords

Trade Credit;Information Costs;Information Asymmetry;Bank Loan;Credit Availability

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