大阪大学　数理・データ科学教育研究センター
Center for Mathematical Modeling and Data Science,Osaka University

Repayment enforcement and informational advantages: Empirical determinants of trade credit use

内田浩史　（神戸大学大学院経営学研究科）

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4. Repayment enforcement and informational advantages: Empirical determinants of trade credit use

大証寄附研究部門セミナーシリーズ 第20回

Repayment enforcement and informational advantages: Empirical determinants of trade credit use

内田浩史　（神戸大学大学院経営学研究科）

Using unique data we test various trade credit theories and find the following. First, the length of a buyer-seller relationship has a positive impact on the use of trade credit, especially for longer-term credit. In contrast, short-term trade credit is extended based on buyers' hard information. Second, trade credit is more frequently used for transactions in differentiated goods, and the relative bargaining power between the buyer and the seller also matters for the use/non-use of trade credit. Third, we find that the reduction of transaction costs is an important determinant of the use of trade credit. We interpret these findings in light of various theories of trade credit.