期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2012
出版社：European Central Bank
摘要：While many theories of accounts payable and receivable are related to rm performance, there has not been a direct test whether rms actively use them to manage their growth. We argue that it is not just the accounts payable but also the accounts receivable that matter. While the former help to alleviate imperfections in the nancial market, the latter do so in the product market. Using over 2.5 million observations for 600.000 rms in 8 euro area countries in the period 1993-2009, we show that rms use the trade credit channel to manage growth. In countries where the trade credit channel is more present, the marginal impact is lower, but the total impact is still bigger. Further, rms that are more vulnerable to nancial market imperfections, and therefore more likely to be nancially constrained, rely more on the trade credit channel to manage growth. Finally, we show that also the overall conditions of the nancial market matter for the importance of the trade credit channel for growth.
