Trade Credit in the Crisis： Selling or Financing？  

作　　者：Candida Bussoli Claudio Giannotti 

机构地区：[1]University LUM Jean Monnet, Bari, Italy

出　　处：《Journal of Modern Accounting and Auditing》2014年第8期853-864,共12页现代会计与审计（英文版）

摘　　要：The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises （SMEs） and investigates, over the years of 2009-2011： the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.

关 键 词：bank-firm relationship financial crisis small and medium-sized enterprises （SMEs） trade debt trade credit 

分 类 号：F275.1[经济管理—企业管理] TU6[经济管理—国民经济]