The information content of trade credit

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• 作者：Nihat Aktas^a ; ^{nihat.aktas@skema.edu} ; Eric de Bodt^b ; ^{eric.debodt@univ-lille2.fr} ; Fr&eacute ; d&eacute ; ric Lobez^b ; ^{frederic.lobez@univ-lille2.fr} ; Jean-Christophe Statnik^b ; ^{jcstatnik@univ-lille2.fr}
• 关键词：G32
• 刊名：Journal of Banking and Finance
• 出版年：2012
• 期刊代码：30_03784266
• 类别：eco
• 出版时间：May, 2012
• 卷：36
• 期：5
• 页码：1402-1413
• 文件大小：257 K

摘要

During 1992-2007, suppliers financed almost 10%of the total assets of US listed firms. This intensive usage of trade credit is puzzling in the light of its high (implicit) costs. By arguing that trade credit use provides valuable information to outside investors, we first derive a theoretical model that predicts a positive correlation between trade credit use and the quality of the firm鈥檚 investments. Then, using several proxies for firm鈥檚 investment quality (Z-score, return on assets, and long-run abnormal returns), we show that this prediction receives strong support from a large sample of US firms.