Earticle

초록

영어

This paper examines the relationship between trade credit and shadow banking activities measured by inter-corporate entrusted loans. Using a panel data of Chinese listed firms, we find that entrusted loans have a significant substitution effect on the supply of trade credit and the substitutional effects are mitigated during financial crisis periods. Propensity score matched samples and a difference-in-difference approach provide robustness to our findings. Our evidence suggests that trade credit interrelates with shadow banking activities on corporate financing.

목차

Abstract
1. Introduction
2. Institutional Background
2.1. Shadow Banking System of China
2.2. Entrusted Loans
3. Literature Review and Hypothesis Development
4. Data and Empirical Methods
4.1. Data
4.2. Measurements of the Key Variables
4.3. Regression Model and Control Variables
4.4. Descriptive Statistics
5. Empirical Results
5.1. Baseline Results
5.2. Propensity Score Matching Sample
5.3. Difference-in-Difference Approach
5.4. Financial Crisis Periods
6. Robustness Checks
6.1. Different Forms of Model
6.2. Changes in Trade Credit
7. Conclusion
References

키워드

저자

• Tian Chen [ HSBC Business School Peking University ]
• Heungju Park [ SKK Business School, Sungkyunkwan University ]
• Sungbin Sohn [ HSBC Business School Peking University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330