Wang, Xiaoming
[VerfasserIn]
;
Wu, Weijun
[Sonstige Person, Familie und Körperschaft];
Yin, Chen
[Sonstige Person, Familie und Körperschaft];
Zhou, Sili
[Sonstige Person, Familie und Körperschaft]
Trade Credit, Ownership and Informal Financing in China
Anmerkungen:
In: Pacific-Basin Finance Journal, Vol. 57, 2019
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2019 erstellt
Beschreibung:
We investigate informal financing such as trade credit in China. The credit for both state-owned enterprises (SOEs) and non-SOEs dramatically increased over time. Our results suggest that non-SOEs rely more on trade credit financing, but this effect is mitigated by supplier's liquidity position. Further results show that during financial crisis, non-SOEs reduce their account receivables due to high financing costs. Our research highlights the importance of informal financing and ownership structure in emerging markets