关键词: 商业信用规模 , 融资期限 , 供应商集中度 , 银行借款 , 产品市场发育

Abstract:

Trade credit is a significant source of financing for enterprises, as well as a hot spot of research in academia. However, the existing research universally overlooked the influence on trade credit comes from supplier, which is the provider of trade credit. In this paper, we use listed companies in China as samples, empirically testing the relationship between suppliers concentration and the scale and period of trade credit obtained by downstream enterprises. The result shows that the higher the suppliers concentration, the smaller the trade credit scale, and the shorter the credit period. Furthermore, the negative relationship between these two factors will be significantly weakened when companies can get bank loans more easily or the companies locate in areas with highly developed product market. This paper not only enriched literature in the field of corporate strategy and trade credit from a new perspective, but provided empirical evidence for the necessity of China s construction of credit market and product market.

Key words:  trade credit , credit terms , concentration of suppliers , bank loans , development of product market