| Trade credit is an important financing source of enterprise, large number of studiesfined that trade credit occupies an important position in enterprise. In this context, thereare two key questions should be answered: first, why does trade credit happen? Second,what effect can trade credit produce? For the first question, scholars have given twoanswers: finance motivation and business motivation, but there is not unified conclusion.For the second question, most existing research support that trade credit can improve theperformance of company, but there is not the differences research of the promoting effectunder different external environmentThis paper will introduce monetary policy to the study of the motivation and utility oftrade credit. We used the2001-2009data of China A-share listed companies as the sample,and used SPSS to empirical analysis. At first, we had measured monetary policy in thenature view and the number view, and then we researched the motivation and utility oftrade credit based on the monetary policy by regression models. Empirical studies hadfound that monetary policy is the important factor of the motivation and utility of tradecredit. When the monetary policy is loose, the motivation of trade credit is businessmotivation; when the monetary policy is tight, the motivation of trade credit is financemotivation. Further study has found that, the use of trade credit can improve theperformance of company, when the monetary policy is loose, the promoting effect of tradecredit to the performance becomes bigger.The main contribution of this paper is that:(1) This paper introduces monetary policyto the study of the motivation and utility of trade credit, expands the theory of themotivation and utility of trade credit;(2) The result of this study has an important guidingsignificance for the present stage of our country monetary policy formulation,implementation and how the enterprises can better utilize trade credit. |
PDF Full Text Request