Trade credit, financial intermediary development, and industry growth
成果类型：
Article
署名作者：
Fisman, R; Love, I
署名单位：
Columbia University; The World Bank
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/1540-6261.00527
发表日期：
2003
页码：
353-374
关键词：
摘要：
Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative source of funds. We show that industries with higher dependence on trade credit financing exhibit higher rates of growth in countries with weaker financial institutions. Furthermore, consistent with barriers to trade credit access among young firms, we show that most of the effect that we report comes from growth in the size of preexisting firms.