金融危机对供应链融资的影响外文翻译.docVIP

外文翻译 原文 The Impact of the Financial Crisis on Supply-Chain Financing MaterialSource:World Bank Group Enterprise Note No.13 Author: Leora Klapper and Douglas Randall Trade credit is an important source of financing for firms in emerging markets. In this note, we identify the firm and market characteristics associated with the extension of supplier financing. We find that firms that operate in more competitive markets and that are less credit constrained are more likely to offer trade credit to their customers. We also find that firms operating in a competitive market were more likely to increase the volume of goods sold on credit during the crisis. Finally, we show that in countries hit hardest by the crisis, firms under competitive pressure were relatively more likely to extend trade credit, which might suggest an additional financial burden for some firms. Introduction Supply-chain financing is an important source of funds for both small and large firms around the world. The financial crisis, however, brought about significant firm and market-level disruptions, which were likely to impact the decision to offer inter-firm financing. This note uses data from the World Bank’s Financial Crisis Survey (FCS), which extends the Enterprise Survey (ES) database to create a panel of 1,686 firms in Bulgaria, Hungary, Latvia, Lithuania, Romania, and Turkey1 in 2007 and 2009. The data provide novel evidence that the degree to which market competition and liquidity affected a firm’s decision to extend trade credit in 2009 varied with the country-level severity of the crisis. We focus on two key measures of supply-chain financing: first, whether the firm extended trade credit to its customers, and second, a unique and timely variable of whether the firm increased, maintained, or decreased the volume of goods sold on trade credit during the crisis. Previous literature on supply-chain financing shows a relationship with the market structure of the output market: firms in competi