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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/48952
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/48952


    Title: 台灣總體貨幣政策對其企業商業授信模式之影響
    .
    Authors: 潘福明
    Pan, Dennis
    Contributors: 顏錫銘
    潘福明
    Pan, Dennis
    Keywords: 商業授信
    Trade Credit
    Date: 2009
    Issue Date: 2010-12-08 01:54:12 (UTC+8)
    Abstract: 本研究探討企業間商業授信(Trade Credit)在總體貨幣政策變化時所扮演的角色,並參考Choi and Kim (2005)分別觀察應收帳款、應付帳款及淨應收帳款之變化,探討當總體貨幣政策變化時財務較佳企業是否會對財務受限制企業【規模較小、利息保障倍數較低、短期債務相對營收比重偏高、財務槓桿偏高】提供財務協助。
    本研究實證結果發現,貨幣政策變化確實造成同業間增加商業授信比率;惟由淨應收帳款比率之變化發現,財務指標較佳企業之淨應收帳款比率對總體貨幣政策之敏感度皆低,亦即對財務不佳企業之財務協助不存在,反觀財務受限制企業在貨幣政策變化時期應付帳款被明顯調降,但仍需增加應收帳款,故整體而言,反而造成財務受限制企業於貨幣政策變化時期增加提供淨商業授信之結果,此結果以負債比偏高組及利息保障倍數較低組尤其明顯,說明不但財務較佳企業並無對財務受限制企業提供財務協助,財務受限制企業於貨幣政策變化時,尚有增加淨商業授信之歷力,對貨幣政策之敏感度較高。
    The objective of this paper is to analyze the relationship between monetary shock and trade credit. Following Choi and Kim (2005), we look at both sides of firm’s trade credit as well as net trade credit to find out if financial assistance view stands.
    The following results are obtained: (1) Account receivable of both large and small firms increases with monetary shock, but the result of net trade credit is not the same. We find no evidence that financial assistance view stands in terms of different sized firm. (2) Financial unconstained firms also don’t offer more net trade credit while financial constrained firms are forced to increase more net trade credit due to huge account payable drop. Therefore, monetary shock increase the financial pressure of fincncial constrained firms especially significant in higher net leverage ratio and lower interest cover ratio groups.
    Reference: 一、 英文文獻
    1. Alphonse, Pascal, Jacqueline Ducret and Eric Séverin, 2004, When Trade Credit Facilitates Access to Bank Finance: Evidence from US Small Business Data, Working Paper, University of Lille 2.
    2. Atanasova, Christina V. and Nicholas Wilson, 2004, Disequilibrium in the UK Corporate Loan Market, Journal of Banking and Finance 28, 595-614.
    3. Biais, Bruno and Christian Gollier, 1997, Trade Credit and Credit Rationing, The Review of Financial Studies 10, 903-937.
    4. Bernanke, Ben S. and Alan S. Blinder, 1992, The Fed Funds Rate and the Channels of Monetary Transmission, The American Economic Review, 82, 901-921.
    5. Bernanke, Ben S.,Mark Gertler, and Simon Gilchrist, 1996, The Financial Accelerator and the Flight to Quality,The review of Economic and Statistics, 78,1-15.
    6. Calomiris, Charles W.,Charles P. Himmelberg and Paul Wachtel, 1995, Commercial Paper, Corporate Finance, and the Business Cycle: a microeconomic perspective, Carnegie-Rochester Conference Series on Public Policy 42, 203-250.
    7. Choi, Woon Gyu, and Yungsan Kim, 2005, ” Trade Credit and the Effect of Macro-Financial Shocks: Evidence from U.S. Panel Data”, Journal of Financial and Quantitative Analysis 40, 897-925.
    8. Cunat, Vicente, 2000,” Trade Credit: Suppliers at Debt Collectors and Insurance Providers.”, Financial Market Group. London School of Economics.
    9. Danielson, Morris G. and Jonathan A. Scott, 2000, Additional Evidence on the Use of Trade Credit by Small Firms: The Role of Trade Credit Discounts, Working Paper, Temple University.
    10. Devereux, M. P. and Schiantarelli, F. (1990). Investment, financial factors, and cash flow: evidence from UK panel data. In G. Hubbard (ed.), Information, Capital Market and Investment. Chicago: University of Chicago Press.
    11. Emery, Gary W.,1984, “ A Pure Financial Explanation for Trade Credit.”, The Journal of Financial and Quantitative Analysis, 19,271~285.
    12. Emery, Gary W., 1987, “An Optimal Financial Response to Variable Demand”, The Journal of Financial and Quantitative Analysis, 22, 209-225.
    13. Fazzari, Steven M., R. Glenn Hubbard, and Bruce C. Peterson, 1988, “Financing Constraints and Corporate Investment”, Brookings Paper on Economic Activity, 1,141-206.
    14. Ferris, J. Stephen,1981,”A Transactions Theory of Trade Credit Use”, The Quarterly Journal of Economics,96,243-270.
    15. Friedman, Milton and Anna J. Schwartz, 1963, “A Monetary History of the United States, 1987-1960.”, Princeton University Press.
    16. Guariglia, Alessandra, 1999, “The Effects of Financial Constraints on Inventory Investment: Evidence from a Panel of UK Firms”, Economica, 43-62.
    17. Harhoff, Dietmar and Timm Körting, 1998, Lending Relationships in Germany: Empirical Results from Survey Data, Social Science Research Center Berlin Discussion Papers,1-48.
    18. Hoshi, Takeo, Anil Kashyp, and David Scharfstein, 1991, Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups, Quraterly Journal of Economics, 33-60.
    19. Kohler, Marion, Eric Britton, and Tony Yates, 2000, Trade Credit and the Monetary Transmission Mechanism, Bank of England Discussion Paper, 1-22.
    20. Long, Michael S., Ileen B. Ravid, and S. A. Ravid.,1993,” Trade Credit, Quality Guarantees, and Product Marketability.”, Financial Management 22, 117-127.
    21. Longstaff, Francis A., Sanjay Mithal, and Eric Neis, 2004, Corporate Yield Spreads: Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market,NBER Working Paper.
    22. Mateut, Simona and Paul Mizen, 2002, Trade Credit and Bank Lending: An Investigation into the Determinants of UK Manufacturing Firms’Access to Trade Credit, Working Paper, Experian Centre for Economic Modelling, University of Nottingham.
    23. Meltzer, Allan H., 1960, “Mercantile Credit, Monetary Policy and the Size of Firms. “, The Review of Economics and Statistics, 42, 429-437.
    24. Milne, Alastair ,1991, “Financial Effects on Inventory Investments”, London Business School Discussion Paper, 11-91.
    25. Myers, Stewart C., 1984, Capital Structure, The Journal of Economic Perspectives, 15, 81-102.
    26. NG, Chee K., Janet Kiholm Smith, and Richard L. Smith, 1999, “Evidence on the Determinants of Credit Terms Used in Interfirm Trade.”, The Journal of Finance, 54, 1109-1129.
    27. Nilsen, Jeffery H.,2002, “Trade Credit and the Bank Lending Channel”, Journal of Money, Credit and Banking, 34,226-253.
    28. Peterson, Michell A., and Raghuram G. Rajan, 1997, Trade Credit: Theories and Evidence, Review of Financial Studies 10, 661-691.
    29. Preve, Lorenzo A., 2003, Financial Distress and Trade Credit: An Empirical Analysis, Working Paper, University of Texas at Austin.
    30. Smith, Janet Kiholm, 1987,”Trade Credit and Information Asymmetry”, The Journal of Finance, 42,863-872.
    31. Summers, Barbara and Nicholas Wilson, 2000,”Trade credit Management and the Decision to Use Factoring: An Empirical Study”
    32. Whited, Toni M., 1992, “Debt, Liquidity Constraints and Corporate Investment: Evidence from Panel Data”, The Journal of Finance, 47, 1425-1460.
    33. Wilson, Nicholas and Barbara Summers, 2002, “Trade Credit Terms Offered by Small Firms: Survey Evidence and Empirical Analysis”, Journal of Business Finance and Accounting, 29, 317-351.
    二、 中文文獻
    1. 王葦茵,民國95年,”貨幣政策信用管道與商業授信之實證分析─台灣製造業廠商追蹤資料”, 世新大學經濟學研究所碩士論文。
    2. 李建穎,民國94年,”交易信用與銀行信用管道-台灣大小廠商之實證研究”,世新大學經濟學研究所碩士論文。
    3. 蔡明錡,民國92年,”商業信用交易行為影響因素之研究”, 東吳大學會計學系碩士論文。
    4. 賴惠子,民國89年,“小型開放經濟最適貨幣政策與貨幣政策傳導管道之探討”,國立台北大學經濟學研究所博士論文。
    Description: 碩士
    國立政治大學
    財務管理研究所
    93357033
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0093357033
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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