신용평가정보와 기업의 단기자금 조달방식 선택: 대기업과 중소기업의 비교분석

This paper examines the effect of credit rating on the selection of short-term financingsources. This paper shows that credit rating certifies the riskiness of buying/borrowing firm, andhence possessing credit rating decreases the usage of trade credit while increasing themarket-based short-term financing sources such as commercial paper and bank credit line. Theempirical results of this paper support those estimated from the samples of industrializedcountries like US and western European countries. On the other hand, the results of this paperalso incorporate uniqueness of Korean economy characterized by dominance ofchaebol-corporations. Among sample firms with low credit ratings, as credit rating increases, theusage of trade credit decreases. In the meanwhile, among sample firms with high credit ratings,as credit rating increases, the usage of trade credit increases. The latter evidence especiallycontradicts evidence from the sample firms of industrialized countries while it also implies thatlarge chaebol-affiliated firm’s dominant power in commercial transaction and negotiation may helpthem extend their usage of trade credit as an instrument possibly for exploiting small-scalesupplying firms. This paper suggests that the government needs to implement policies forexpanding the credit rating across various types of firms for improving transparency, resulting inthe increase in the usage more market-based short-term financing sources such as commercialpaper and bank credit line.