특수관계인과의 거래를 고려한 은행차입금과 거래신용의 연관성

In the case of short-term debt, there are cases where formal financing such as bank short-term borrowings are used and informal channels are used through trade credit. In particular, it is necessary to analyze the relationship between the sources of these two sources of working capital in the current situation where the role of trade credit is more important than the role of financial institution. This study analyzed the relationship between corporate trade credit and bank borrowings. In this case, it is analyzed whether the relationship is maintained as it is, especially considering the dealings with related parties. The fixed effects panel regression analysis was conducted using data from 2000 to 2017 for non-financial companies listed on the Korea Stock Exchange. First, there is a negative relationship between trade credit demand(account payable) and the bank borrowing. These results support the substitute relationship between corporate trade credit and bank borrowing. Second, transactional credit with a related party has positive (+) influence on trade credit. The significance of transactional credits with related parties in the Korean market has been confirmed. Third, if there is a credit relationship with a related party, it is verified as a reciprocal term with the bank borrowing. As a result, there is a negative relation between the bank borrowing and the transaction credit. These results show that the presence of transactional credits with related parties in the Korean market has an effect of further strengthening the substitution relationship between bank borrowings and transaction credits. Corporate financing through informal channels is a good phenomenon in terms of a wider choice of companies. On the one hand, it suggests that the role of the financial channel of the official channel, which plays the role of the funding source, should rethink its role.