기업간 거래신용의 공여에 영향을 미치는 요인에 대한 연구

The study analyzed 159,134 samples of 11,862 companies from 2000 to 2019 by dividing them into listed companies and unlisted companies in order to conduct an empirical analysis on factors affecting the supply of trade credit to domestic manufacturers. It also analyzed how financial crises or financial commitments affect trade credit. To summarize the verification results, firstly, the functions of redistribution of trade credit were demonstrated. It was analyzed that the more flexible companies are able to raise external funds, the more trade credit they give, and in the event of a financial crisis, the more financially vulnerable companies reduce trade credit. Second, in the case of domestic companies, trade credit was used as a means of price discrimination. This, unlike previous domestic studies, has found results in line with the theory of price discrimination in listed and unlisted entities. Third, it was confirmed that the effect on the supply of trade credit may vary depending on the analysis target. Unlike unlisted companies, listed companies have a higher internal fund generation power, which reduces trade credit. Given that companies with lower market share are analyzed to increase the supply of trade credit to promote sales, various measures to relieve the financial difficulties of SMEs due to the supply of trade credit will be needed.