This paper takes A-share listed companies as samples and determines their positions in the production chain based on the input-output table released by the National Bureau of Statistics to examine the impact of production chain position on the supply of trade credit.Result shows that companies located in a more upstream position in the production chain provide less trade credit,particularly in terms of reducing the provision of longer-term trade credit.The mechanism analyses show that the trade credit supply of companies in different positions in the production chain is different due to different cash flow risk,market power and management asset structure.The heterogeneity tests reveal the correlation between the production chain position and trade credit supply is more significant when the marketization level is lower,the product market is more competitive,the customer concentration is higher and the growth level is lower.This study enriches the research of the impact of production networks on micro-enterprises from the perspective of trade credit,and provides references for companies to deal with production network risks and optimize financial decisions.
关键词
生产链位置/商业信用供给/投入产出表
Key words
production chain position/trade credit supply/input-output table
维普
万方数据