交易信用之探討

The Investigation of Trade Credit

蔡幸祝(Hsin-Chu Tsai)

指導教授 ： 張瑞娟

國立暨南國際大學/管理學院/經濟學系/碩士(2007年)

https://doi.org/10.6837/NCNU.2007.00197

摘要

Meltzer (1960) 首先提出交易信用 (trade credit) 與貨幣傳遞機制中的銀行借貸管道 (bank lending channel) 存在替代關係；但 受限於計量方法，直到近期才有 Petersen and Rajan (1997) 以及 Nilsen (2002) 等人利用實證方法來探討交易信用管道與銀行借貸管道之替代關係。本論文之主要目的將以美國廠商於1994年第一季至2006年第二季期間之縱橫資料，與總體經濟變數作為研究對象，來探討交易信用在貨幣傳遞機制中的角色，進而檢試交易信用的使用是否會因廠商特性或貨幣政策的改變而存在分配效果。方法上，本文將根據 Choi and Kim (2005) 之理論模型為基礎，並採用固定效果縱橫資料迴歸 (panel data regression) 模型之方法，進行估計與檢測。實證結果發現，資產相對較小的廠商，受到貨幣政策發生衝擊時，會使用更多的交易信用，但貨幣政策的不對稱性結果並不顯著。由於台灣地區相對於已開發國家，廠商規模屬於中小企業，因此，藉由本研究之實證結果，我們推測交易信用於台灣地區應是廣泛的被利用之，所以交易信用之相關議題值得我們國內學者進一步去研究與探討。

關鍵字

交易信用 ； 貨幣政策 ； 縱橫資料迴歸

並列摘要

Meltzer (1960) has foremost proposed that trade credit plays a very important role in the bank lending channel of monetary transmission mechanism; however, owing to the limits of econometric techniques, Petersen and Rajan (1997) and Nilsen (2002) start to empirically investigate whether or not the trade credit channel can be a substitute to the bank lending channel recently. The main purpose of this thesis attempts to investigate the role of trade credit in the monetary transmission mechanism, and explore the distributional effects on trade credit when monetary policy changes, but using the US manufacturing firms panel data and macro-variable data over the period 1994:Q1-2006:Q2. Methodologically, this thesis follows the analytical framework of Choi and Kim (2005) and adopts the fixed-effect panel data regression model to perform our estimation and hypothesis testing. The results show that the manufacturers which are relatively small in the assets will use more trade credit following the tightening of monetary policy. The scale of Taiwan’s firms belongs to small and medium-sized enterprises, relative to most of developed countries. According to the results of this research, we thus infer that trade credit should be used extensively in the emerging economy such as Taiwan. Therefore, the relevant topics of trade credit are worth further investigation and may serve as guildelines for policy implications.

並列關鍵字

Trade Credit ； Monetary Policy ； Panel Data Regression

參考文獻

李建穎 (2006)，「交易信用與銀行信用管道-台灣大小廠商的實證研究」，世新大學經濟學研究所，碩士論文。

徐淑雯 (2002)，「加入產業及中度探討交易信用理論-台灣廠商之實證研究」，國立清華大學經濟學研究所，碩士論文。

Alphonse, P., Ducret, J., and Severin, E. (2003), “When trade credit facilitates access to bank finance: Evidence from US small business data,” Presented at the EFMA 2004 Basel Meetings Paper.

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