摘要
本篇論文旨在研究台灣廠商交易信用在貨幣傳遞機制以與金融危機期間所扮演的角色。在第二章裡,我們討論當金融危機發生時,交易信用有何反應;交易信用的角色是弱化或是增強金融危機帶給台灣經濟體的影響;以及進一步研究交易信用與銀行信貸的關係在金融危機期間之變化。採用 707 家台灣廠商自 1999Q1-2012Q3 的追蹤資料, 我們發現當銀行傾向不願意貸放時,廠商轉而使用交易信用替代銀行信貸,而較容易獲取銀行貸款的供應商傾提供更多交易信用給其需要資金的客戶。我們的實證結果顯示交易信用的使用緩和了 2008-09 的次貸危機對台灣經濟的影響,然而,交易信用的存在增強了 2000-01 年的網路泡沫對台灣經濟的影響,其增強的效果是由於交易信用透過廠商間所形成的供應鏈傳播流動性衝擊而來。我們也發現,在 2008-09 年的次貸危機,交易信用的反應呈現隨時間動態變化的特徵,而在 2000-01 年的網路泡沫,其反應是相對單一。 在第三章裡,我們探討交易信用在貨幣政策之銀行借貸傳遞渠道之作用,我們發現在貨幣緊縮期間,供應商貸放更多的交易信用給相對受融資限制的客戶,其實證結果支持台灣經濟存在交易信用渠道,亦即交易信用的使用將弱化貨幣政策透過銀行借貸渠道的作用。我們更進一步檢測交易信用的使用在各行業間是否有差異,其結果發現台灣電子業相較於非電子業更依賴於使用交易信用,然而非電子業在貨幣緊縮期間對交易信用的需求較為強烈。我們亦發現交易信用與銀行信貸的關係與廠商的規模大小有關,三組依據規模大小所分類的廠商(大、中、小企業),其交易信用在央行採取貨幣緊縮時存在異質反應,在貨幣緊縮期間,小型非電子業和大型電子業的交易信用顯著增加。
並列摘要
This dissertation studies the roles of trade credit for Taiwanese firms in the transmission of monetary policy and in the times of financial crisis. In Chapter 2, we discuss how trade credit respond to a financial crisis. We investigate whether trade credit plays a role in mitigating or amplifying the impact of a financial crisis on the economy of Taiwan. We further examine the extent to which financial crisis affects the relationship between trade credit and bank credit. Using a panel data set consisting of 707 Taiwan manufacturing firms in the period 1999Q1 -2012Q3, we find that firms act as customers use trade credit as a substitute for bank credit and firms act as suppliers who have better access to bank credit provide trade credit to their customers. Our results suggest that trade credit has mitigated the impact of the 2008-09 subprime mortgage crisis on the Taiwan economy, while the trade credit has amplified the impact of the 2000-01 dot-com bubble by propagating liquidity shocks through the supply chains. We also find that the time-varying responses of trade credit in the 2008-09 subprime mortgage crisis have a dynamic pattern, whereas the responses are relatively monotonic in the 2000-01 dot-com bubble. In Chapter 3, we investigate the role of trade credit as an alternative source of short-term credit in the bank lending channel of monetary policy transmission by using quarterly panel data of Taiwan manufacturing firms over the period 1999Q1-2010Q4. We provide evidence that suppliers extend more trade credit to their customers during periods of tighter monetary policy, which supports that the trade credit channel exists in the economy of Taiwan, weakening the influence of monetary policy through the bank lending channel. We also examine whether the use of trade credit differs considerably across industries. We find that electronics firms reliant more on trade credit than non-electronics firms, but non-electronics firms have a strong demand for trade credit during the period of monetary tightening. Our results suggest that the relationship between bank credit and trade credit differs among three groups of firm size (small, medium and large) for electronics firms and non-electronics firms, and there exists the heterogeneous responses of firms to a tight monetary policy. Not only small non-electronics firms but also large electronics firms are more likely increase trade credit during the times of monetary tightening.
參考文獻
延伸閱讀
- 洪毓婷（2007）。台灣銀行業信用評等模式之研究〔碩士論文，長榮大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0015-1608200711294500
- 李賢源、鍾懿芳、陶亞蘭（2011）。建構台灣投資等級信用組合與其基礎相關性之研究。財務金融學刊，19(3)，121-159。https://doi.org/10.6545/JFS.2011.19(3).4
- 賴惠子（2002）。台灣地區貨幣政策信用傳遞管道之探討。經濟研究，38(1)，57-95。https://doi.org/10.29765/TEI.200201.0002
- 郭貞吾（2009）。台灣地區銀行信託業務影響因素之研究〔碩士論文，朝陽科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0078-1111200915521469
- 胡齡月（2006）。Credit Guarantee, Financial Institutions and Economic Growth - The Case of Taiwan〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU.2006.00720