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Asian Review of Financial Research, Vol., No..
pp.1344~1396
pp.1344~1396
Trade Credit and Shadow Banking Activities : Evidence from China
Tian Chen HSBC Business School Peking University
Heungju Park SKK Business School, Sungkyunkwan University
Sungbin Sohn HSBC Business School Peking University
This paper examines the relationship between trade credit and shadow banking activities measured by inter-corporate entrusted loans. Using a panel data of Chinese listed firms, we find that entrusted loans have a significant substitution effect on the supply of trade credit and the substitutional effects are mitigated during financial crisis periods. Propensity score matched samples and a difference-in-difference approach provide robustness to our findings. Our evidence suggests that trade credit interrelates with shadow banking activities on corporate financing.
Tian Chen
Heungju Park
Sungbin Sohn
This paper examines the relationship between trade credit and shadow banking activities measured by inter-corporate entrusted loans. Using a panel data of Chinese listed firms, we find that entrusted loans have a significant substitution effect on the supply of trade credit and the substitutional effects are mitigated during financial crisis periods. Propensity score matched samples and a difference-in-difference approach provide robustness to our findings. Our evidence suggests that trade credit interrelates with shadow banking activities on corporate financing.