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1、TradeCredit:SuppliersasDebtCollectorsandInsuranceProvidersVicenteCuñat¤UniversitatPompeuFabra&FinancialMarketsGroup(LSE)30thJanuary2002AbstractTherearetwofundamentalpuzzlesabouttradecredit:whydoesitappeartobesoexpensive,andwhydoinputsuppliersengageinthebusinessoflendingmoney?Thispaper
2、addressesandanswersbothquestionsanalysingtheinteractionbetweenthe…nancialandtheindustrialaspectsofthesupplier-customerrelationship.Itexamineshow,inacontextoflimitedenforceabilityofcontracts,suppliersmayhaveacomparativeadvantageoverbanksinlendingtotheircustomersbecausetheyholdtheextrat
3、hreatofstoppingthesupplyofintermediategoods.Suppliersmayalsoactaslendersoflastresort,providinginsuranceagainstliquidityshocksthatmayendangerthesurvivaloftheircustomers.Therelativelyhighimplicitinterestratesoftradecreditresultfromtheexistenceofdefaultandinsurancepremia.Thepaperalsoexpl
4、ainsotherstylisedfactssuchastherelativeimportanceoftradecreditinsmallandstartup…rmsanditsextensiveuseinperiodsof…nancialdistress.TheimplicationsofthemodelareexaminedempiricallyusingparametricandnonparametrictechniquesonapanelofUK…rms.(JELG30,M130,D920)¤IwouldliketothankNobuKiyotakifor
5、hisencouragementandadvice.Ihavealsobene…tedfromthehelpfulcommentsofHeskiBar-Isaac,AndreaCaggese,GuillermoCaruana,AndrewEllul,AntoineFaure-Grimaud,LeonardoFelli,MariaGuadalupe,FrançoisOrtalo-Magné,JohnMoore,StevePischke,JavierSuárezandElenaZoido.Allremainingerrorsaremysoleresponsibilit
6、y.Correspondenceto:UniversitatPompeuFabra,C/RamonTriasFargas25-27,Barcelona08005Spain.e-mailvicente.cunat@econ.upf.es11IntroductionTradecreditariseswhenasupplierallowsacustomertodelaythepaymentofgoodsalreadydelivered.Itisgenerallyassociatedwiththepurchaseofintermediategoods.Empiricale
7、videnceshowsthattheimplicitinterestrateinatradecreditagreementisgenerallyveryhighcomparedtotheratesofbankcredit.However,itiswidelyusedandrepresentsanimportantproportionof…rms’…nance.Itisthereforesurprisingthatbanksdonottakeoverthispotentiallypro…tablebusiness,o¤eringmorecreditlinesto…
8、nance
