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1、外文翻译原文TheImpactoftheFinancialCrisisonSupply-ChainFinancingMaterialSource:WorldBankGroupEnterpriseNoteNo.13Author:LeoraKlapperandDouglasRandallTradecreditisanimportantsourceoffinancingforfirmsinemergingmarkets.Inthisnote,weidentifythefirmandmarketcharacteristicsasso
2、ciatedwiththeextensionofsupplierfinancing.Wefindthatfirmsthatoperateinmorecompetitivemarketsandthatarelesscreditconstrainedaremorelikelytooffertradecredittotheircustomers.Wealsofindthatfirmsoperatinginacompetitivemarketweremorelikelytoincreasethevolumeofgoodssoldon
3、creditduringthecrisis.Finally,weshowthatincountrieshithardestbythecrisis,firmsundercompetitivepressurewererelativelymorelikelytoextendtradecredit,whichmightsuggestanadditionalfinancialburdenforsomefirms.IntroductionSupply-chainfinancingisanimportantsourceoffundsfor
4、bothsmallandlargefirmsaroundtheworld.Thefinancialcrisis,however,broughtaboutsignificantfirmandmarket-leveldisruptions,whichwerelikelytoimpactthedecisiontoofferinter-firmfinancing.ThisnoteusesdatafromtheWorldBank’sFinancialCrisisSurvey(FCS),whichextendstheEnterprise
5、Survey(ES)databasetocreateapanelof1,686firmsinBulgaria,Hungary,Latvia,Lithuania,Romania,andTurkey1in2007and2009.Thedataprovidenovelevidencethatthedegreetowhichmarketcompetitionandliquidityaffectedafirm’sdecisiontoextendtradecreditin2009variedwiththecountry-levelsev
6、erityofthecrisis.Wefocusontwokeymeasuresofsupply-chainfinancing:first,whetherthefirmextendedtradecredittoitscustomers,andsecond,auniqueandtimelyvariableofwhetherthefirmincreased,maintained,ordecreasedthevolumeofgoodssoldontradecreditduringthecrisis.Previousliteratu
7、reonsupply-chainfinancingshowsarelationshipwiththemarketstructureoftheoutputmarket:firmsincompetitivemarketsaresignificantlymorelikelytoextendtradecreditasameansofattractingnewcustomersandmaintainingtheloyaltyofexistingones.Theliteraturealsoexamineshowthecapitalstr
8、uctureofafirmimpactsitsdecisiontoextendtradecredittoitscustomers;forinstance,firmswithaccesstocreditfrombanksortheirownsuppliersextendagreateramo
