economic impact of late payments

《economic impact of late payments》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、ISSN1725-3187(online)ISSN1016-8060(print)EUROPEANECONOMYEconomicPapers531

2、September2014TheEconomicImpactofLatePaymentsWilliamConnellEconomicandFinancialAffairsEconomicPapersarewrittenbythestaffoftheDirectorate-GeneralforEconomicandFinancialAffairs,orbyexpertsworkinginassociationwithth

3、em.ThePapersareintendedtoincreaseawarenessofthetechnicalworkbeingdonebystaffandtoseekcommentsandsuggestionsforfurtheranalysis.Theviewsexpressedaretheauthor’saloneanddonotnecessarilycorrespondtothoseoftheEuropeanCommission.Commentsandenquiriesshouldbeaddressedto:EuropeanCommissionDirec

4、torate-GeneralforEconomicandFinancialAffairsUnitCommunicationandinterinstitutionalrelationsB-1049BrusselsBelgiumE-mail:ecfin-info@ec.europa.euLEGALNOTICENeithertheEuropeanCommissionnoranypersonactingonitsbehalfmaybeheldresponsiblefortheusewhichmaybemadeoftheinformationcontainedinthisp

5、ublication,orforanyerrorswhich,despitecarefulpreparationandchecking,mayappear.ThispaperexistsinEnglishonlyandcanbedownloadedfromhttp://ec.europa.eu/economy_finance/publications/.MoreinformationontheEuropeanUnionisavailableonhttp://europa.eu.KC-AI-14-531-EN-N(online)KC-AI-14-531-EN-C(p

6、rint)ISBN978-92-79-35180-8(online)ISBN978-92-79-36146-3(print)doi:10.2765/71358(online)doi:10.2765/8075(print)©EuropeanUnion,2014Reproductionisauthorisedprovidedthesourceisacknowledged.EuropeanCommissionDirectorate-GeneralforEconomicandFinancialAffairsEconomicImpactofLatePaymentsWilli

7、amConnellAbstractDelaysinpaymentsinBusinesstoBusiness(B2B)andGovernmenttoBusiness(G2B)transactionsgenerallyhaveanadverseeffectonthecash-flowoffirmandcancausefirms,particularlysmallones,toseekextensionsoftheiroverdraftfacilitiesandincreasetheirborrowing.Latepaymentofcommercialdebtcanpl

8、ayasignificantroleinthesurvivaloffirmsastheirliquiditycanbeseverelyaffected,evenforcingsomefirmstoexitthemarket.Thishasbeenparticularlyimportantduringtheeconomicandfinancialcrisisasaccesstocredithasbeenmorerestricted.Thisnoteaddressestheeconomiceffectoflatepaymentsbyapproximatingthepo

9、ssibl