Trade Credit of Chinese Corporations : A Comparative Analysis

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Abstract: This paper studies the trade credit of Chinese corporations. Previous studies have presented various views on the utilization of trade credit. One study argued that nonstate- owned firms utilized more trade credit than state-owned firms. Meanwhile, another study suggested that non-state-owned firms depended on informal financing channels rather than on trade credit. What is the actual financing pattern of Chinese corporations? To answer this question，we employ a large database of Chinese corporations and conduct comparative analyses between two groups: state-owned firms and non-state-owned firms. Statistical investigations reveal two findings. First, our empirical results demonstrate a higher utilization of trade credit for state-owned firms in contrast to ap revious study. Second, we conclude that non-state-owned firms rely on informal financing channels due to asymmetric information

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