1、 外文翻译 原文 The Impact of the Financial Crisis on Supply-Chain Financing MaterialSource:World Bank Group Enterprise Note No.13 Author: Leora Klapper and Douglas Randall Trade credit is an important source of financing for firms in emerging markets. In this note, we identify the firm and market characte
2、ristics associated with the extension of supplier financing. We find that firms that operate in more competitive markets and that are less credit constrained are more likely to offer trade credit to their customers. We also find that firms operating in a competitive market were more likely to increa
3、se the volume of goods sold on credit during the crisis. Finally, we show that in countries hit hardest by the crisis, firms under competitive pressure were relatively more likely to extend trade credit, which might suggest an additional financial burden for some firms. Introduction Supply-chain fin
4、ancing is an important source of funds for both small and large firms around the world. The financial crisis, however, brought about significant firm and market-level disruptions, which were likely to impact the decision to offer inter-firm financing. This note uses data from the World Banks Financi
5、al Crisis Survey (FCS), which extends the Enterprise Survey (ES) database to create a panel of 1,686 firms in Bulgaria, Hungary, Latvia, Lithuania, Romania, and Turkey1 in 2007 and 2009. The data provide novel evidence that the degree to which market competition and liquidity affected a firms decisi
6、on to extend trade credit in 2009 varied with the country-level severity of the crisis. We focus on two key measures of supply-chain financing: first, whether the firm extended trade credit to its customers, and second, a unique and timely variable of whether the firm increased, maintained, or decre
7、ased the volume of goods sold on trade credit during the crisis. Previous literature on supply-chain financing shows a relationship with the market structure of the output market: firms in competitive markets are significantly more likely to extend trade credit as a means of attracting new customers
8、 and maintaining the loyalty of existing ones. The literature also examines how the capital structure of a firm impacts its decision to extend trade credit to its customers; for instance, firms with access to credit from banks or their own suppliers extend a greater amount of credit to their custome
9、rs. A related literature shows that during periods of contractions in bank credit, buyers might depend more on trade credit for short-term financing, and this may be especially true for small firms. Firms that extend trade credit are larger, centrally located, and export-oriented In 2009, 43 percent
10、 of firms reported extending trade credit to their customers, with an econometrically significant variation across countries. In Lithuania, 80 Sources: Financial Crisis Survey/Enterprise Surveys. Source: Enterprise Surveys. percent of firms reported extending trade credit, while the figure was only
11、16 percent among Hungarian firms (figure 1). Examining firm characteristics, 41 percent of small firms extend trade credit, compared to 44 percent of large- and medium-sized firms. In addition, 49 percent of exporters offer trade credit, compared to 40 percent of non-exporting firms. Among firms loc
12、ated in a capital city, 49 percent reported extending trade credit to their customers, contrasted with 41 percent in the subsample of firms that are not located in a capital city. Firms that export directly or indirectly, and firms located in a capital city, are more likely to offer trade credit eve
13、n when accounting for firm, sector, and country-level differences. Competitive and innovative firms were more likely to extend trade credit The offer of trade credit is often viewed as a competitive gesture, a way for firms to distinguish themselves from their competitors. Similarly, innovative firm
14、s looking to expand into new markets may also regard trade credit as a useful device for luring new customers away from their existing suppliers. Across the sample, approximately 41 percent of firms operated in a competitive market. Innovative firms, defined as those who introduced a new product or
15、service in the 2005-2007 period, accounted for 52 percent of the sample. A significant relationship between the competitive structure of the output market and the extension of trade credit is found in our sample during the crisis period, similar to the findings in other literature during non-crisis
16、periods. Innovative firms and firms that operate in a competitive market were significantly more likely to offer trade credit to their customers than firms that did not innovate or firms that did not face stiff competition from their competitors. To summarize, 48 percent of competitive firms offered
17、 trade credit during the crisis, while only 40 percent of non-competitive firms offered trade credit. The contrast is even starker for innovative firms: 51 percent of innovative firms extended trade credit, while only 34 percent of non-innovative firms extended trade credit. The relationship between
18、 competition/innovation and the extension of trade credit holds even when accounting for basic firm characteristics such as age, size, export orientation, sector, and country, as well as use of bank and supplier-based finance. This suggests that even during a crisis, competitive firms in particular
19、use trade credit as a means to attract new customers and maintain existing customers, specifically ones with strong preferences for delayed input payments.6 Less financially constrained firms were more likely to extend trade credit Given that the extension of trade credit implies a delay in output p
20、ayments with nontrivial consequences on a firms liquidity, it follows that financial constraints affect a firms decision to extend trade credit. In 2007, 57 percent of firms reported having a loan or line of credit from a financial institution, with significant variations across countries (figure 2)
21、. Just as they offer trade credit to their customers, firms may turn to their own suppliers for extensions of trade credit in order to provide liquidity, establishing a system of supply-chain financing. Approximately 71 percent of firms reported using supplier credit in 2007, a figure which, again,
22、varies among the countries in our sample (figure 2). Although Hungary has the lowest rate of formal credit users, it has the second highest rate of firms using supplier credit, which might support prior evidence that firms turn to supplier credit when formal credit (which is generally cheaper) is no
23、t available. Firms in our sample that had loans or a line of credit from a financial institution in 2007 were significantly more likely to extend trade credit in 2009. Among firms that had a loan or line of credit in 2007, 48 percent offered trade credit, compared to 37 percentamong those that did n
24、ot have a loan or line of credit. The positive association between access to finance and trade credit holds even when differences in firm, sector, and country characteristics, among others, are factored in.8 Firms more affected by the crisis are more likely to offer trade credit The survey offers a
25、unique opportunity to explore the relationship between the impact of the crisis and the extension of trade credit. Overwhelmingly, firms reported that the financial crisis impacted their establishment. Firms that were impacted by the crisis, and specifically firms that reported the main impact of th
26、e crisis was reduced access to credit, were significantly more likely to report extending trade credit. Also notable is that among firms that reported the main effect of the crisis to be increased input costs, only 31 percent extend trade credit, compared to 45 percent of firms who reported another
27、main effect. Yet, the strongest difference is among firms that report plans to reduce their workforce: in this subsample, 56 percent of firms extend trade credit, compared to 39 percent among firms who do not plan to reduce the number of full-time employees in the next six months (figure 3). This di
28、fference is significant even after controlling for firm size, sector, competition, and other characteristics. Competitive and innovative firms were more likely to extend credit in severe crises To explain why the extension of trade credit might be associated with higher firm vulnerability, we examin
29、e the impact of the crisis at the country level. We find that the degree to which a competitive market is associated with the extension of trade credit varies with the relative severity of the crisis in a given country. Using a country-level indicator of the severity of the financial crisis, thereis
30、 strong evidence that a firm operating in a relatively more competitive environment is more likely to extend trade credit, and this is especially so in countries more severely affected by the crisis. The same applies for innovative firms: relative to non-innovating firms, an innovating firm is more
31、likely to extend trade credit, and this is especially so in countries hit harder by the crisis.9 Our results suggest that financing the extension of trade credit during the crisis might have put additional financial pressure on firms that had become credit constrained themselves. Changes in the exte
32、nsion of trade credit Finally, we examine expected changes in the extension of trade credit. Across countries, we find that almost half the firms that extended trade credit prior to the crisis maintained a steady extension of credit during the crisis, while an almost even percentage report a decreas
33、e or increase in the volume of goods sold on credit (29 percent versus 23 percent, respectively). Hungarian firms experienced a comparatively large contraction in trade credit offerings, and only 3 percent of firms reported an increase in the volume of goods offered on trade credit. The situation wa
34、s notably different in Lithuania and Romania, where more than 40 percent of firms reported increases in the volume of goods sold on trade credit (figure 4). Sources: Financial Crisis Survey/Enterprise Surveys. When compared to firms that experienced a decrease in sales, or maintained sales, during t
35、he past year, the subsample of firms that had an increase of sales reported heavier use of trade credit. The positive relationship between strong past sales and an increase in trade credit is maintained when controlling for firm-level characteristics. Future predictions of sales were also significan
36、tly associated with whether or not a firm increased or decreased sales on credit. Firms with positive future outlooks on sales. were more likely to have recently increased the volume of goods sold on trade credit.11 During the crisis, firms in competitive markets continued to extend trade credit, wh
37、ich might have increased their financial vulnerability Supplier financing is a critical source of financing for firms in emerging markets, yet the determinants of the extension of trade credit are not well understood. First, we identify the firm and market characteristics associated with the extensi
38、on of supplier financing. We find that firms that operated in a competitive market or recently innovated are significantly more likely to offer trade credit to their customers, suggesting that supplier financing is often used as a competitive gesture. In addition, firms with greater liquidity to fin
39、ance the extension of credit, measured as access to a line of credit or credit from their own suppliers, are more likely to extend credit. Second, we examine the impact of the financial crisis on supply-chain financing decisions and find that firms that operated in a competitive market are also more
40、 likely to increase the volume of goods sold during the crisis. Third, we study the heterogeneous effects of trade credit and find that in countries hit harder by the crisis, firms in competitive markets are more likely to extend credit than firms in less competitive markets. Overall, these results
41、suggest an additional burden on firms in competitive markets during the crisis, which might have increased their financial vulnerability. Sources: Financial Crisis Survey/Enterprise Surveys. 译文 金融危机对供应链融资的影响 资料来源 :世界银行集团旗下企业， 2010 年第 13 号说明 作者： Leora Klapper 和 Douglas Randall 贸易信贷是公司在新兴市场融资的重要来源。在这份
42、说明中，我们确定了企业和供应商融资相关的市场的特点。我们发现，企业的经营在市场竞争力强和信用约束较弱的情况下更有可能提供贸易信贷给他们的客户 。 我们还发现，企业在竞争激烈的市场运作更 有可能增加在信贷危机期间出售的货物数量。最后，我们表明，在国家遭受最严重的危机，企业在竞争压力下，相对更容易扩大贸易信贷，这可能意味着一些公司将会有额外的财政负担。 简介 供应链融资是世界各地的小型和大型企业资金的重要来源。金融危机带来了显著的企业和市场层次的干扰，这有可能影响和决定提供给企业间的融资。本说明使用来自世界银行的金融危机调查（ FCS），它扩展了企业调查（ ES）的数据库中创建于 2007年和 2
43、009年的 1686家公司在保加利亚，匈牙利，拉脱维亚，立陶宛，罗马尼亚和土耳其的面板数据。这些数据提供新的 证据表明，在何种程度上的市场竞争和流动性将影响公司在 2009年这场危机引起的贸易信贷变化中做的决定。我们专注于两项主要措施，供应链融资：第一，贸易信贷公司扩展其客户；第二，在危机期间，企业是否增加，保持或减少对贸易信贷独特的销货数量和及时的变量。 先前对供应链融资研究的文献显示了一个输出市场的市场结构的关系：在市场竞争中的企业更愿意延长贸易信贷，以新的贸易信贷手段吸引客户和维护现有的忠诚度。 文献还考察一个企业的资本结构对决定延长其贸易信贷客户的影响，比如，向银行借款或访问他们自己的
44、供应商信贷公司 将获得更大量的信贷客户。一个相关的文献显示，在对银行信贷的收缩时期，买家可能依赖于贸易的短期融资贷款，小企业尤其如此。 扩展贸易信贷较大，位于市中心，和以出口为导向的企业 2009 年， 43%的企业商业信用报告延伸到了提供不同国家的经济计量变化的客户。在立陶宛， 80%的企业报告延伸了贸易信贷，而这个数字在匈牙利公司只有 16%（图 1）。检查企业的特点， 41%的小公司， 44%大、中型的企业扩大贸易信贷。此外， 49%出口商、 40%非出口企业提供贸易信贷。在一间位于省会城市的公司， 49%扩大贸易信贷是为他们的客户，不 是位于省会城市的样本公司该比例为 41%。企业直接
45、或间接的出口，并位于省会的公司，即使存在部门和国家水平的差异核算，也都更有可能提供贸易信贷。 竞争和创新型企业更有可能扩大贸易信贷 提供贸易信贷通常被视为一个竞争的姿态，为企业的方式，区别于其竞争对手。同样，创新型企业寻找到新的市场扩展也可视为一个有用的方式吸引远离他们现有的供应商，创造新的客户信用交易。在整个样本中，大约 41%的公司处于竞争市场。那些在 2005-2007 年期间推出新的产品或服务定义的企业，占 52%的样本。 图1.各国的贸易信贷延期4060165280240102030405060708090土耳其 保加利亚 匈牙利 匈牙利 立陶宛 罗马尼亚提供贸易信贷的公司的百分比来
46、源：金融危机调查 /企业调查 图2.获得银行和供应商融资6049426161585853848980720 20 40 60 80 100土耳其保加利亚匈牙利 拉脱维亚 立陶宛罗马尼亚信用额度的百分比 供应商信用的百分比来源：企业调查 从输出市场的竞争结构和贸易信贷的重要关系的样本中我们发现，在危机时期，未发生类似危机期间的其他文献的结果。创新型企业和公司，在竞争激烈的市场运作中，明显比未创新的或未面临竞争对手激烈竞争的企业或公司，更可能为他们的客户提供贸易信贷。总之，在危机中，有 48%的有竞争力的企业提供贸易信贷，而只有 40%的非竞争企业提供贸易信贷。对比度在是否为创新型企业间更是有着天
47、壤之别： 51%的创新型企业扩大贸易信贷，而只有 34%非创新公司延长贸易信贷。 竞争 /创新和扩大贸易信贷之间的关系会一直保持，即使当会计 涉及如年龄，规模，出口导向，部门，企业和国家的基本特征，以及银行使用的和供应商为基础的融资，这种关系也一直保持。这表明，即使在危机期间，竞争力强的企业也会使用贸易信贷为手段，以吸引新客户，维护现有客户，特别是延迟付款。 财务约束少的企业更有可能扩大贸易信贷 鉴于贸易信贷延期意味着一个公司的流动资金将延迟付款，因此财政拮据影响企业决定是否进行贸易信贷。报告表明， 2007 年， 57%的企业在他们的国家产生了显著的变化（图 2），均有债务或从金融机构贷款。
48、正如他们为客户所提供的贸易信贷，公司可能在贸易授信上变成他们自己的供应商，以提供流动性，建立供应链融资体系。报告中显示： 2007 年，大约有 71%的公司使用供应商的信用，这个数字再次，在我们的样本（图 2）国家中变动。虽然匈牙利信贷用户的比率最低，但它使用供应商的信用可以成为第二高速的公司，这可能会支持公司之前表明的证据：供应商信贷转向正规信贷（通常是更便宜的）不可用。 在我们的样本企业，民政事务总署在 2007 年至 2009 年从金融机构的贷款或其信用额度明显可能发展贸易信贷。企业之间 在 2007 年的贷款或信用额度，提供贸易信贷的为 48%，而其中有 37%是没有贷款或信用额度的。
49、即使公司、部门和国家之间的特点有不同且予以考虑，财政和贸易信贷的关系仍会维持。 受危机影响越深的企业更可能提供贸易信贷 这项调查提供了一个独特的机会，探讨危机的冲击和贸易信贷之间的关系。绝大多数情况下，公司表明受到了金融危机的影响。该公司是由危机的影响的分析，明确了危机的主要影响是减少了获得信贷的机会，这样更可能显著扩大贸易信贷。同样值得注意的是，企业之间表明危机的主要影响是增加了投入成本，只有 30%扩大贸易信贷，而 45%的公司采取另外的手段。然而，企业之间最大的区别是怎样计划减少其劳动力：在这个子样本， 56%的企业扩大贸易信贷，与 39%相比，企业间谁不打算在未来六个月减少全职雇员人数（图 3）。这种差异是显著的，即使是在对企业规模、行业、竞争等特点进行控制之后。 竞争和创新型企业 在某些程度上更有可能加重信贷危机 为了解释为什么贸易信贷可能与较高的公司脆弱性相联系，我们研究危机在国家不同发展水平的影响。我们发现，具有竞争力的市场随着贸易信贷的延伸发展到何种程度，是与一个特定国家所受经济危机影响的相对严重程度有关的。 图3.金融危机的影响0 10 20 30 40 50 60影响公司的危机增加债务投入成本的增加降低信贷准入 需求下降 就业的减少公司未提供贸易信贷 公司盘后交易信用来源
