贸易信贷对农业产业企业绩效有影响吗？来自泰国的证据。
Do the trade credit influence firm performance in agro-industry? Evidence from Thailand.
作者信息
Detthamrong Umawadee, Chansanam Wirapong
机构信息
Department of Business and Innovation Management, Faculty of Business Administration, Chaiyaphum Rajabhat University, Chaiyaphum, Thailand.
Department of Information Science, Faculty of Humanities and Social Sciences, Khon Kaen University, Khon Kaen, Thailand.
出版信息
Heliyon. 2023 Mar 14;9(3):e14561. doi: 10.1016/j.heliyon.2023.e14561. eCollection 2023 Mar.
This paper aims to examine the relationship between trade credit and corporate performance. Empirical evidence on the impact of trade credit investment on firm performance remains unclear. For agro firms, the implications of this relationship have not been thoroughly discussed. Using a panel sample consisting of publicly listed agro firms in Thailand for 2001-2020. The sample set consists of 51 Thai-listed firms with 708 firm-year observations. We employ panel ordinary least squares (OLS) regressions and GMM regressions to obtain the estimation results. We find that going to invest in trade credit increases operating performance significantly, which is what the commercial, financing, and transaction theories of trade credit predicted would happen. Furthermore, cost-benefit analysis should serve as a guide for firms' trade credit investment decisions. In particular, firms should be aware of the extra cost of trade credit investment and weigh it against the benefits of improved performance.
本文旨在研究商业信用与企业绩效之间的关系。关于商业信用投资对企业绩效影响的实证证据仍不明确。对于农业企业而言，这种关系的影响尚未得到充分讨论。我们使用了一个由2001年至2020年在泰国公开上市的农业企业组成的面板样本。样本集包括51家在泰国上市的公司，共有708个公司年度观测值。我们采用面板普通最小二乘法（OLS）回归和广义矩估计（GMM）回归来获得估计结果。我们发现，进行商业信用投资会显著提高经营绩效，这正是商业信用的商业、融资和交易理论所预测的情况。此外，成本效益分析应作为企业商业信用投资决策的指导。特别是，企业应意识到商业信用投资的额外成本，并将其与绩效提升的好处进行权衡。
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