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研究生:蔡幸祝
研究生(外文):Hsin-Chu Tsai
論文名稱:交易信用之探討
論文名稱(外文):The Investigation of Trade Credit
指導教授:張瑞娟張瑞娟引用關係
指導教授(外文):Jui-Chuan Chang
學位類別:碩士
校院名稱:國立暨南國際大學
系所名稱:經濟學系
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:58
中文關鍵詞:交易信用貨幣政策縱橫資料迴歸
外文關鍵詞:Trade CreditMonetary PolicyPanel Data Regression
相關次數:
  • 被引用被引用:2
  • 點閱點閱:308
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  • 下載下載:72
  • 收藏至我的研究室書目清單書目收藏:0
Meltzer (1960) 首先提出交易信用 (trade credit) 與貨幣傳遞機制中的銀行借貸管道 (bank lending channel) 存在替代關係;但 受限於計量方法,直到近期才有Petersen and Rajan (1997) 以及Nilsen (2002) 等人利用實證方法來探討交易信用管道與銀行借貸管道之替代關係。本論文之主要目的將以美國廠商於1994年第一季至2006年第二季期間之縱橫資料,與總體經濟變數作為研究對象,來探討交易信用在貨幣傳遞機制中的角色,進而檢試交易信用的使用是否會因廠商特性或貨幣政策的改變而存在分配效果。方法上,本文將根據Choi and Kim (2005) 之理論模型為基礎,並採用固定效果縱橫資料迴歸 (panel data regression) 模型之方法,進行估計與檢測。實證結果發現,資產相對較小的廠商,受到貨幣政策發生衝擊時,會使用更多的交易信用,但貨幣政策的不對稱性結果並不顯著。由於台灣地區相對於已開發國家,廠商規模屬於中小企業,因此,藉由本研究之實證結果,我們推測交易信用於台灣地區應是廣泛的被利用之,所以交易信用之相關議題值得我們國內學者進一步去研究與探討。
Meltzer (1960) has foremost proposed that trade credit plays a very important role in the bank lending channel of monetary transmission mechanism; however, owing to the limits of econometric techniques, Petersen and Rajan (1997) and Nilsen (2002) start to empirically investigate whether or not the trade credit channel can be a substitute to the bank lending channel recently. The main purpose of this thesis attempts to investigate the role of trade credit in the monetary transmission mechanism, and explore the distributional effects on trade credit when monetary policy changes, but using the US manufacturing firms panel data and macro-variable data over the period 1994:Q1-2006:Q2. Methodologically, this thesis follows the analytical framework of Choi and Kim (2005) and adopts the fixed-effect panel data regression model to perform our estimation and hypothesis testing. The results show that the manufacturers which are relatively small in the assets will use more trade credit following the tightening of monetary policy. The scale of Taiwan’s firms belongs to small and medium-sized enterprises, relative to most of developed countries. According to the results of this research, we thus infer that trade credit should be used extensively in the emerging economy such as Taiwan. Therefore, the relevant topics of trade credit are worth further investigation and may serve as guildelines for policy implications.
第一章 緒論………………………………………………………………………………………01
第一節 研究動機…………………………………………………………………………………01
第二節 研究目的…………………………………………………………………………………03
第三節 本文架構…………………………………………………………………………………04

第二章 文獻回顧…………………………………………………………………………………05
第一節 交易信用理論之回顧……………………………………………………………………05
第二節 交易信用實證文獻之回顧………………………………………………………………11

第三章 實證模型建立與資料說明………………………………………………………………19
第一節 資料說明…………………………………………………………………………………19
第二節 實證模型建立……………………………………………………………………………21

第四章 估計方法與實證結果分析………………………………………………………………25
第一節 實證結果與分析…………………………………………………………………………25
第二節 實證模型之擴展…………………………………………………………………………27

第五章 結論與建議………………………………………………………………………………31
第一節 結論………………………………………………………………………………………31
第二節 後續研究與建議…………………………………………………………………………32

參考文獻…………………………………………………………………………………………33
李建穎 (2006),「交易信用與銀行信用管道-台灣大小廠商的實證研究」,世新大學經濟學研究所,碩士論文。
徐淑雯 (2002),「加入產業及中度探討交易信用理論-台灣廠商之實證研究」,國立清華大學經濟學研究所,碩士論文。
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