期刊
JOURNAL OF BANKING & FINANCE
卷 114, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.jbankfin.2020.105801
关键词
Supply chain; Cost of debt; Bank financing; Product-market competitiveness; Inventory control
Using comprehensive bank-loan contract information, we show that the power of a firm relative to its suppliers eases its terms of bank financing, specifically through lower loan prices and less restrictive non-price contract terms. Our results are robust to controlling for product-market competition. Supply chain power enables the firm to achieve a greater level of control over its inventory, constituting a significant portion of the reduction in its overall loan cost. We argue that it is important to consider supply-chain related issues when analyzing the external-financing capacity of firms. (C) 2020 Elsevier B.V. All rights reserved.
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