Substytucja między kredytem kupieckim i bankowym w polskich przedsiębiorstwach - wyniki empiryczne na podstawie danych panelowych

• Autorzy: Jerzy Marzec , Małgorzata Pawłowska

Warianty tytułu

Substitution Between Trade and Bank Credit in Polish Companies - Empirical Evidence Based on Panel Data

• Języki publikacji: PL

Abstrakty

Celem badań zaprezentowanych w niniejszym artykule było przeprowadzenie pogłębionej analizy zjawiska substytucji między kredytem kupieckim a bankowym w świetle zjawiska racjonowania kredytu. W badaniu sektorowym (branżowym) wykorzystano dane panelowe z lat 2001-2009, pochodzące ze sprawozdawczości przedsiębiorstw prowadzących działalność w Polsce. Za pomocą modelu dla danych panelowych zweryfikowano hipotezy dotyczące przedsiębiorstw zgrupowanych w sekcje. Uzyskane wyniki wykazały, że skala i charakter działalności przedsiębiorstwa mają istotny wpływ na poziom substytucji między kredytem kupieckim a kredytem bankowym. W szczególności stwierdzono, że w polskich przedsiębiorstwach występowała substytucja między kredytem kupieckim a kredytem bankowym, która nasilała się w okresach kryzysu finansowego (w latach 2008-2009). Zjawisko to w większym stopniu dotyczyło firm małych niż dużych. (abstrakt oryginalny)

EN

The aim of this study was to assess the phenomenon of trade credit and bank credit substitution hypothesis in the context of credit rationing by banks. The research by sector (industry) was conducted on the basis of panel data from the years 2001-2009, derived from the reporting of Polish enterprises. Empirical analysis with the use of an econometric model of trade credit has helped to verify several hypotheses for companies grouped in sections. The results showed a significant effect of scale and character of the company's activities on the level of substitution of the trade credit by bank credit. Furthermore this study has helped to find a consistent conclusions that (1)there was substitution of bank credit by trade credit in Polish companies, which (2) intensified in times of financial crisis (during the period 2008-2009), (3) this phenomenon applied to a greater extent to small companies rather than large ones. (original abstract)

Słowa kluczowe

PL

Finansowanie przedsiębiorstwa; Kredyt kupiecki; Modele regresji; Dane panelowe

EN

Financing enterprises; Trade credit; Regression models; Panel data

• Czasopismo: Bank i Kredyt
• Rocznik: 2012
• Numer: nr 6
• Strony: 29--56

Twórcy

autor

Jerzy Marzec

• Uniwersytet Ekonomiczny w Krakowie

autor

Małgorzata Pawłowska

• Narodowy Bank Polski

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