This study applies a partial-adjustment model to examine the dynamics of trade credit and to test the hypothesis that firms actively move toward an optimal (target) level of trade credit. The results indicate that typical firms close approximately 70% of the gap between its actual and target trade credit each year, supporting the idea that firms have a target level of trade credit. In addition, the estimated speed of adjustment supports the dynamic version of trade off framework where firms consider of the cost of adjustments when making adjustment decisions.

中文翻译：

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企业是否追逐贸易信贷目标？

本研究应用部分调整模型来检验贸易信贷的动态，并检验企业积极向最佳（目标）贸易信贷水平移动的假设。结果表明，典型企业每年缩小其实际贸易信贷与目标贸易信贷之间约 70% 的差距，支持了公司具有目标贸易信贷水平的观点。此外，估计的调整速度支持动态版本的权衡框架，公司在做出调整决策时会考虑调整成本。