ABSTRACT

This article investigates the effect of residual state ownership on trade credit in Vietnam. The empirical results show that a substantial withdrawal of the state from listed state-owned enterprises (SOEs) does not disturb these firms’ supply of and demand for trade credit, suggesting that trade credit is not a source of soft budget constraint and local privatisation programmes have not been motivated by efficiency. Privatisation seems to be a transitional phenomenon in a state-dominated economy that is inadequately supportive of private sector development and a poor legal system encouraging informal contracts. Interestingly, Vietnamese firms with more accounting conservatism, probably in response to their creditors’ increasing demand for financial reporting quality, are found to provide less trade credit, suggesting that adopting more conservative accounting arising from the government’s privatisation may be associated with firms’ better accessibility to bank credit.

摘要

本文研究了剩余国有所有权对越南贸易信贷的影响。实证结果表明，国家从上市国有企业（SOEs）的大量退出不会扰乱这些企业对贸易信贷的供求，这表明贸易信贷不是软预算约束和地方私有化计划的来源没有被效率驱动。在国家主导的经济中，私有化似乎是一种过渡现象，无法充分支持私营部门的发展，而且法律制度不健全，鼓励非正式合同。有趣的是，由于债权人对财务报告质量的要求越来越高，越南会计更加保守的公司被发现提供的贸易信贷较少，