This research examines the intricate relationship between trade and bank credit, with a specific focus on family and nonfamily small and medium-sized enterprises (SMEs). Our analysis of a sample of 3690 US SMEs reveals a distinctive pattern: Trade credit and bank credit act as substitutes for each other for family firms, but they serve as complements to each other for nonfamily firms. Furthermore, our findings highlight that this distinctive pattern is particularly pronounced in the contexts of low-performing SMEs and smaller SMEs. The results provide a nuanced understanding of the relationship between trade and bank credit and underscore the importance of considering the impact of a governance structure on an SME's financing behaviors.

中文翻译：

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替代品还是补充？家族中小企业使用贸易信贷和银行信贷


本研究探讨了贸易与银行信贷之间错综复杂的关系，特别关注家族和非家族中小企业 (SME)。我们对 3690 家美国中小企业样本的分析揭示了一个独特的模式：对于家族企业来说，贸易信贷和银行信贷是相互替代的，但对于非家族企业来说，它们是相互补充的。此外，我们的研究结果强调，这种独特的模式在绩效不佳的中小企业和规模较小的中小企业中尤为明显。研究结果提供了对贸易与银行信贷之间关系的细致入微的理解，并强调了考虑治理结构对中小企业融资行为影响的重要性。