Trade credit - Trade credit

In transactions of goods and services between non-financial companies, credit is exchanged between the companies in a financial transaction in which the buyer's payment is temporarily deferred and made after a certain period of time, rather than immediately paid in cash, through credit sales or bill settlement. For the buyer, the payment takes the form of accounts payable and bills payable, while for the seller, the payment takes the form of accounts receivable and bills receivable. Sellers have more accurate credit information, inventory processing capacity, and repayment capacity than financial institutions, and through credit, they can expand sales to suppliers with high credit risk but high demand, thereby reducing transaction costs. For small and medium-sized enterprises, whose financial conditions are weaker than those of large companies and whose alternative financing options through the issuance of stocks, bonds, commercial paper, etc. are very limited, credit is an extremely important short-term financing method along with borrowing from financial institutions, and is a powerful alternative financing method when smooth borrowing from financial institutions is not possible. It is more common among companies with little borrowing from financial institutions or companies with low liquidity and little short-term financing. When the economy worsens and funds become scarce, bill payment deadlines are extended, resulting in an increase in the debt problem, so it is a barometer of the economy.

In small and medium-sized enterprises, accounts receivable and notes receivable account for about 20% of total assets and about 40% of current assets, while accounts payable and notes payable exceed short-term borrowings and account for about 20% of total liabilities, making them essential for fund raising. However, their ratio has been declining in recent years, falling from 22.7% in 1991 (Heisei 3) to 15.6% in 2005 as a percentage of total assets. In terms of breakdown, the ratio of accounts payable has remained almost flat, but the ratio of notes payable has plummeted from 12.2% to 5.7% during the same period, reflecting a decrease in the amount and number of bills exchanged. Notes payable are expected to continue to decline in the future, with the aim of improving creditworthiness and reducing the administrative burden of bills.

[Kunihiko Kaneko]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

金融機関以外の事業会社相互間の商品・サービスの取引において現金による即時決済ではなく、掛売り、手形決済などの手段で買い手企業の代金支払いを一時的に繰り延べて一定期間後に代金の支払いが行われ、その間は企業相互間で信用が授受される金融取引。買い手企業にとって買掛金、支払手形の形をとり、売り手企業では売掛金、受取手形となる。売り手企業は金融機関より取引先について精度の高い信用情報や在庫処理能力、返済能力をもち、与信を通じて信用リスクは高いが大きな需要をもつ取引先への販売を拡大し、支払いの取引費用を削減しうる。大企業と比べて財務内容が脆弱(ぜいじゃく)で、株式や社債、コマーシャルペーパー（CP）などの発行による代替的な資金調達が非常に限られている中小企業にとって、金融機関借入れと並ぶきわめて重要な短期の資金調達方法であり、金融機関から円滑な借入れができない場合、代替的で有力な資金調達手段となる。金融機関借入れが少ない企業や手元流動性が低くて短期資金に余裕がない企業ほど多い。景気が悪化して資金不足になると手形の支払期限を長くする結果、増大していくから、景気の一つのバロメーターである。

　中小企業では、売掛金と受取手形が総資産の約2割、流動資産の約4割を占め、買掛金と支払手形は短期借入金を上回って総債務の約2割となり、資金調達上欠かせない存在である。しかし、その割合は近年低下しており、総資産比で1991年（平成3）の22.7％から2005年に15.6％になった。内訳として買掛金の割合はほぼ横ばいで推移しているが、手形の交換金額と枚数の減少を反映して支払手形の割合が同時期に12.2％から5.7％にまで急落している。支払手形は信用力の向上や手形の事務処理負担の削減を目ざして、今後も減少する傾向にある。

［金子邦彦］

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