How Credit Extension Management affects Inventory Practices

The aim of this paper is to analyze the impact credit extension management has on inventory management practices for a sample of 432 micro and small enterprises (MSEs). The model relied on agency, transaction cost and pecking order theories. Sample data were subjected to multivariate techniques of exploratory and confirmatory factor analysis and simultaneous structural regressions. Results support the idea that credit management practices positively determine inventory management, when mediated by cash management. The study measured direct and indirect effects among the three latent construct variables.

本研究以432家微型与小型企业（MSEs）为样本，旨在探析信贷授信管理对企业存货管理实务的影响。本研究依托委托代理理论、交易成本理论与优序融资理论构建分析框架，采用探索性因子分析、验证性因子分析及联立结构回归等多元统计方法处理样本数据。研究结果证实，信贷管理实务可通过现金管理的中介传导对存货管理产生正向影响，同时测算了三类潜构变量间的直接效应与间接效应。