本研究探討企業間商業授信(Trade Credit)在總體貨幣政策變化時所扮演的角色，並參考Choi and Kim (2005)分別觀察應收帳款、應付帳款及淨應收帳款之變化，探討當總體貨幣政策變化時財務較佳企業是否會對財務受限制企業【規模較小、利息保障倍數較低、短期債務相對營收比重偏高、財務槓桿偏高】提供財務協助。 本研究實證結果發現，貨幣政策變化確實造成同業間增加商業授信比率；惟由淨應收帳款比率之變化發現，財務指標較佳企業之淨應收帳款比率對總體貨幣政策之敏感度皆低，亦即對財務不佳企業之財務協助不存在，反觀財務受限制企業在貨幣政策變化時期應付帳款被明顯調降，但仍需增加應收帳款，故整體而言，反而造成財務受限制企業於貨幣政策變化時期增加提供淨商業授信之結果，此結果以負債比偏高組及利息保障倍數較低組尤其明顯，說明不但財務較佳企業並無對財務受限制企業提供財務協助，財務受限制企業於貨幣政策變化時，尚有增加淨商業授信之歷力，對貨幣政策之敏感度較高。 / The objective of this paper is to analyze the relationship between monetary shock and trade credit. Following Choi and Kim (2005), we look at both sides of firm’s trade credit as well as net trade credit to find out if financial assistance view stands. The following results are obtained: (1) Account receivable of both large and small firms increases with monetary shock, but the result of net trade credit is not the same. We find no evidence that financial assistance view stands in terms of different sized firm. (2) Financial unconstained firms also don’t offer more net trade credit while financial constrained firms are forced to increase more net trade credit due to huge account payable drop. Therefore, monetary shock increase the financial pressure of fincncial constrained firms especially significant in higher net leverage ratio and lower interest cover ratio groups.