Trade Credit and the Propagation of Corporate Failure: An Empirical Analysis
量化了贸易信贷链条在企业破产传播中的作用，发现供应商发放更多贸易信贷时，更易受客户破产影响，且破产风险显著增加，而低杠杆、现金充裕和高盈利的供应商能缓解这种传播。
We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure and the loss given failure. We further document that the credit loss invoked by a debtor failure imposes a substantially enhanced bankruptcy risk on the creditors. The propagation mechanism is mitigated for creditors that are less levered, cash rich, and highly profitable, and enhanced in R&D intense industries and during economic downturns.