Trade Credit and the Effect of Macro-Financial Shocks: Evidence from U.S. Panel Data
利用美国企业面板数据，研究发现货币紧缩时企业同时增加应付和应收账款，贸易信贷帮助吸收信贷收缩的影响，且大小企业均增加净贸易信贷以弥补流动性减少。
Abstract Using disaggregated panel data, we examine how firms change trade credit in response to a monetary tightening. We find that both accounts payable and accounts receivable increase with tighter monetary policy, implying that trade credit helps firms absorb the effect of a credit contraction. Further, both S&P 500 firms and a comparison group of smaller firms increase net trade credit (accounts receivable minus payable), making up for the reduced liquidity associated with tighter policy. However, we find no evidence that large firms play this role more actively than smaller firms.