The Implicit Costs of Trade Credit Borrowing by Large Firms
研究了大型投资级买家向小供应商借款的贸易信贷关系，发现大零售商延迟付款会减少供应商的投资，尤其在银行信贷紧缩时影响更大。
We examine a novel, but economically important, characterization of trade credit relationships in which large investment-grade buyers borrow from their smaller suppliers. Using a matched sample of large retail buyers and their much smaller suppliers, we find that slower payment terms by large retailers are associated with lower investment at the supplier level. The effects are sharpest during periods of tight bank credit and for firms which we might otherwise characterize as financially constrained. The opportunity cost of extending credit to large buyers appears to be positive and sharply increasing in the financial frictions facing a firm.