Shareholder Returns from Supplying Trade Credit
研究发现，向客户提供融资的供应商，其超额回报与应收账款变化正相关，且应收账款价值受供应商运营和合同成本动机影响，投资者视贸易信贷为缓解销售增长摩擦的有效工具。
We examine shareholder wealth implications of supplying financing to customers. Robust results suggest that excess returns and changes in trade receivables are directly and significantly related. Further evidence indicates the value of receivables is higher for suppliers with stronger motives relating to operating and contracting costs. The results also suggest a discounted value of receivables for financially unconstrained firms. Overall, we conclude that investors recognize trade credit as an effective instrument in mitigating frictions hindering sales growth. Thus, certain suppliers are positioned to derive increased strategic benefits from credit policy.