STRATEGIC CREDIT LINE USAGE AND PERFORMANCE
研究发现企业会策略性地提前提取信贷额度以积累预防性现金，应对未来业绩下滑，这种行为能预测现金余额增加、现金流下降和契约违规，且违规后仍能更好地为资本支出融资。
Abstract The existing literature views credit line drawdowns as a quick, low‐cost way for a firm to access cash for immediate needs when facing a liquidity shock. We investigate whether firms use credit lines strategically to accumulate precautionary balances in anticipation of performance declines. We show that unexpected drawdowns, measured as the residual from a predictive regression of drawdowns, predict increases in cash balances, future cash flow declines, and future covenant violations. Firms with unexpected drawdowns see less favorable terms in renegotiations than firms without unexpected drawdowns but they are better able to finance future capital expenditures following a covenant violation.