Trade Credit and Industry Dynamics: Evidence from Trucking Firms
研究法国一项限制商业信用供给的改革对卡车运输企业的影响，发现该限制使企业违约概率降低25%，并促进了小企业进入，对流动性约束企业效果更显著。
ABSTRACT Long payment terms are a strong impediment to the entry and survival of liquidity‐constrained firms. To test this idea and its implications, I consider the effect of a reform restricting the trade credit supply of French trucking firms. In a difference‐in‐differences setting, I find that trucking firms' corporate default probability decreases by 25% following the restriction. The effect is persistent, concentrated among liquidity‐constrained firms, and not offset by a decrease in profits. The restriction also triggers an increase in the entry of small trucking firms.