Interenterprise Credit and Adjustment during Financial Crises: The Role of Firm Size
研究显示，欧洲中小企业在金融危机期间大幅增加净贸易信贷，将金融资源转移给大企业，加剧了自身的流动性紧缩，可能加深了经济衰退并延缓复苏。
Abstract Small and medium‐sized enterprises (SMEs) suffered a sharp contraction in their borrowing from banks during the Great Recession. Analyzing a large firm‐level database for European countries, the paper shows that trade credit amplified the liquidity squeeze on SMEs, with adverse effects on their real activity. SMEs sharply increased their net trade credit and thus transferred financial resources to larger firms. Given the large weight of SMEs in the economy of European countries, the liquidity squeeze of SMEs likely contributed to the depth of the output fall and the slow recovery in Europe during the Great Recession.