Petty cash from parents: Provision of liquidity to spin-offs by trade credit channel
研究发现，分拆公司通过贸易信贷从母公司获得流动性，具体表现为应收账款更低、应付账款更高，且母公司存在起到认证作用。
This study shows that spin-offs acquire liquidity from their parent firms through the trade credit channel. We find that the accounts receivable of spin-offs with parent customers are lower than those of others, while the accounts payable of spin-offs with parent suppliers are higher than those of others. This supports the view that parent firms provide the liquidity of spin-offs through trade credit. Moreover, we find that spin-offs are more likely to increase accounts payable, regardless of whether the parent firms are major customers or suppliers. This is consistent with the view that the presence of parent firms plays a role in the certification of spin-offs.