Curbing Shocks to Corporate Liquidity: The Role of Trade Credit
利用一家现金运输公司欺诈和破产导致企业流动性短缺的数据，研究发现企业通过增加从供应商处获得的信用和减少向客户提供的信用来管理流动性短缺，商业信用调整规模与现金持有调整相当，表明商业信用是企业重要的储备流动性来源。
Using data on liquidity shortfalls generated by the fraud and failure of a cash-in-transit firm, we demonstrate effects on firms’ trade credit usage. We find that firms manage liquidity shortages by increasing the amount of credit drawn from suppliers and decreasing the amount issued to customers. The compounded trade credit adjustments are on average of similar magnitude as corresponding adjustments in cash holdings, suggesting that trade credit positions are economically important sources of reserve liquidity for firms. The underlying mechanism in trade credit adjustments is in part due to shifts in overdue payments.