Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short‐Term Debt
2011年哥伦比亚对银行贷款还款征税，提高了短期信贷成本，企业转而使用现金和贸易信贷；在贸易信贷更易获得的行业，企业增加应付账款，现金和投资受影响较小，表明贸易信贷可替代银行流动性。
ABSTRACT In 2011, Colombia instituted a tax on repayment of bank loans, which increased the cost of short‐term bank credit more than long‐term credit. Firms responded by cutting short‐term loans for liquidity management purposes and increasing the use of cash and trade credit. In industries in which trade credit is more accessible (based on U.S. Compustat firms), we find substitution into accounts payable and little effect on cash and investment. Where trade credit is less available, firms increase cash and cut investment. Thus, trade credit provides an alternative source of liquidity that can insulate some firms from bank liquidity shocks.