Downstream Value of Upstream Finance
研究了企业通过供应商融资管理流动性对股东财富的影响，发现贸易信贷的市场价值随商品流动性和产品市场竞争而变化，且财务约束会强化这种价值关联。
Abstract We examine market value implications of managing liquidity via supplier financing. Results suggest a direct link between shareholder wealth and use of trade credit, and the relation exhibits significant cross‐sectional variation. In particular, the market value of trade credit varies with the liquidity of goods sold and competition in product markets. Evidence also indicates the value‐supplier financing association strengthens with financial constraint, which supports the financing motive for trade credit. Further findings are consistent with the transaction cost motive. Overall, we conclude that shareholders value the strategic benefits associated with supplier financing and that downstream firms’ characteristics influence this value.