Firm life cycle and trade credit
研究发现，处于导入期、成长期和衰退期的企业使用更多商业信用，而成熟期企业使用更少；企业生命周期是影响商业信用的独立渠道，且不同阶段企业调整商业信用的速度不同。
Abstract This study investigates the relation between firm life cycle and trade credit. We find evidence that firms in the introduction, growth, and decline stages use significantly more trade credit, whereas firms in the mature stage use significantly less trade credit. Firm life cycle works as a separate channel to affect trade credit independently from other channels proposed in the literature. These results are robust to alternative regression specifications, alternative measures of life cycle and trade credit, and the endogeneity concern. Firms in the introduction and decline stages adjust trade credit to the target level quickly compared to others.