The effect of the COVID-19 pandemic on corporate trade credit financing
利用双重差分模型，研究发现新冠疫情显著增加了受疫情影响严重企业的商业信用融资，原因可能是银行贷款成本上升，企业转向更灵活低成本的替代融资方式。
Using a difference-in-differences (DiD) model, this study investigates the causal relationship between the COVID-19 pandemic and trade credit financing. We find that the pandemic significantly increases trade credit financing for companies that are strongly affected by COVID-19. This may because of the increasing cost of bank lending; companies turn to more flexible and less costly alternatives as a result. A parallel trend test supports this finding. This research provides implications for corporate managers, supply chain partners, and capital market investors.