The Working Capital Credit Multiplier
研究发现融资摩擦会限制企业在应收账款和存货上的短期投资，从而降低生产能力；通过比较同一企业在最盈利季度与非盈利季度对冲击的不同反应，识别出信贷乘数效应，且该效应在依赖供应商融资的小企业中更为显著。
ABSTRACT We provide novel evidence that funding frictions can limit firms’ short‐term investments in receivables and inventories, reducing their production capacity. We propose a credit multiplier driven by these considerations and empirically isolate its importance by comparing how a similar firm responds to shocks differently when these shocks are initiated in their most profitable quarter (“main quarter”). We implement this test using recurring and unpredictable shocks (e.g., oil shocks) and provide extensive evidence supporting our identification strategy. Our results suggest that funding constraints and credit multiplier effects are significant for smaller firms that heavily rely on financing from suppliers.