活动冲击与企业流动性：贸易信贷的作用

IF 1.9 Q2 BUSINESS, FINANCE Review of Corporate Finance Studies Pub Date : 2024-02-12 DOI:10.1093/rcfs/cfae002

Benjamin Bureau, Anne Duquerroy, FranceFrédéric Vinas

{"title":"活动冲击与企业流动性：贸易信贷的作用","authors":"Benjamin Bureau, Anne Duquerroy, FranceFrédéric Vinas","doi":"10.1093/rcfs/cfae002","DOIUrl":null,"url":null,"abstract":"We show both theoretically and empirically how trade credit financing may magnify the impact of activity shocks on corporate liquidity. Using unique daily data on payment defaults on suppliers in France, we quantify the magnitude of the short-term cyclical liquidity stress induced by trade payment obligations, exploiting the COVID-19 crisis as an exogenous shock. A one-standard-deviation rise in net trade credit position increases firms’ default probability by 10% during the lockdown. We find higher impacts for downstream sectors – up to 30% increase in the retail trade – for financially constrained firms, and a contraction in investment. (JEL E32, G32, G33, H12, H32)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"29 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Activity Shocks and Corporate Liquidity: the Role of Trade Credit\",\"authors\":\"Benjamin Bureau, Anne Duquerroy, FranceFrédéric Vinas\",\"doi\":\"10.1093/rcfs/cfae002\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We show both theoretically and empirically how trade credit financing may magnify the impact of activity shocks on corporate liquidity. Using unique daily data on payment defaults on suppliers in France, we quantify the magnitude of the short-term cyclical liquidity stress induced by trade payment obligations, exploiting the COVID-19 crisis as an exogenous shock. A one-standard-deviation rise in net trade credit position increases firms’ default probability by 10% during the lockdown. We find higher impacts for downstream sectors – up to 30% increase in the retail trade – for financially constrained firms, and a contraction in investment. (JEL E32, G32, G33, H12, H32)\",\"PeriodicalId\":44656,\"journal\":{\"name\":\"Review of Corporate Finance Studies\",\"volume\":\"29 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2024-02-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Corporate Finance Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/rcfs/cfae002\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Corporate Finance Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/rcfs/cfae002","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们从理论和实证两方面展示了贸易信贷融资是如何放大活动冲击对企业流动性的影响的。利用法国供应商拖欠货款的独特每日数据，我们利用 COVID-19 危机作为外生冲击，量化了贸易支付义务引发的短期周期性流动性压力的程度。在封锁期间，贸易信贷净头寸每上升一个标准差，企业的违约概率就会增加 10%。我们发现对下游行业的影响更大--在零售业，资金紧张的企业违约概率最高增加了 30%，投资也出现萎缩。(JEL E32, G32, G33, H12, H32)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

Activity Shocks and Corporate Liquidity: the Role of Trade Credit

We show both theoretically and empirically how trade credit financing may magnify the impact of activity shocks on corporate liquidity. Using unique daily data on payment defaults on suppliers in France, we quantify the magnitude of the short-term cyclical liquidity stress induced by trade payment obligations, exploiting the COVID-19 crisis as an exogenous shock. A one-standard-deviation rise in net trade credit position increases firms’ default probability by 10% during the lockdown. We find higher impacts for downstream sectors – up to 30% increase in the retail trade – for financially constrained firms, and a contraction in investment. (JEL E32, G32, G33, H12, H32)

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.

期刊最新文献

Product Market Competition, Mergers and Acquisitions, and Covenant Redesign Higher Purpose, Employees, and the Firm Employer Dominance and Worker Earnings in Finance The Geography of Investor Attention Human Capital Reallocation across Firms: Evidence from Idiosyncratic Shocks