Using data on liquidity shortfalls generated by the fraud and failure of a cash-in-transit firm, we demonstrate effects on firms’ trade credit usage. We find that firms manage liquidity shortages by increasing the amount of credit drawn from suppliers and decreasing the amount issued to customers. The compounded trade credit adjustments are on average of similar magnitude as corresponding adjustments in cash holdings, suggesting that trade credit positions are economically important sources of reserve liquidity for firms. The underlying mechanism in trade credit adjustments is in part due to shifts in overdue payments.

中文翻译：

---

遏制对企业流动性的冲击：贸易信贷的作用

我们使用现金在途公司的欺诈和失败所产生的流动性短缺数据，证明了对公司贸易信贷使用的影响。我们发现企业通过增加从供应商处获得的信贷量和减少发放给客户的信贷量来管理流动性短缺。复合贸易信贷调整的平均幅度与现金持有量的相应调整相似，表明贸易信贷头寸是企业储备流动性的重要经济来源。贸易信贷调整的基本机制部分是由于逾期付款的变化。