01
原文：Li T, Chuan‘Chewie’Ang T, Lu C. Employment protection and the provision of trade credit[J]. Journal of Banking & Finance, 2023, 155: 106991.
Employment protection and the provision of trade credit
ABSTRACT: Improved employment protection may affect corporate trade credit decisions due to increased labor costs. Using the staggered adoption of U.S. state-level Wrongful Discharge Laws as a quasi-natural experiment, we find that suppliers’ provision of trade credit decreases significantly with better labor protection. The trade credit reduction is more pronounced for firms with higher distress risk, financial constraints, and operating leverage. Firms operating in states with lower unionization and in industries with higher labor turnover, and greater product market competition cut their trade credit more. The decrease in trade credit supply also varies with the type of products sold and customer concentration.
雇佣保护和商业信用供给
摘要：改善的雇佣保护可能会由于劳动力成本的增加而影响企业的商业信用决策。以美国各州错开实施的“非法解雇法”作为准自然实验，文章发现随着劳工保护的加强，供应商提供的商业信用显著减少。对于陷入财务困境风险更高、财务约束更大以及经营杠杆更高的企业，商业信用的减少更为明显。在工会化程度较低的州、以及劳动力流动率更高、产品市场竞争更激烈的行业中，企业削减商业信用的幅度更大。商业信用供给的减少还因销售产品的类型和客户集中度的不同而有所变化。
亮点：（1）本文补充了研究劳动保护对公司政策影响的文献。现有文献侧重于认为企业在更好的雇佣保护下采取保守的公司政策，本文则强调了更高的劳动力成本增加了企业的经营杠杆，这限制了供应商向其客户提供商业信用。在营运资金管理方面，本研究与那些揭示雇佣保护改善后现金持有量增加的研究相关。然而，本文发现，供应商减少提供商业信用是由于财务困境风险增加导致的现金流问题所驱动的，并非出于保留现金以备将来使用的预防性目的。（2）本研究提供了有关劳动保护对实体经济影响的实证证据。本文发现改进的雇佣保护导致信用销售（即应收账款）的减少，而这种减少并未通过现金销售的增加来弥补，因为整体销售增长有所下降，从而补充了相关文献。（3）本研究扩展了关于供应商商业信用政策决定因素的文献。本文发现，随着更严格的雇佣保护法的通过，由劳动力调整成本激增导致的经营杠杆增加和财务困境风险成为了一种财务约束，限制了供应商提供商业信用的能力。相比之下，客户在更严格的劳动保护法通过后，并没有改变他们对商业信用的使用。
02
原文：Ersahin N, Giannetti M, Huang R. Trade credit and the stability of supply chains[J]. Journal of Financial Economics, 2024, 155: 103830.
Trade credit and the stability of supply chains
ABSTRACT: We show that trade credit flows increase when a firm in a production network becomes a less reliable supplier due to an operating shock. Affected firms extend more trade credit when their customers have lower switching costs or expect more disruption. Suppliers that are more dependent on the affected firms facilitate the trade credit extension. However, when financial constraints at the affected firms and their suppliers prevent the increase in trade credit, customers sever their relationships with the affected firms, and the sales of the affected firms and their suppliers drop, suggesting that trade credit enhances production network stability.
商业信用和供应链稳定性
摘要：文章发现，当生产网络中的某家企业因经营冲击而变成不那么可靠的供应商时，商业信用流量增加。当客户的转换成本较低或预计出现更多的中断时，受影响的公司会提供更多的商业信用。对受影响公司依赖性更高的供应商促进了商业信用的供给。然而，当受影响企业及其供应商因财务约束无法增加商业信用时，客户会中断与受影响公司的关系导致受影响公司及其供应商的销售额下降，这表明商业信用增强了生产网络的稳定性。
亮点：（1）本研究首次通过实证分析证明了商业信用作为一种“粘合剂”，能够增强生产网络的稳定性。而此前的文献主要关注客户和供应商之间的双边关系，强调财务约束和客户议价能力的作用。此外，虽然先前的文献强调商业信用的出现是由于企业与客户之间的强关系，但本文进一步展示了它还能够增强直接和间接的客户-供应商关系的稳定性。（2）已有文献几乎没有讨论经营冲击对商业信用供给的影响。本文在研究中引入了流动性冲击和经营冲击的区分，提出并证明经营冲击对供应链稳定性的危害比流动性冲击更严重。
03
原文：Adelino M, Ferreira M A, Giannetti M, et al. Trade credit and the transmission of unconventional monetary policy[J]. The Review of Financial Studies, 2023, 36(2): 775-813.
Trade credit and the transmission of unconventional monetary policy
ABSTRACT: We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms.
商业信用与非常规货币政策传导
摘要：文章证明了生产网络对非常规货币政策的传导起着重要作用。符合欧洲央行公司部门购债计划购买资格的公司，通过向客户提供额外的商业信用，充当了金融中介的角色。商业信用的增加在核心国家向外围国家以及受财务约束的客户的传导中尤为显著。随着贸易融资的增加，客户增加了投资和雇佣，而供应商扩大了客户基础，促进了上游产业的集中。研究结果表明，商业信用在地区和企业之间重新分配了货币政策的影响。
亮点：（1）过往文献对商业信用是减弱还是放大了常规货币政策对实体经济的传导有着不一致的证据，本文对研究商业信用的文献作出了贡献。（2）本文首次研究了非常规货币政策的商业信用渠道，这一渠道独立于银行贷款渠道。通过利用供应商获取外部债务融资能力的外生性变化，文章证明了商业信用增强了量化宽松政策向实体经济的传导。（3）本文还通过研究大规模资产购买的影响如何通过生产网络在各地区之间重新分配，为探索货币政策传导中的区域异质性的新兴文献做出了贡献。
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总编：游家兴
解析：林珉慧
审校：林慧
编辑：潘芳妍
