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.

中文翻译：

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营运资金信用乘数


我们提供的新证据表明，融资摩擦会限制企业对应收账款和库存的短期投资，从而降低其生产能力。我们提出了由这些考虑因素驱动的信用乘数，并通过比较类似的公司在利润最高的季度（“主要季度”）发起这些冲击时对冲击的不同反应，从经验上分离出其重要性。我们使用反复出现且不可预测的冲击（例如石油冲击）来实施此测试，并提供支持我们的识别策略的广泛证据。我们的研究结果表明，资金限制和信用乘数效应对于严重依赖供应商融资的小型企业来说非常重要。