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：

---

营运资金信贷乘数


我们提供了新的证据，证明资金摩擦会限制企业对应收账款和存货的短期投资，从而降低其生产能力。我们提出了一个由这些考虑驱动的信用乘数，并通过比较类似公司在其最赚钱的季度（“主要季度”）发起冲击时对冲击的不同反应来实证分离其重要性。我们使用反复出现和不可预测的冲击（例如石油冲击）来实施此测试，并提供广泛的证据来支持我们的识别策略。我们的结果表明，对于严重依赖供应商融资的小公司来说，资金约束和信贷乘数效应很重要。