Petty cash from parents: Provision of liquidity to spin‐offs by trade credit channel
Petty cash from parents: Provision of liquidity to spin‐offs by trade credit channel
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来自母公司的小额现金：通过贸易信贷渠道为分拆公司提供流动性
DOI：
10.1111/jsbm.12538
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发表时间：
2019
影响因子：
6.2
通讯作者：
Honjo Yuji
中科院分区：
文献类型：
--
作者：
Yamada Kazuo;Honjo Yuji
本文的研究表明，分拆公司通过贸易信贷渠道从母公司获得流动性。我们发现，与母公司客户分拆的应收账款低于其他公司，而与母公司供应商分拆的应付账款高于其他公司。这支持了母公司通过贸易信贷为分拆提供流动资金的观点。此外，我们发现分拆更有可能增加应付账款，无论母公司是主要客户还是供应商。这与母公司的存在在附带产品的认证方面发挥作用的观点是一致的。
This study shows that spin-offs acquire liquidity from their parent firms through the trade credit channel. We find that the accounts receivable of spin-offs with parent customers are lower than those of others, while the accounts payable of spin-offs with parent suppliers are higher than those of others. This supports the view that parent firms provide the liquidity of spin-offs through trade credit. Moreover, we find that spin-offs are more likely to increase accounts payable, regardless of whether the parent firms are major customers or suppliers. This is consistent with the view that the presence of parent firms plays a role in the certification of spin-offs.