题　目：Taxes and Non-debt Financing: Evidence from Trade Credit

嘉　宾：李雄 PhD Candidate University of Hong Kong

主持人：张括 副教授 上海交通大学安泰经济与管理学院

时　间：2024年01月04日（周四）09:00-10:30

地　点：腾讯会议（校内师生如需会议号和密码，请发送电邮至diana_@sjtu.edu.cn获取）

内容简介:

This paper examines the effect of taxes on trade credit, a crucial source of non-debt financing for firms. Analyzing state-level corporate income tax rate changes from 1998 to 2018, I find that tax increases and decreases result in reduced trade credit usage, particularly for firms with fewer covenant violations and better ex-ante liquidity positions. These pattern supports the prediction that tax changes affect firms through the bank credit substitution and tax-induced liquidity channels. Analysis of customer-supplier data suggests that customer trade credit adjustments drive these effects, and reduced trade credit reliance propagates from treated states to other states through supply chain networks. Furthermore, this results suggest that small firms are more responsive to tax rate changes than larger firms. This study provides novel insights into the relationship between state corporate income taxes and inter-firm financing decisions, and highlights the role of trade credit in managing financial risks during fiscal policy shocks.

演讲人简介：

My name is Alex Li (Chinese: 李雄). I am a Ph.D. candidate in accounting at the Business School, University of Hong Kong. I am in the 2023–2024 academic job market. Currently, I am a visiting scholar of Accounting at Washington University in St. Louis, US.

My current research focuses on supply chain financing and risk, with a particular interest in exploring the economic consequences (intended and unintended) of various regulations within the supply chain context and the crucial role of supply chain networks in transmitting these effects to the broader economy. I am truly passionate about this research area, as I believe that supply chain research is not an isolated field but is connected to other accounting aspects such as disclosure, ESG, tax, and more. There is a vast amount of room for further exploration in this area, and I am excited to continue my research in this field.

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