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Trade Receivables Policy of Distressed Firms and Its Effect on the Costs of Financial Distress

机译：不良企业的应收账款政策及其对财务困境成本的影响

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摘要

This paper studies the trade receivables policy of distressed firms as the trade-off between the firm's willingness to gain sales and the firm s need for cash. We find that firms increase trade receivables when they have profitability problems, but reduce trade receivables when they have cash flow problems. We also find that a firm that significantly cuts its trade receivables when in financial distress will experience an additional drop of at least 13% in sales and stock returns over the previously documented 20% average drop for financially troubled firms. Moreover, the performance decline of a firm in financial distress is significantly higher if the firm cuts trade receivables than if it does not.
机译：本文研究不良企业的贸易应收账款政策，作为企业获得销售的意愿与企业对现金的需求之间的权衡。我们发现，当公司遇到盈利问题时会增加应收账款，但是当他们遇到现金流量问题时会减少应收账款。我们还发现，在财务困境中大幅削减其应收账款的公司，其销售和股票收益至少会下降至少13％，而先前记录的财务问题公司的平均下降幅度为20％。此外，如果一家公司削减应收账款，则其财务困境中的业绩下降幅度要比不削减的情况高得多。

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  • 来源
    《Financial management》 |2009年第3期|663-686|共24页
  • 作者

    Carlos A. Molina; Lorenzo A. Preve;

  • 作者单位

    Instituto de Estudios Superiores de la Empresa (IESA), in Caracas, Venezuela;

    IAE Business School, Universidad Austral in Buenos Aires, Argentina;

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