本研究探討供應商融資在企業面對總體經濟衝擊時，對其營運與短期投資調整行為之影響。本文採用2018至2022年間共23,961筆台灣上市公司季度資料，並依供應商融資依賴程度分組，進行分層分析。核心迴歸以Top組的6,515筆資料作為基準樣本，另以製造業採購經理人指數（PMI）變動率作為經濟波動的代理變數。
實證結果顯示，當總體經濟衝擊發生於企業的主要營收季度時，供應商融資會對其營運與短期資產造成更大的影響。進一步觀察延後季度，企業營運表現逐漸改善，顯示供應商融資具備延遲修復的信用緩衝功能。然而，於衝擊初期未觀察到顯著穩定效果，顯示其即時穩定性有限。本研究說明供應商融資如何在經濟衝擊下放大企業營運波動，並揭示其延後穩定作用，補足現有文獻對短期融資調節機制的實證缺口。

This study examines how supplier financing influences firms' operational and short-term investment adjustments in response to macroeconomic shocks. Based on 23,961 firm-quarter observations from Taiwan's listed companies during the period 2018–2022, this study conducts a stratified analysis according to firms’ degree of reliance on supplier financing. The core empirical analysis relies on the Top group, which includes 6,515 observations, and employs the growth rate of the Manufacturing Purchasing Managers' Index (PMI) as a proxy for macroeconomic fluctuations.
The empirical results show that when macroeconomic shocks occur during a firm's main revenue quarter, supplier financing has a greater impact on both operational performance and short-term assets. A delayed recovery is observed in subsequent quarters, suggesting that supplier financing may provide lagged stabilization. However, no significant stabilizing effect is observed at the onset of the shock. This study illustrates how supplier financing can amplify firm-level operational volatility under economic stress, while also playing a lagged stabilizing role—addressing a gap in the empirical literature on short-term financing adjustment mechanisms.

Almeida, Heitor, Murillo Campello, 2007, Financial constraints, asset tangibility, and corporate investment, Review of Financial Studies 20, 1429–1460.
Almeida, Heitor, Murillo Campello, Bruno Laranjeira, Scott Weisbenner, 2012, Corporate debt maturity and the real effects of the 2007 credit crisis, Critical Finance Review 1, 3–58.
Almeida, H., Carvalho, D., & Kim, T, 2024, The working capital credit multiplier. J Finance, 79, 4247–4302.
Amiti, Mary, David E. Weinstein, 2011, Exports and financial shocks, Quarterly Journal of Economics 126, 1841–1877.
Bernanke, Ben, Mark Gertler, 1989, Agency costs, net worth, and business fluctuations, American Economic Review 79, 14–31.
Bernanke, Ben, Mark Gertler, Simon Gilchrist, 1999, The financial accelerator in a quantitative business cycle framework, in J. Taylor, and M. Woodford, eds.: Handbook of Macroeconomics (Elsevier Science, Amsterdam).
Carvalho, Daniel. 2015, Financing constraints and the amplification of aggregate downturns, Review of Financial Studies 28, 2463–2501.
Chang, Tom Y., Samuel M. Hartzmark, David H. Solomon, Eugene F. Soltes, 2017, Being surprised by the unsurprising: Earnings seasonality and stock returns, Review of Financial Studies 30, 281–323.
Fazzari, Steven M., R. Glenn Hubbard, Bruce C. Petersen, 1988, Financing constraints and corporate Investment, Brookings Papers on Economic Activity 19, 1141–1195.
Hamilton, James, 2009, Understanding crude oil prices, Energy Journal 30, 179–206.
Jermann, Urban, Vincenzo Quadrini, 2012, Macroeconomic effects of financial shocks, American Economic Review 102, 238–271.
Klapper, Leora, Luc Laeven, Raghuram G. Rajan, 2012, Trade credit contracts, Review of Financial Studies 25, 838–867.
Kiyotaki, Nobuhiro, John Moore, 1997, Credit cycles, Journal of Political Economy 105, 211–248.
Lian, Chen, and Yueran Ma, 2021, Anatomy of corporate borrowing constraints, Quarterly Journal of Economics 136, 229–291.
Mendoza, Enrique G, 2010, Sudden stops, financial crises, and leverage, American Economic Review 100, 1941–1966.
Mendoza, Enrique G., Vivian Z. Yue, 2012, A general equilibrium model of sovereign default and business cycles, Quarterly Journal of Economics 127, 889–946.
Murfin, Justin, and Ken Njoroge, 2015, The implicit costs of trade credit borrowing by large firms, Review of Financial Studies 28, 112–145.
Petersen, Mitchell A., Raghuram G. Rajan, 1997, Trade credit: Theories and evidence, Review of Financial Studies 10, 661–691.
Rauh, Josh, 2006, Investment and financing constraints: Evidence from the funding of corporate pension plans, Journal of Finance 61, 33–71.
Stein, Jeremy C, 2003, Agency, information and corporate investment, in G. Constantinides, M. Harris, and R. Stulz, eds.: Handbook of the Economics of Finance (North Holland, Amsterdam).