2026年第70期(总第1214期)

演讲主题：Late trade credit payments to meet cash flow forecasts

主讲人：Chuchu Liang University of California - Irvine Assistant Professor

主持人：滕敏 计算金融系副教授

活动时间：2026年09月24日（周四）10:00-12:00

活动地址：管院大楼119教室

主讲人简介：

Prof. Chuchu Liang is an Assistant Professor at the Paul Merage School of Business, University of California, Irvine. She received her Ph.D. and M.S. in Accounting from Cornell University, and holds an M.PAcc. and B.S. from Tsinghua University. Her research interests include corporate disclosures, market competition, and financial reporting choices, as well as the exploration of big data and the application of textual analysis in studying the decision-making of market participants such as managers, investors, and auditors. Her research has appeared in top journals including Journal of Accounting and Economics and Review of Accounting Studies. She received the Best Paper Award at the 2019 MIT Asia Conference in Accounting and was awarded the Junior Faculty Research Award from the Paul Merage School of Business in 2025.

活动简介：

We examine whether firms use late trade credit payments to meet cash flow forecasts using unique data on overdue payments to suppliers. We find that firms meeting or just beating analysts’ quarterly operating cash flow forecasts exhibit higher proportions of overdue payments and longer past due durations. This behavior varies with market incentives to meet cash flow forecasts, expected costs to suppliers, and buyers’ flexibility to adjust payment timing. Strategic late payments are concentrated in the last month of the quarter, when managers have better information about actual and expected performance. However, this practice comes at the cost of strained supplier relationships: firms using late payments to meet cash flow forecasts are less likely to start new supplier relationships and more likely to end existing ones.