We estimate the indirect costs of financial distress due to lost sales by exploiting real estate shocks and cross-supplier variation in real estate assets and leverage. We show that for the same client buying from different suppliers, the client’s purchases from distressed suppliers decline by an additional 13% following a drop in local real estate prices. The effect is more pronounced in more competitive industries, manufacturing, durable goods, less-specific goods, and when the costs of switching suppliers are low. Our results suggest that clients reduce their exposure to suppliers in financial distress.

中文翻译：

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财务困境的间接成本

我们通过利用房地产冲击和房地产资产和杠杆的跨供应商变化来估算因销售损失而导致的财务困境的间接成本。我们表明，对于从不同供应商处购买的同一客户，随着当地房地产价格下跌，该客户从陷入困境的供应商处购买的物品又减少了 13%。这种影响在竞争更激烈的行业、制造业、耐用品、非特定商品以及更换供应商的成本较低时更为明显。我们的结果表明，客户减少了他们与陷入财务困境的供应商的接触。