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辽宁大学经济学前沿高端讲座第二十五讲 Shadow Banking of Non-Financial Firms: Arbitrage between Formal and Informal Credit Markets in China

2023-05-15  点击:[]


主讲人:李嫦副教授(华东师范大学经济学院)

主持人:张岸洲助理教授辽宁大学李安民经济研究院)

嘉宾介绍:马湘君教授(辽宁大学经济学部)

时间:2023523日(周二)  1400-1530(北京时间)

地点:辽宁大学崇山校区五洲园一楼会议室

线上地址:腾讯会议:300 7551 6895

语言:中文/英文

摘要:

This study examines re-lending in corporate China, in which privileged non-financial firms obtain bank loans and then re-lend to firms disadvantaged in securing formal finance. We document the characteristics of intercorporate loans from a sample of legal cases. We employ four empirical strategies to conduct a forensic study of re-lending by detecting abnormal relations between financial accounts. State-controlled companies conduct more re-lending. Firms with better growth opportunities, stronger corporate governance, and more financial constraints engage less in re-lending. Firms extending nonaffiliated entrusted loans conduct re-lending actively, while firms offering affiliated entrusted loans do not. Compared with the micro-credit company loans, re-lending is less formal and less standardized.

主讲人简介:李嫦,华东师范大学经济学院副教授,香港中文大学经济学博士,主要研究领域为国际投资与公司金融。近年在Journal of Corporate Finance、Journal of Economic Behavior & Organization、Journal of Comparative Economics《管理世界》、《经济学(季刊)》等国内外重要期刊发表学术论文十余篇,主持国家自然科学基金青年项目。主要教授课程《国际投资》、《投资银行》等。



 

 

 


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