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[12月1日] 数字金融Workshop

发布日期:2020-11-27 02:39    来源:

时间:12月1日12:30 -14:00



论文题目:Corporate discredit with Chinese characteristics: Evidence from postings by the Supreme Court of China (With Pengfei Li and Yiping Wu)

论文摘要: The postings of discredit by the government can affect corporate behaviors. We examine the postings of discredit by the Supreme Court of China on the financing, investment, and corporate valuation of Chinese listed firms. We find that postings of discredit are negatively associated with the growth rate of bank loans. This effect is more pronounced for small and private firms, in particular for those private firms without political connection. In addition, this effect is more pronounced firms in regions with better legal environment and lower costs of contract enforcement. We also find a negative impact of corporate discredit on alternative financing, investment, sales and R&D. Market reactions to the discredit postings substantiate our earlier findings on the corporate behaviors. Our results are robust to the propensity score matching method, parallel trend test, placebo test, and the sample coverage concerns. This paper provides supporting evidence for the role of government media in disciplining corporate discredit behavior in a context of poorly developed financial and legal system as China.

主讲人简介:陆利平,中国人民大学财政金融学院副教授。荷兰蒂尔堡大学金融学博士,研究方向是银行学。在Journal of Financial IntermediationJournal of Banking and Finance《世界经济》等杂志发表过文章,论文覆盖银行竞争、非正规金融、中小企业融资等话题。曾任教于荷兰阿姆斯特丹自由大学,并担任欧洲复兴开发银行和芬兰中央银行访问研究员。主持和参与过国家自然科学基金和国家社会科学基金项目。担任Economic JournalReview of Finance等多家杂志的匿名审稿人。曾获评中国人民大学暑期学校荣誉教师。