講座題目：Government Deleveraging and Corporate Distress

講座時間：2023年6月15日（星期四）中午12:30-14:00

講座地點：博學(xué)樓925

主講人：胡佳胤

主講人簡介：

胡佳胤，北京大學(xué)國家發(fā)展研究院助理教授，北京大學(xué)數(shù)字金融研究中心研究員，北京大學(xué)中國經(jīng)濟(jì)研究中心研究員。她的主要研究方向為金融科技、銀行、公司金融和數(shù)字經(jīng)濟(jì)。她正在或曾經(jīng)教授的課程包括《中級宏觀經(jīng)濟(jì)學(xué)》《高級宏觀經(jīng)濟(jì)學(xué)》《銀行和公司金融專題》等。她參與了北大數(shù)字金融Workshop的組織工作。胡佳胤博士于2014年在清華大學(xué)經(jīng)濟(jì)管理學(xué)院獲得經(jīng)濟(jì)學(xué)學(xué)士學(xué)位，2019年在美國哥倫比亞大學(xué)獲得經(jīng)濟(jì)學(xué)博士學(xué)位。

講座簡介：

We show that government deleveraging causes corporate distress in a distorted financial market. Our difference-in-differences analysis exploits China’s top-down deleveraging policy in 2017, which reduces local governments’ borrowing capacity through shadow bank financing. Private firms with government procurement contracts experience larger accounts receivable increases, larger cash holdings reductions, and higher external financing costs. These firms also experienced greater likelihoods of ownership changes and deteriorated performance. Effects are muted for state-owned enterprises, which enjoy funding privileges in China’s financial system. Our paper thus reveals a novel channel of allocation inefficiencies where government deleveraging amplifies adverse impacts of financial distortions.