學(xué)術(shù)講座：誰從公司間信貸中獲利？中國企業(yè)間貸款公告的證據(jù)

講座題目：Who Gains from Credit Granted between Firms? Evidence from Inter-corporate Loan Announcements Made in China

誰從公司間信貸中獲利？中國企業(yè)間貸款公告的證據(jù)

時(shí)間：12月20日12:20-1:20

地點(diǎn)：博學(xué)925

主講人簡(jiǎn)介：陸利平，現(xiàn)任教于荷蘭阿姆斯特丹自由大學(xué)金融系，任助理教授。研究方向是公司金融，銀行學(xué)，發(fā)展經(jīng)濟(jì)學(xué)等。荷蘭Tilburg大學(xué)金融學(xué)博士，北京大學(xué)經(jīng)濟(jì)學(xué)碩士，上海財(cái)經(jīng)大學(xué)法學(xué)學(xué)士。曾在Journal of Financial Intermediation和Journal of Banking and Finance等SSCI雜志發(fā)表過文章。曾任歐洲復(fù)興開發(fā)銀行顧問，芬蘭中央銀行的訪問研究員。曾任Review of Finance等多家雜志的匿名審稿人。

英文講座摘要：Who gains from inter-corporate credit? To answer this question we investigate the market reaction of both the issuing and receiving firms to the announcements of inter-corporate loans in China. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative, whereas positive for the receivers. Investors may worry that issuing firms run out of worthwhile projects to finance, while they perceive credit-receiving firms as being certified as worthy borrowers. Firms have a lower / better performance after the issuance / receipt of inter-corporate loans, and corporate investment increases more for the receivers than the issuers.

中文講座摘要：誰從企業(yè)間信貸中獲利？為了回答這個(gè)問題, 我們調(diào)查了發(fā)行和接收公司對(duì)中國 企業(yè)間貸款公告的市場(chǎng)反應(yīng)。我們發(fā)現(xiàn), 企業(yè)間貸款的發(fā)行人的平均異?；貓?bào)是顯著為負(fù)的, 而對(duì)接收方則是積極的。投資者可能會(huì)擔(dān)心, 發(fā)行公司的資金將會(huì)耗盡, 而他們認(rèn)為接受貸款的公司被證明是值得借款的。在企業(yè)間貸款發(fā)放/接收后, 公司的業(yè)績(jī)會(huì)有所下降/改善, 而接受貸款的企業(yè)的投資增加則比發(fā)行企業(yè)要更多。