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学术讲座:谁从公司间信贷中获利?中国企业间贷款公告的证据

讲座题目:Who Gains from Credit Granted between Firms? Evidence from Inter-corporate Loan Announcements Made in China

谁从公司间信贷中获利?中国企业间贷款公告的证据

时间:12月20日12:20-1:20

地点:博学925

主讲人简介:陆利平,现任教于荷兰阿姆斯特丹自由大学金融系,任助理教授。研究方向是公司金融,银行学,发展经济学等。荷兰Tilburg大学金融学博士,北京大学经济学硕士,上海财经大学法学学士。曾在Journal of Financial Intermediation和Journal of Banking and Finance等SSCI杂志发表过文章。曾任欧洲复兴开发银行顾问,芬兰中央银行的访问研究员。曾任Review of Finance等多家杂志的匿名审稿人。

英文讲座摘要: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.

中文讲座摘要:谁从企业间信贷中获利?为了回答这个问题, 我们调查了发行和接收公司对中国 企业间贷款公告的市场反应。我们发现, 企业间贷款的发行人的平均异常回报是显著为负的, 而对接收方则是积极的。投资者可能会担心, 发行公司的资金将会耗尽, 而他们认为接受贷款的公司被证明是值得借款的。在企业间贷款发放/接收后, 公司的业绩会有所下降/改善, 而接受贷款的企业的投资增加则比发行企业要更多。