時間:2022年8月10日(周三)16.00
平台:騰訊在線會議 會議ID:245-144-494
主講人:王永欽
王永欽,複旦大學經濟學院教授,博士生導師。複旦大學經濟學博士,耶魯大學博士後(導師John Geanakoplos),哈佛大學富布賴特高級訪問學者(導師Oliver Hart)。國家級人才計劃學者,教育部“新世紀優秀人才”、“浦江人才”和上海“社科新人”。現任複旦大學綠庭新興金融業态研究中心主任。在國際和國内經濟學權威期刊發表(其中有多篇為卷首文章)如Journal of Economics, China Economic Review (2 篇), 《經濟研究》(11篇)、《管理世界》(2 篇)、《金融研究》(6篇)、《世界經濟》(8篇)等發表四十多篇;并已出版中英文著作9 部。最近的研究興趣為金融經濟學、發展經濟學和應用微觀。研究成果被《新華文摘》、《人大複印資料》等轉載,并獲得多項省部級重要獎項。兼任上海金融法院專家委員會委員,山東省政府發展研究中心研究員。
内容摘要:
Collateral is at the heart of modern financial system and plays an essential role in business and financial cycles. Leveraging detailed loan level data covering a major city in China, the paper is among the first to provide stylized facts on Chinese bank loan collateral structure. It shows that facing the tension between heightened uncertainty and government mandate of credit expansion during the global financial crisis (GFC), banks significantly raise collateral requirements while shortening loan maturity. Pre-existing relationship helps in obtaining bank loans in normal times but has less bite during the GFC. Further more, as firms prioritize real estate investment over intangibles to facilitate borrowing, this paper also finds reduced firm innovation among the affected firms. The anatomy of the collateral dynamics sheds light on how credit gets created and (mis) allocated during the GFC, and provides micro-level evidence for some recent salient macroeconomic facts on China.
主持人:
張學勇
bevictor伟德官网研究生工作部部長、研究生院院長、bevictor伟德官网教授、中國資産管理研究中心主任
主辦單位:
bevictor伟德官网
中國資産管理研究中心