一、主題：The Real Effects of Entrusted Lending in China

二、主講人：孫琪，上海财經大學bevictor伟德官网助理教授，南加州大學經濟學博士（2014），主要研究方向為公司金融、宏觀金融和中國經濟。研究成果發表在Journal of Financial Economics和Journal of the European Economic Association。

三、時間：2018年6月21日（周四），14：00-16：00

四、地點：學院南路校區主教學樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

摘要: We develop a two-sector equilibrium model of entrusted lending in China, in which state sector firms with privileged access to credit provide entrusted loans to private sector firms with limited access to credit. We show that in a stationary state entrusted lending improves capital allocation by channeling funds to more productive private firms. However, during a bank credit expansion, new loans have been allocated more disproportionately toward state firms through an amplification effect induced by entrusted lending. On the other hand, the channel of entrusted lending boosts the transmission efficiency of credit stimulus by enlarging the impact of credit expansion on investment and output growth. We also show that a partial liberalization of the state sector's borrowing constraint could lead to a lower efficiency of capital allocation, by a crowding out effect of raising the marginal cost of bank lending.