一、主題：Shadow Bankingwith Trade Credit: the Case of Commercial Bills

二、主講人：王文雅，上海财經大學bevictor伟德官网助理教授，研究方向為宏觀金融，産業經濟，中國經濟，2017年博士畢業于加拿大西安大略大學

三、時間：2020年3月17日星期二，14:00-15:30

四、地點：騰訊會議【具體房間臨時通知】

五、主持人：彭俞超，bevictor伟德官网副教授

摘要：Thispaper studies the shadow banking of bank-accepted commercial bills in China.Its scale of outstanding issuance is comparable to entrusted loans and co-moveswith working capital of industrial firms in aggregate. Using a proprietary datawith 170,000 commercial bill transactions, we find: (i) banks constrained inloan-to-deposit ratios are more (less) likely to issue (discount) commercialbills; (ii) issuance of commercial bills as a form of trade credit is largerwhen the issuing firm has a higher leverage ratio and a higher bargaining powerover its suppliers; (iii) trade credit deteriorates allocation efficiency inChina, but improves efficiency in the U.S..