报告题目：Co-funding and the Financialization of Chinese Firms: Where does the Shadow Lie?
报告嘉宾：Tianshu Zhao
University of Leicester, United Kingdom
报告时间：2024年10月17日(周四) 10:00-11:30
报告地点：中国科学院大学中关村校区教学楼S406
腾讯会议：276-141-094
内容摘要
This paper provides new insights into the continuing debate on the economic role of informal financing. Using a unique survey of Chinese firms, we identify the drivers of the joint use of formal and informal finance (co-funding) and its impact on the debt shift (financialization) of non-financial firms (NFFs). In contrast with previous empirical studies, this nation-wide survey has a wider geographical coverage and includes private and state-owned firms of different sizes. Firstly, we conduct a firm-level analysis to account for the recent features of financial market and economic conditions in the investigation. Secondly, we expand the literature on the external financing decisions of NFFs and examine the joint use of formal and informal finance allowing for firm-specific characteristics and the market evolutions of the formal and informal lending institutions. Our finding suggests that formal and informal finance are complements for firms with debt capacity from bank credit, while informal finance is an alternative funding source for firms with obstacles to formal finance. Our result further reveals the positive impact of co-funding on financialization and suggests the impact is more significant for firms with stronger managerial compensation schemes for shareholders’ value maximization and firms in the industry characterised by a higher degree of competition.
主讲人简介
Dr Tianshu Zhao is Professor of Finance, University of Leicester, School of Business. Her research specialism is in the area related to Microeconomics of Banking and Sustainable Finance. She is currently a committee member of the Money Macro and Finance Society (MMF), and the committee member of The British Standards Institution SFS/1 "Sustainable Finance”. Professor Zhao has a proven academic track record in applied economic research. Her research outputs have been published in top-tier refereed journals, including the Journal of Banking and Finance, the Review of Economics and Statistics, the Journal of Economics Geography, Regional Studies, and the Journal of Financial Intermediation.In addition, Professor Zhao has track record of successfully capturing large scale ESRC research grants.
