时间：2023年12月18日下午15:30

地点：东校区财科馆三楼EMBA教室

报告题目：Do shadow loans create firm distress and harm investment? Evidence from China

ABSTRACT: This paper uses a loan transactions dataset from China to identify whether shadow loans cost more than formal bank loans even with collateral. This motivates us to explore the reasons as to why a listed firm would opt for such loans. Using propensity-score matched data, we find that privately-owned firms with shadow loans are forced to obtain these loans since they are crowded out of the formal bank market following a regulation change in 2009 that favoured state-owned firms. However, state-owned firms obtain shadow loans due to their inferior firm characteristics. Further, we employ a Difference-in-Differences methodology to uncover that privately-owned firms experience a decline in their performance, investment growth and an increase in default probability following their high dependence on shadow loans when they are excluded from the formal loan market. The above results survive various robustness checks, including doubly-robust inverse-probability weighted Difference-in-Differences regressions and 2SLS instrumental variable regressions.

报告人：Prof. Sushanta Mallick（英国伦敦玛丽女王大学）

报告人简介：Dr. Sushanta Mallick is a Professor of International Finance at the School of Business and Management, Queen Mary University of London, UK, and the Co-Editor-in-Chief of Economic Modelling. He obtained his Ph.D. degree in Economics from the University of Warwick, UK. He has published over 100 peer-reviewed journals, focused on issues in the areas of international macroeconomics, banking & finance, and innovation & development. He has researched different aspects of international finance and development at both the macroeconomic and microeconomic levels. As well as monetary and financial issues, his published research includes issues connected with growth, development, and poverty. He has also carried out a substantial amount of work on various aspects of macroeconomic modelling. As per IDEAS/RePEc ranking, he is among the top 5% economists.