4118云顶集团经济学前沿高端讲座第二十四讲    

Shadow Banking of Non-Financial Firms: Arbitrage between Formal and Informal Credit Markets in China    

主讲人：李嫦副教授（华东师范大学经济学院）  

主持人：张岸洲助理教授（4118云顶集团李安民经济研究院）  

嘉宾介绍：马湘君教授（4118云顶集团经济学部）  

时间：2023年5月23日（周二）  14：00-15：30（北京时间）  

地点：4118云顶集团崇山校区五洲园一楼会议室  

线上地址：腾讯会议：300 7551 6895  

语言：中文/英文  

摘要：    

This study examines re-lending in corporate China, in which privileged non-financial firms obtain bank loans and then re-lend to firms disadvantaged in securing formal finance. We document the characteristics of intercorporate loans from a sample of legal cases. We employ four empirical strategies to conduct a forensic study of re-lending by detecting abnormal relations between financial accounts. State-controlled companies conduct more re-lending. Firms with better growth opportunities, stronger corporate governance, and more financial constraints engage less in re-lending. Firms extending nonaffiliated entrusted loans conduct re-lending actively, while firms offering affiliated entrusted loans do not. Compared with the micro-credit company loans, re-lending is less formal and less standardized.  

主讲人简介：    

李嫦，华东师范大学经济学院副教授，香港中文大学经济学博士，主要研究领域为国际投资与公司金融。近年在Journal of Corporate Finance、Journal of Economic Behavior & Organization、Journal of Comparative Economics、《管理世界》《经济学（季刊）》等国内外重要期刊发表学术论文十余篇，主持国家自然科学基金青年项目。主要教授课程《国际投资》《投资银行》等。