德勤－复旦会计论坛系列讲座之九十三

时间：2015年12月8日（周二）下午13：30

地点：史带楼501室

主持人: 施海娜 副教授

演讲嘉宾：Jeong-Bon Kim  (Univeristy of Waterloo)

Title：Offshore Operations and Bank Loan Contracting: Evidence from Firms that Set Up Subsidiaries in Offshore Financial Centers

Abstract：We examine the effects of a multinational firm’s subsidiary operations in offshore financial centers (OFCs) on the price and non-price terms of bank loan contracts. Using a propensity score matched cross-country sample of firms with and without OFC subsidiaries, we find that firms with OFC subsidiaries receive less favorable loan terms than firms without OFC subsidiaries. To address potential endogeneity with respect to the relation between offshore operations and loan terms, we perform difference-in-differences analyses using the announcement of OFC black and grey lists by the Organization for Economic Co-operation and Development (OECD) in 2002 as an exogenous shock. We also analyze the effect of a firm’s mutation from a non-OFC firm to an OFC firm on loan contract terms. The results support the causal effect of offshore operations on unfavorable loan terms. Furthermore, focusing on all firms with OFC subsidiaries and use three different measures of offshore operation intensity, we find that the intensity of offshore operations is associated with unfavorable loan terms. We also document that the increase in the number of new subsidiaries in poorly-regulated OFCs is associated with more unfavorable loan terms, which further supports that the intensity of offshore operations affects loan terms unfavorably. We also find that the unfavorable effect of offshore operations on loan terms is more pronounced for more opaque firms and for firms that are headquartered in countries or jurisdictions with weaker legal or regulatory enforcement. Our findings indicate that banks and other private lenders view offshore operations as a credit risk-increasing factor, when lending to multinational firms that have subsidiaries in OFCs.

会计学系

2015-12-7