财务金融系系列讲座之196期

时间：2016年10月18日（周二）14:00　　　　　　　　　

地点：史带楼503室

主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University　

主题：Does It Pay to Entertain Your Stakeholders?

演讲者：Ph.D Haibing SHU

演讲人简介：舒海兵，金融工程博士，毕业于中国科学技术大学，弗吉尼亚大学达顿商学院联合培养博士、博士后。曾历任长江商学院research fellow，香港科技大学访问学者，上海最会保网络科技有限公司首席战略官、副总裁。舒海兵博士的研究主要集中在公司金融，学术研究成果发表在Journal of Financial Economics等杂志。

演讲内容简介：Using a unique dataset reflecting the business entertainment expenditure (BEE) of Chinese public firms and a quasi-natural experiment, we find that BEE improves future sales, profitability, and valuation, a finding not fully anticipated by investors and analysts. Further analyses suggest that stakeholder accessibility and the managerial agency problem prevent firms from increasing their BEE to maximize their value. In addition, we find that BEE can decrease litigation occurrences with other firms, improve the quality of trade credit extended to customers, acquire more trade credit from suppliers, secure more government subsidies, and lower collateral requirement of bank borrowings. Overall, our results suggest that BEE benefits firms by mitigating information problems with stakeholders in market-based transactions and securing favorable outcomes from stakeholders in non-market transactions.

财务金融系

2016-10-13