德勤－复旦会计论坛系列讲座之二百零一
时 间：2023年5月23日（周二）下午2:00
地 点：史带楼802教室
主持人：倪晨凯 副教授
报告人：傅仁辉 副教授(上海交通大学)
题 目：Bond Market Liberalization and Corporate Investment
摘 要：
This paper investigates the effect of bond market liberalization on corporate investment. By employing the launch of the Bond Connect program in 2017 in China, we find that bond market liberalization constrains corporate investment. Our multi-case study, survey, and regression analyses show that the negative effect of bond market liberalization on investment is through the economic channels of more bond covenants, higher reputation cost, and greater litigation risk. Our results are more pronounced in firms with higher default risk, more severe debtholder-shareholder conflicts, and more intensive monitoring by foreign investors. Finally, we document a decrease in default risk, an increase in investment efficiency, and a shift to more holding of financial assets to preserve liquidity following the liberalization event.
会计学系
2023-5-22
-
活动讲座
-
新闻动态
-
微信头条
-
招生咨询
-
媒体视角
-
瞰见云课堂
