题目：Asset Pledgeability and Firm Innovation
报告人：吴一平，上海财经大学公共经济与管理学院
时间：2019年5月10日下午1:30 -3: 30
地点：博萃楼阳光房
承办单位：上海对外经贸大学金融发展研究所
报告摘要：Using a difference-in-difference approach and a shock that increases firms’ asset pledgeability, we study the effect of debt financing on firm innovation. The property rights law and bankruptcy law, enacted in China in 2007, enhance firms’ debt financing capacity through improved creditor rights over collateral. We find that firms’ innovation activities increase after the law enactment and that the effect is stronger in firms with more tangible assets. Consistent with the collateral channel, bank loans also increase more for firms with more tangible assets. The effect is stronger in locations with higher real estate prices, after using the sex ratio (male-to-female ratio) 20 years ago as an instrumental variable. Matching treatment and control using effectiveness in legal enforcement, and using a neighboring province design, we find that the above effect is more pronounced for firms located in provinces with more efficient legal enforcement. Overall, the results demonstrate the importance of asset pledgeability, legal protection, and its effective enforcement in promoting innovations.
报告人简介：吴一平，经济学博士，上海财经大学公共经济与管理学院教授、博士生导师，研究领域涉及经济学、金融学和政治学，具体包括经济政策与企业行为、政府治理与经济发展、政治网络的价值等。已经在国内外重要期刊发表论文数十篇，包括Governance、World Development、Journal of Happiness Studies、China Economic Review、经济研究、管理世界、经济学季刊和世界经济等。主持国家自然科学基金面上项目、国家社会科学基金重大项目子课题、上海市人民政府课题等数十项。
