报告人：倪骁然
时 间：2022年6月2日下午2:00
方 式：腾讯会议线上研讨会
会议号：636 744 215
会议密码：261399
【报告人简介】
倪骁然，厦门大学经济学院、王亚南经济研究院副教授、博士生导师。主要研究领域为公司金融，当前研究专长主要包括：企业利益相关者与政策评估；制度变迁与企业发展；企业信息环境。在《经济研究》、《管理世界》、《经济学（季刊）》、《金融研究》、《中国工业经济》、Journal of Corporate Finance、Journal of Banking and Finance等国内外重要学术期刊发表论文30余篇。入选福建省百千万人才工程、福建省“雏鹰计划”青年拔尖人才、福建省引进高层次人才、厦门大学南强青年拔尖人才。获得厦门大学青年教师教学技能比赛一等奖和福建省社会科学优秀成果二等奖、洪银兴经济学奖等多项教学科研奖励。
【内容摘要】
Using a proprietary bank-loan-level dataset, we find a surprising negative relation between loan spreads and minimum wage. We propose a stylized model to explain the relation: banks filter out the low-quality borrowers after the wage shocks, resulting in a separating equilibrium. Our evidence is consistent with the model’s predictions: (1) city-level and firm-level evidence shows that an increase in minimum wage is negatively associated with the likelihood of obtaining bank loans, especially for labor-intensive borrowers, (2) deal-level evidence shows that both the average default rate and loan spreads decrease when minimum wage rises, and (3) subsequently, labor intensive firms that are still able to obtain bank loans when minimum wage rises outperform their peers. Our findings suggest that as more credit resources are allocated to better quality firms and leave other firms far more behind, the existence of such credit reallocation effects can exacerbate the divergence between higher and lower quality firms induced by an increase in minimum wages.
【主持人简介】
徐寿福，上海对外经贸大学金融管理学院副教授，博士（后），硕士生导师，美国南加州大学访问学者，主要从事（行为）公司金融与资本市场等领域的教学与研究工作。
