报告人：王素
时间：2022年12月16日 上午10:00
腾讯会议号：433 733 727
会议密码：258963
【报告人简介】
王素，金融学博士，毕业于伦敦政治经济学院，目前任教于上海科技大学创业管理学院，担任助理教授。2019-2022在荷兰阿姆斯特丹商学院任金融学助理教授。主要研究方向为创业融资、创业创新、公司金融和家庭金融。其有关风险投资对创新企业增值作用的研究以及经济危机下中小企业担保贷款的研究曾相继获2020年度和2022年度金融管理年会（Financial Management Association, FMA）Best Paper Award Semi-finalist，同时也担任Journal of Finance; Management Science; Journal of Banking and Finance等多份学术期刊的审稿人。
【内容摘要】
We estimate the real effects of UK guarantees introduced during 2009 by exploiting firm-size eligibility restrictions and rich administrative data. Relative to matched non-eligible firms, eligible businesses had higher 5-year debt and performance, yet similar repayment and interest rates. Employment, wages, and productivity also increased, yet there was no impact on pledgeable asset investment, even for capital-dependent firms. The evidence suggests that the guarantees relaxed credit constraints by enabling firms to access loans they could not obtain otherwise at any rate, especially for financing workers. We find no evidence supporting other mechanisms like debt-cost decreases, changes in incentives, or externalities.
【主持人简介】
方红艳，金融学博士，上海对外经贸大学金融管理学院副教授，博士生导师，主要从事公司金融领域实证研究。在Journal of Banking and Finance, Economic Modelling, Applied Economics和《金融研究》等中外学术期刊相继发表论文十余篇。
