题　目：The Impact of Bank Financing on Borrowers’ Voluntary Disclosures and Real Investments

嘉　宾：张子龙 百人计划研究员 浙江大学

主持人：黄立 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年03月21日（周四）10:00-11:30

地　点：上海交通大学 徐汇校区安泰楼A403室

内容简介:

This paper examines how an increase in bank lending affects firms’ investment disclosures and policies. Exploiting the unconventional liquidity injections by the European Central Bank in 2011–2012, we find that US borrowers of EU banks receive greater bank financing and issue more management capital expenditure (capex) forecasts following the liquidity injections. In contrast, we find no evidence of changes in bond financing or issuance of management earnings forecasts. We also find that EU banks’ US borrowers have little change in corporate investment, on average, and the change in investment is associated with stock market reactions to capex forecasts. Further analyses find that the effect of increased bank lending on management capex forecasts is more pronounced among banks with weaker financial conditions and among borrowers with greater financial constraints, higher growth volatility, and more informed trading. These findings highlight the important role of capex forecasts in seeking market feedback following increased bank lending, and provide a novel explanation for the lack of a significant relation between liquidity injections and the real economy.

演讲人简介：

Dr. Zhang is a ZJU 100 Young Professor at the School of Economics, Zhejiang University. Before joining Zhejiang University, he worked at the Business School of the City University of Hong Kong. He earned his Ph.D. in Finance from the Hong Kong University of Science and Technology. Dr. Zhang's research interest focuses on the impact of mechanism design on the behavior of economic agents and the capital market. His work has been published in leading academic journals, such as the Journal of Accounting Research, Journal of Financial and Quantitative Analysis, Management Science, among others.

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