题　目：A One-Two Punch: Minimum Wage and the Shift in Bank Credit Allocation

嘉　宾：倪骁然 教授 厦门大学经济学院、王亚南经济研究院

主持人：杨  彪 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年4月26日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰楼A507室

内容简介:

Based on a proprietary bank-loan-level dataset, we examine how minimum wage hikes affect the allocation of bank loans in China. We find that firms, especially the labor-reliant ones, are less accessible to bank loans after minimum wage rises. Labor-reliant firms that are still able to obtain bank loans outperform their counterparts in terms of lower exit rates and better future performances. Deal-level evidence shows that both the average default rate and loan spread decrease, suggesting that low-quality borrowers are filtered out and high-quality borrowers survive on the bank loan market after the wage shocks. Overall, our evidence suggests that the surge of minimum wages results in a separating equilibrium on the bank loan market. As more credit resources are allocated to high-quality firms and leave other firms far more behind, the existence of such credit allocation mechanism can exacerbate the divergence among firms induced by an increase in minimum wages.

演讲人简介：

倪骁然，厦门大学经济学院、王亚南经济研究院教授、博士生导师、金融系副主任。研究致力于将国际经验与中国实践有机结合，当前研究专长为利益相关者与金融风险防范。在《经济研究》（2篇）、《管理世界》《经济学（季刊）》《金融研究》（3篇）、《中国工业经济》、Social Sciences in China（《中国社会科学》英文版）、Journal of Economic Behavior and Organization、Journal of Corporate Finance（6篇）、Journal of Banking and Finance（4篇）、Journal of Empirical Finance、Journal of Financial Markets等国内外重要学术期刊发表论文50余篇。主持国家自然科学基金面上项目、青年项目。入选中组部国家“万人计划”青年拔尖人才、财政部高层次财会人才素质提升工程、福建省百千万人才工程、厦门大学南强青年拔尖人才。获得高等学校科学研究优秀成果奖（人文社会科学）、福建省社会科学优秀成果二等奖、厦门市社会科学优秀成果二等奖、洪银兴经济学奖、亚洲金融学会年会最佳论文奖和厦门大学青年教师教学技能比赛一等奖等多项教学科研奖励。

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