题　目：Credit Tightening, Trade Credit, and Misallocation on Supply Chains

嘉　宾：陕晨煜 副教授 上海财经大学金融学院

主持人：宋忠智 副教授 上海交通大学安泰经济与管理学院

时　间：2023年12月11日（周一）10:00-11:30

地　点：上海交通大学 徐汇校区安泰楼B207室 

内容简介:

When bank credit supply declines, large customers may turn to their small suppliers for trade credit. This direction of trade credit flow and its real consequences are underexplored. Using a transaction-level dataset of bank-accepted commercial bills(as trade-credit payments to suppliers) in China, we find that during the 2011–2015 credit tightening period when banks are subject to the loan-to-deposit ratio regulation,they substitute commercial bill acceptance for loans. Consequently, smaller, younger, and more productive suppliers receive less cash payments and cut investments to finance their larger and less productive customers. The shift from bank credit to trade credit results in a widened capital return gap between paired suppliers and customers.Our results imply a new channel through which the bank credit tightening leads to resource misallocation on supply chains.

演讲人简介：

陕晨煜，上海财经大学金融学院副教授，终身教职，中美富布赖特学者，香港大学金融学博士。研究领域包括信用市场、金融机构、公司金融和企业社会责任。研究论文发表于Journal of Finance, Journal of Accounting and Economics, Review of Finance等国际顶级期刊。论文曾多次入选西部金融年会(WFA), 欧洲金融年会(EFA), 中国国际金融年会(CICF), 金融中介研究年会(FIRS)等学术会议，并多次获得中国国际金融年会最佳论文奖(CICF Best Paper), 华人金融协会最佳论文奖(TCFA Best Paper),亚太金融市场年会杰出论文奖(CAFM Outstanding Paper)等。主持国家自然科学基金青年项目和面上项目。担任International Review of Finance副主编，香港研究资助局外部评审，JFQA等期刊审稿人。

欢迎广大师生参加!