题　目：Common Lender Monitoring and Supply Chain Contract Design

嘉　宾：Ting Dai（戴挺），Ph.D. Candidate，Hong Kong University of Science and Technology

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2025年12月8日（周五）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A511室

内容简介:

Monitoring supply contracts can be costly for customers and suppliers, particularly when they lack specialized expertise. However, when both parties borrow from a common lender, the lender can leverage its monitoring capabilities and information advantages to provide cost-effective oversight for the entire supply chain. Using public data on supply contracts, I find that supply chain partners with a common lender are less likely to use explicit covenants, especially in settings characterized by greater hold-up opportunities or severe information frictions. Suppliers also tend to offer longer trade credit terms when a common lender is present. Exploiting exogenous shocks to common lender formation, I find robust evidence that common lender monitoring mitigates contracting frictions and enhances supply chain stability. These findings reveal a new governance role played by common lenders, extending beyond their traditional financing function.

演讲人简介：

Ting Dai is a doctoral candidate in Accounting at the Hong Kong University of Science and Technology and a Visiting Ph.D. Scholar at the University of Toronto. He holds an M.A. in Economics from Duke University and dual bachelor’s degrees in Agricultural Business from China Agricultural University and Economics from Peking University. His research focuses on financial contracting, banking, ESG, and supply-chain governance. He has multiple projects with Revise-and-Resubmits at top accounting journals and has earned several conference awards. He has presented at the AFA Poster Session, ABFER, AAA, and EAA. Prior to his Ph.D., he worked in international banking, and he is a CFA charter holder and U.S. CPA.  

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