嘉    宾： 闫如斯 助理教授， 中央财经大学

主持人： 薛沁舒 助理教授， 上海交通大学安泰经济与管理学院

时    间：2026年6月3日（周三）下午14:00-15:30

地    点: 上海交通大学徐汇校区安泰经济与管理学院A503

内容简介：Firms with higher leverage and shorter debt maturity contract investment more after a financial shock. What can be learned from these heterogeneous responses? We develop a tractable quantitative model of firms' optimal leverage and debt maturity choice in an environment with interest rate shocks. Long-term debt is used to hedge the interest rate risk arising from long-term investment projects.  We use the model to disentangle the quantitative importance of different frictions in accounting for firms' sensitivity to financial shocks. We show that absent heterogeneity in borrowers' term premium, shorter debt maturity does not lead to higher firm sensitivity to a financial shock, suggesting the importance of frictions to long-term borrowing. We employ the quantitative model to measure and evaluate the cost of frictions to long-term borrowing. Frictions amplify the welfare cost of aggregate shocks substantially. The frictional economy incurs 3.25% more in permanent consumption loss than the frictionless economy under the baseline calibration.

演讲人简介：闫如斯，中央财经大学金融学院助理教授。本科毕业于新加坡国立大学，博士毕业于圣路易斯华盛顿大学。主要研究方向是宏观金融，宏观发展。研究问题聚焦于公司金融决策在企业动态模型中的影响。

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