时间：2017年4月6日（周四）15:00-16：30

地点：嘉庚二号楼501教室

题目：Inventory investment and the choice of financing in China: Does city-level financial development play a role?

报告人：Junhong Yang, lecturer in finance, University of Sheffield, UK

主持人：孙增元，澳门永利yl6776财务管理与会计研究院助理教授

论文摘要：

We investigate the extent to which Chinese firms make use of different formal and informal channels to finance their inventory investment. To this end, using a panel of 224,604 firms over the period 2004-2009, we estimate error-correction inventory investment models augmented with bank loans and trade credit. We find that both sources of finance have a significant and positive impact on inventory investment. Furthermore, we observe that the impact of bank credit (trade credit) is greater in cities characterized by higher (lower) financial development. This suggests that in the presence of weak financial development, trade credit substitutes for formal bank loans. We further show that this substitution effect is more pronounced for private firms, firms located in southeastern regions, and financially constrained firms. Our results are robust to the use of a variety of specifications and estimation methods.

报告人简介：

Junhong Yang got his PhD in Finance and MSc in Finance and Investment from Durham University, UK, and got MSc and BSc (Hons) in Marine Chemistry from Xiamen University. His research focuses on Corporate finance, the economics of transition in China, firm behaviour under imperfect capital markets, etc. He has published papers in Journal of Corporate Finance and European Journal of Finance.