财务、会计Seminar第一百五十九期讲座

演讲题目:Lending and Shareholding

 

 

演讲者:    于月娟   山东大学经济学院助理研究员

 

 

演讲时间:2017420日(周四)上午10001130

 

 

演讲地点嘉庚一409

 

 

主持人: 黄兴孪 副教授

 

参加者:对会计、财务研究有兴趣的师生

 

 

嘉宾简介:于月娟,山东大学经济学院助理研究员,荷兰蒂尔堡大学金融学博士,研究方向为银行学及公司金融等。其论文已发表于Journal of Financial Services Research,并有论文入选2017美国金融年会(AFA),2016年欧洲经济年会(EEA)等。

 

 

内容摘要:In this paper, we investigate how banks' equity stakes in their  borrowers influence their credit provision to those firms in crises times. We  merge unique data from the German credit register on individual bank-firm credit  exposures with the security deposit statistics that includes banks' equity  holdings. We find that holding equity in a firm determines bank extending credit  to that firm. We also note that this relationship depends on the quality of both  the borrower and the creditor. During good times, banks tend to behave  conservatively and refinance firms in which they hold equity only if the firm is  of good quality. However in crisis, bad banks may ever-green loans to riskier  firms in which they hold equity, possibly due to their residual cash-flow rights  in these firms