时 间：2020年10月16日（周五）10:00-11:30
地 点：嘉庚二号楼501教室
题 目： Credit Information Sharing and Investment Efficiency: Cross-Country Evidence
报告人： 侯芳芳
报告人简介
厦门大学财务管理与会计研究院助理教授，会计学博士。获中央财经大学管理学学士和经济学硕士、香港理工大学会计学博士学位。研究领域包括企业创新、财务报告、公司治理等。近年来有2篇论文在会计、财务领域国际学术期刊发表，包括Applied Economics（SSCI）、China Accounting and Finance Review等。
摘要
This paper investigates the impact of credit information sharing on firms’ investment efficiency. We utilize the staggered adoption of public credit registries (PCRs) to proxy for mandatory information sharing and examine its impact on firms’ investment efficiency. We find that information sharing is significantly and positively associated with firms’ investment efficiency. This finding is consistent with the view that the introduction of PCRs affects borrowers’ investment behaviors through mitigating problems of information asymmetry and credit inaccessibility. We further find that this positive effect is stronger among firms in a relatively weak information environment, those in economies with strong private monitoring, and those in economies in which the banking system has a high degree of information monopoly. Overall, our paper provides novel insights into a positive important economic impact on firms arising from information sharing in credit markets.