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11月9日,Lei Xu(School of Commerce, University of South Australia)
发布时间:2017-11-08   发布人:zs   点击数:239

报告人:Lei Xu, School of Commerce, University of South Australia

时间:11月9日,周四下午1:30—3:00

地点:博学楼1222教室

题目: Venture Capital Backed Firms and Bank Loans: Evidence from Small and Medium-Sized Enterprises in China

摘要: With a 2013-2014 dataset of small and medium-sized enterprises (SMEs) on China’s National Equities Exchange and Quotations (NEEQ), we examine the impact of venture capital (VC) backup on SMEs’ access to bank loans. We find that VC backup can reduce the information asymmetry between banks and SMEs through standardization of “hard” information in better quality financial statement. VCs’ “certificate effect” and networks provide more “soft” information about SMEs’ creditability. VCs’ backup is significant towards SMEs’ access to bank loans. The VC-backed SMEs tend to have more bank loans, lower loan costs, lower discretionary accruals, and higher probabilities of acquiring credit loans without collateral. Banks normally issue commercial loans to SMEs without collateral when they are convinced of the safety of the loans. In other words, VCs’ backup can significantly relieve SMEs’ financing constraint, improve SMEs’ performance, and mitigate credit risk of bank loans. This study may have such policy implications as one of the pilot “combined debt-equity financing” discussions in the context of the largest bank-based economy.

报告人简介: Lei Xu is a Senior Lecturer in Finance at the School of Commerce, University of South Australia (UniSA). His recent research has been focused on both theoretical and empirical examination of capital and risks among financial institutions, reforms in the banking, and emerging finance issues in key industries.  His research in Banking and Finance has been published in premier international and national journals and conferences.

 

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