報告人：倪驍然

時  間：2022年6月2日下午2:00

方  式：騰訊會議線上研討會

會議號：636 744 215

會議密碼：261399

【報告人簡介】

倪驍然，廈門大學經濟學院、王亞南經濟研究院副教授、博士生導師。主要研究領域為公司金融，當前研究專長主要包括：企業利益相關者與政策評估；制度變遷與企業發展；企業信息環境。在《經濟研究》、《管理世界》、《經濟學（季刊）》、《金融研究》、《中國工業經濟》、Journal of Corporate Finance、Journal of Banking and Finance等國內外重要學術期刊發表論文30余篇。入選福建省百千萬人才工程、福建省“雛鷹計劃”青年拔尖人才、福建省引進高層次人才、廈門大學南強青年拔尖人才。獲得廈門大學青年教師教學技能比賽一等獎和福建省社會科學優秀成果二等獎、洪銀興經濟學獎等多項教學科研獎勵。

【內容摘要】

Using a proprietary bank-loan-level dataset, we find a surprising negative relation between loan spreads and minimum wage. We propose a stylized model to explain the relation: banks filter out the low-quality borrowers after the wage shocks, resulting in a separating equilibrium. Our evidence is consistent with the model’s predictions: (1) city-level and firm-level evidence shows that an increase in minimum wage is negatively associated with the likelihood of obtaining bank loans, especially for labor-intensive borrowers, (2) deal-level evidence shows that both the average default rate and loan spreads decrease when minimum wage rises, and (3) subsequently, labor intensive firms that are still able to obtain bank loans when minimum wage rises outperform their peers. Our findings suggest that as more credit resources are allocated to better quality firms and leave other firms far more behind, the existence of such credit reallocation effects can exacerbate the divergence between higher and lower quality firms induced by an increase in minimum wages.

【主持人簡介】

徐壽福，上海對外經貿大學金融管理學院副教授，博士（后），碩士生導師，美國南加州大學訪問學者，主要從事（行為）公司金融與資本市場等領域的教學與研究工作。