讲座题目：Government Deleveraging and Corporate Distress

讲座时间：2023年6月15日（星期四）中午12:30-14:00

讲座地点：博学楼925

主讲人：胡佳胤

主讲人简介：

胡佳胤，北京大学国家发展研究院助理教授，北京大学数字金融研究中心研究员，北京大学中国经济研究中心研究员。她的主要研究方向为金融科技、银行、公司金融和数字经济。她正在或曾经教授的课程包括《中级宏观经济学》《高级宏观经济学》《银行和公司金融专题》等。她参与了北大数字金融Workshop的组织工作。胡佳胤博士于2014年在清华大学经济管理学院获得经济学学士学位，2019年在美国哥伦比亚大学获得经济学博士学位。

讲座简介：

We show that government deleveraging causes corporate distress in a distorted financial market. Our difference-in-differences analysis exploits China’s top-down deleveraging policy in 2017, which reduces local governments’ borrowing capacity through shadow bank financing. Private firms with government procurement contracts experience larger accounts receivable increases, larger cash holdings reductions, and higher external financing costs. These firms also experienced greater likelihoods of ownership changes and deteriorated performance. Effects are muted for state-owned enterprises, which enjoy funding privileges in China’s financial system. Our paper thus reveals a novel channel of allocation inefficiencies where government deleveraging amplifies adverse impacts of financial distortions.