关于举办华南理工大学“海内外优秀青年学者论坛”经济与贸易学院分论坛(第五场)的通知

发布时间:2017-05-19设置

广大师生:

华南理工大海内外优秀青年学者论坛旨在面向全球邀请拥有不同学术背景的青年才俊,围绕国际科学前沿、热点研究领域以及行业产业的技术问题等展开探讨和交流。通过这个平台,互相启迪、开拓视野,增强国际交流与合作。本次论坛的具体安排如下:

报告题目:Inventory investment and the choice of financing in China: Does city-level financial development play a role?

报 告 人:石玉坤 博士 (英国莱斯特大学)

报告时间:2017526(周五)2:00

报告地点:大学城校区B10楼南座202报告厅

欢迎广大师生参加!

 

 

经济与贸易学院

2017519

 

 

内容摘要:

We investigate the extent to which Chinese firms make use of different formal and informal channels to finance their inventory investment. To this end, using a panel of 224,604 firms over the period 2004-2009, we estimate error-correction inventory investment models augmented with bank loans and trade credit. We find that both sources of finance have a significant and positive impact on inventory investment. Furthermore, we observe that the impact of bank credit (trade credit) is greater in cities characterized by higher (lower) financial development. This suggests that in the presence of weak financial development, trade credit substitutes for formal bank loans. We further show that this substitution effect is more pronounced for private firms, firms operating in less regulated and more competitive industries, firms located in southeastern regions, and financially constrained firms. Our results are robust to the use of a variety of specifications and estimation methods.

 

报告人简介:

石玉坤,英国杜伦大学金融学博士,注册金融分析师,英国莱斯特大学金融学助理教授,博士生导师,会计与金融硕士项目主管,金融博士项目主管。兼任穆迪分析高级培训师、国际金融与银行协会亚洲负责人及多家低碳投资基金顾问。曾任新港能源碳金融部门负责人。主要研究领域为碳减排量交易市场及相关能源市场的微观结构,资产定价,风险管理,套利以及市场的有效性。同时研究应用金融计量学、行为金融与经济学、衍生品市场以及公司金融。在金融类B级以上刊物发表论文5篇,工作论文十余篇,主持和参与重大课题若干,并多次应邀在国际金融会议宣读论文并作为分会场主席主持会议。


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