主讲人：金芳吉 博士生

题 目：Internal Debt Market in Business Groups

时 间：2016年4月14日（周四）下午4:00-5:30

地 点：经济学院402会议室

摘 要：

We examine internal debt market of business groups in China by examining inter-corporate loans. Firms belonging to a same business group exhibit significantly lower interest spread than firms relying on inter-corporate loans not belong to the same business group. Such internal debt market effect with low debt cost is more pronounced for firms that are small, non-state-owned and non-public listed firms. Further, internal debt market effect is also stronger when firms located in less financially developed regions, poorer law environment or during tighter monetary policy period. We show that business group firms play a more active intermediary role when they have better access to capital market and have more financial capacity. The research highlights the importance of internal capital market in the emerging countries.

经济学院

2016年4月7日