演讲嘉宾

刘晓蕾北京大学光华管理学院教授

演讲题目

Law Enforcement and Cost of Debt – Evidence from China

时间

2022.3.3（周四）15:00-16:30

地点

明德主楼515会议室

主办单位

财政金融学院货币金融系

内容摘要

Using the stagged introduction of regional specialized debt recovery courts as a quasi-natural experiment, we estimate the causal effect of law enforcement on financing cost of corporate bonds in China. With primary market issuing data, we show that the introduction of specialized courts reduces issuers’ bond financing cost by 15%. Using secondary market trading data confirms the results that the yield spreads of existing bonds reduce significantly. Exploring region-, firm- and bond- level heterogeneity, we find the effects to be much stronger when ex-ante default risk is high. Our case-level analyses further support that enforcement cost reduction in debt dispute resolution is a channel for the reduction of cost of bond. Our paper has important policy implications in light of the recent bond default wave in China, suggesting that creditors protection through highly efficient law enforcement is important for bond market development and will eventually benefit bond issuers as well.

嘉宾简介

Laura Xiaolei Liu is Boya Distinguished Professor of Peking University, and a Professor of Finance and Accounting at Guanghua School of Management, Peking University. She is the Chair of the Department of Finance, Guanghua School of Management. She received her PhD from University of Rochester. Her research interest is capital markets and empirical corporate finance. Her work has been published in leading academic journals including Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Management Science. In recent years her study has focused on China related topics. She received best paper awards and research excellence award many times. Before joining Guanghua, Professor Liu taught at Hong Kong University of Science and Technology and received tenure there.

大金融思想沙龙是中国人民大学国际货币研究所和财政金融学院货币金融系联合发起设立的高层次学术沙龙。沙龙立足中国实践、紧跟国际前沿，为推动新时期“大金融”学科建设，深入开展“大金融”理论、政策与战略研究，搭建高水平、专业化、开放式的学术交流平台。

“大金融”概念，在学理上源于黄达教授所倡导的宏微观金融理论相结合的基本思路，在理念上源于金融和实体经济作为一个不可分割的有机整体的系统思维。中国人民银行副行长陈雨露在《大金融论纲》中系统论证了“大金融”命题的基本内涵和方法论思想，为全面构建有利于促进长期经济增长和增强国家竞争力的“大金融”体系框架奠定了理论和实证基础。