时间：2022年8月10日（周三）16.00

平台：腾讯在线会议 会议ID：245-144-494 

主讲人：王永钦

王永钦，复旦大学经济学院教授，博士生导师。复旦大学经济学博士，耶鲁大学博士后（导师John Geanakoplos），哈佛大学富布赖特高级访问学者（导师Oliver Hart）。国家级人才计划学者，教育部“新世纪优秀人才”、“浦江人才”和上海“社科新人”。现任复旦大学绿庭新兴金融业态研究中心主任。在国际和国内经济学权威期刊发表（其中有多篇为卷首文章）如Journal of Economics, China Economic Review （2 篇）, 《经济研究》(11篇)、《管理世界》（2 篇）、《金融研究》（6篇）、《世界经济》（8篇）等发表四十多篇；并已出版中英文著作9 部。最近的研究兴趣为金融经济学、发展经济学和应用微观。研究成果被《新华文摘》、《人大复印资料》等转载，并获得多项省部级重要奖项。兼任上海金融法院专家委员会委员，山东省政府发展研究中心研究员。 

内容摘要：

Collateral is at the heart of modern financial system and plays an essential role in business and financial cycles. Leveraging detailed loan level data covering a major city in China, the paper is among the first to provide stylized facts on Chinese bank loan collateral structure. It shows that facing the tension between heightened uncertainty and government mandate of credit expansion during the global financial crisis (GFC), banks significantly raise collateral requirements while shortening loan maturity. Pre-existing relationship helps in obtaining bank loans in normal times but has less bite during the GFC. Further more, as firms prioritize real estate investment over intangibles to facilitate borrowing, this paper also finds reduced firm innovation among the affected firms. The anatomy of the collateral dynamics sheds light on how credit gets created and (mis) allocated during the GFC, and provides micro-level evidence for some recent salient macroeconomic facts on China. 

主持人：

张学勇

suncitygroup太阳新城研究生工作部部长、研究生院院长、suncitygroup太阳新城教授、中国资产管理研究中心主任 

主办单位：

suncitygroup太阳新城

中国资产管理研究中心