主 題：Does Supply Chain Vertical Integration Reduce Corporate Debt Financing Costs
摘 要： By leveraging the Chinese Input-Output Table, we apply Python software to identify a focal firm’s supply chain upstream and downstream relationships. Our findings suggest that when a focal firm invests in or acquires its upstream supply chain companies, the debt financing costs are less. Channel analysis demonstrates that supply chain vertical integration can reduce corporate debt financing costs through the channel of mitigating operational risk and alleviating information asymmetry. Additional analysis shows that the effect of supply chain vertical integration on corporate debt financing costs is more salient when companies are non-state-owned, operate in competitive industries, and are located in regions with lower levels of marketization.
時 間：2024年12月04日（周三）上午10：00-11：00
地 點：伟德首页官网競慧西樓501
主辦單位：伟德首页官网
特邀嘉賓
孫乾，會計學博士，南京理工大學經濟管理學院講師；研究方向：資本市場、公司治理。近年先後在Journal of Corporate Finance (ABS 4), International Review of Financial Analysis(ABS 3), International Review of Economics and Finance以及《中國軟科學》、《管理評論》、《經濟管理》等國内外知名學術期刊發表論文近二十篇，作為核心成員獲得中央統戰部全國統戰理論政策研究創新成果一等獎。擔任JIFMIM, IJFE, AF, IRFA, IREF, PBFJ, EAP, FRL, AEL, 《管理評論》等期刊匿名審稿人。
