财务与会计系列讲座(二十七):CEO特征与商业信用

发布者:新澳门金沙娱乐网站办公室     时间:2018-11-26

报告题目: CEOs' Hometown Connection and Access to Trade Credit: Evidence from China

报告人:孔东民  华中科技大学经济学院和中南财经政法大学教授

时间: 2018年11月30日(星期五)  2:00-5:30

地点:  新澳门金沙娱乐网站大楼318会议室

邀请部门: 会计学系、企业财务研究所

报告概况:

Although the impacts of formal institutions on trade credit are well documented, little we know about the determinants of informal institution on trade credit especially in emerging markets with weak legal system. In this paper, we investigate how the trade credit affected by the hometown connection in China, a typical emerging market. We find that CEOs’ hometown connections significantly increase firms’ use of trade credit. This effect is more pronounced with non-stated owned firms, regions with backward financing environment, strong merchant guild culture, and CEOs having high position in hometown chamber of commerce. We also provide two plausible channels, that is, information opacity and social trust. To address endogeneity, we introduce natural experiments (financial crisis and industry crisis) and instrumental variable, and results are still hold. Overall, we provide the first empirical evaluation of the effects of informal institutions, i.e., hometown connection, on trade credit in an emerging market, which sheds new lights on our understanding of the important role of informal institutional in external financing.

 

报告人概况:

    孔东民,现任华中科技大学金融学教授和中南财经政法大学文澜学者特聘教授,中组部青年拔尖人才(万人计划)和湖北省华中学者计划等人才项目入选者。孔东民教授研究方向为金融学,相关成果发现在Review of Finance、Contemporary Accounting Research和《经济研究》、《管理世界》、《管理科学学报》、《金融研究》等国际国内顶尖学术期刊上,数量超过100多篇,是目前中国国内最高产的优秀中青年经济学者之一,这些研究成果多次获得省部级奖项。孔东民教授主持4项国家自然科学基金项目,也是该基金通讯评审专家,还担任《珞珈管理评论》、《江汉学术》、《会计、经济与社会》和China Finance Review International责任编委以及Journal of International Business Studies, Journal of Corporate Finance, Journal of Banking and Finance, Economic Letters, Journal of Business Ethics, Journal of Business, Finance and Accounting, China Economic Review, Applied Economics, Energy Economics和《经济研究》、《管理世界》、《金融研究》、《经济学季刊》、《管理科学学报》、《南开管理评论》等匿名审稿人。


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