题目:Safeguard or Strain? Effects of Expected Government Support on Debt Financing
时间：2024年12月23日（周一）13:30-15:00
地点：浙江大学紫金港校区yl23411永利A423
主讲人：潘哲耀，麦考瑞大学应用金融系副教授
主持人：徐维东，yl23411永利副教授
主讲人简介：
Dr. Zheyao Pan is an Associate Professor in the Department of Applied Finance at Macquarie University. He holds a PhD in Finance from the University of Queensland. Dr. Pan’s research primarily focuses on Corporate Finance (capital structure, corporate innovation), Financial Intermediation (credit rating agencies, analysts, financial advisors), and Financial Regulations. His work has been published in Review of Financial Studies, Research Policy, Journal of Corporate Finance, Financial Management, Journal of Financial Markets, and Journal of Banking and Finance, among others. Dr. Pan has won more than 10 competitive research awards, and he is the Deputy Editor of Accounting and Finance and serves on the editorial board of Australian Journal of Management. His research has also been featured in the Harvard Business Review and other media outlets.
摘要：
In this study, we examine the impact of expected government support (EGS) on non-financial firms’ cost of public debt. We explore a unique policy setting in China’s bond market that mandates credit rating agencies to disclose a scorecard of their ratings on bond issuers. The long-term rating on the scorecard is divided into two parts: the rating based on a firm’s fundamental assessments and the “uplift” adjustment based on EGS. Our analyses utilize a comprehensive dataset of hand-collected rating decomposition information from 17,145 issuer credit rating reports for 2,737 non-financial corporate issuers. Our results reveal that AAA-rated entities with EGS experience a significant increase in bond yields, indicating a distinct “penalty effect.” Conversely, non-AAA-rated entities with similar EGS adjustments undergo a notable decrease in yields, showing an “insurance effect.” Our findings support the “double edge” effect of EGS on firms’ cost of debt.
