演讲主题: Do Financial Innovations Affect IT Investment?
主 讲 人: 王秭移，香港理工大学工商管理学院博士生
主 持 人: 薛明皋，管理学院财务金融系教授
活动地点: 线上腾讯会议ID: 753-508-223
王秭移，香港理工大学工商管理学院博士生。主要研究方向为金融创新与信息技术的交叉研究，以及金融科技和供应链管理的交叉研究。 在Information Systems Research，Journal of the Association for Information Systems等知名国际期刊有多篇论文在投。
Credit default swap (CDS) is one of the most significant financial innovations in the past 20 years. CDS contracts have been widely traded in financial markets to hedge credit risk. Using a US market sample, we empirically examine the impacts of CDS trading on firm-level IT investment. We find that the initiation of CDS trading significantly decreases underlying firms’ IT investment, and the decrease is mainly from the investment in software instead of hardware. Further analysis shows that CDS trading decreases firms’ IT investment by affecting their credit risk. Moreover, the influence of CDS on IT investment is particularly pronounced for firms that heavily rely on debt financing, belong to the high-tech industry, and have stable earnings. Our study contributes to information systems research and the CDS literature by linking financial market innovations to firms’ IT investment. And our findings have practical implications for firms’ decision-making regarding IT investment under financial constraints.