喻园管理论坛2022年第43期(总第812期)

演讲主题: How Banks Understand R&D Investments: The Case of Standards Setting Organizations

主 讲 人: 柯俊强，北京大学经济学院博士研究生

主 持 人: 钱宁宇，管理学院财政金融管理系副教授

活动时间: 2022年11月24日（周四）15:00-16:30

活动地点: 线上：腾讯会议ID：934-464-998

               线下：管理大楼116教室

主讲人简介：

柯俊强，北京大学博士研究生（2018年至今）。研究方向为债务契约、企业违规以及政府规制。研究成果目前在Journal of Accounting and Economics、The Accounting Review、Journal of Business Finance and Accounting等期刊处于审稿（返修）阶段。参与国家发改委就业和收入分配司/地区经济司、国家自然科学基金面上项目、济南市新旧动能转换战略路径研究等课题。2018年毕业于华中科技大学管理学院，获经济学学士。曾赴慕尼黑工业大学、斯坦福大学亚太研究中心交流访问。在校期间曾获国家奖学金、校三好生、优秀科研奖等荣誉。

活动简介：

This paper examines a specific channel, Standards Setting Organizations (SSOs), through which banks can extract proprietary soft information to understand a borrower’s R&D investments and price-in that information in loan contract terms. Using a sample of bank loans issued to U.S. listed firms from 1996 to 2017, we find that firms newly joining an SSO can obtain more favorable loan terms from a bank that has previously lent to other firms in the same SSO than from other banks. This relationship is stronger when the borrower’s R&D is hard to interpret or earnings are hard to forecast. We also find that firms are more likely to borrow from these SSO-connected banks. Overall, our study demonstrates how proprietary R&D information that spills over through SSO connections helps mitigate information asymmetries in the lending process.