经济学院学术报告之苏循华（一）

报告题目：Product market threats and credit lines in corporate finance

报告时间：2018年12月13日（周四）14:30-15:30

报告地点：翡翠湖校区科教楼B座1004

报告人：苏循华教授

工作单位：Norwegian School of Economics

举办单位：经济学院

报告人简介：

苏循华，中国科学技术大学学士，挪威商学院硕士，挪威经济学院金融博士，挪威科学技术大学博士后。现任挪威经济学院金融系教授，苏教授具体研究方向为公司金融，包括企业融资、创新、流动性管理、金融契约与企业竞争等。企业在当今社会扮演着极其重要的角色，针对企业竞争、融资、创新等方面的学术研究具有十分重要的理论与现实意义，其研究结果发表在顶级金融学杂志Journal of Financial and Quantitative Analysis (JFQA)，Journal of Banking and Finance,Journal of Money Credit and Banking (JMCB)，Financial Management等。

报告内容：

Firms that face intense product market threats rely less on credit lines but more on cash holdings as the source of liquidity. In the presence of intense market competition, it is critical for firms to respond quickly to valuable investment opportunities. Cash holdings can serve as an immediate and unconditional source of liquidity to fund valuable investment opportunities as they emerge. In contrast, credit lines are less viable because the availability of credit lines is typically conditional on firm performance, which is volatile and hard to predict under intense market competition. I use Capital IQ data to examine the impact of competition on firms’ use of lines of credit. Empirical results suggest that firms that face above-median product market threats are less likely to rely on credit lines. Using changes in tariff rates as exogenous variations of product market threats, I establish a causal relationship. In addition, I show that the effect is more profound for firms with lower cash flow, less tangible assets, and higher R&D capital.