时间：2016年11月9日（周三）14：00－15：30

地点：北大国发院/中国经济研究中心致福轩教室

主持人：余淼杰 余昌华 王歆

主讲人：黄毅

题目：美元债券的金融风险和实体经济的影响：中国的经验

摘要：We investigate bond issuance by non-financial firms in China and examine a firm’s currency choice between the local and foreign currency in order to study the real and financial effects. Using firms balance sheet data matched with the issuers, we find evidence that firms with higher leverage, lower profit margin and no foreign cash flow, as well as state-owned firms, are more likely to use dollar-denominated bonds. We also exploit the hedging and financial intermediation behavior of those firms exposed to dollar liquidity. We find that dollar bond issuances are negatively related to firm value, investment rating, and indicators of firm performance. Our results suggest that there are severe financial risks due to currency mismatch, shadow banking activities, and the spillover effect of global dollar liquidity.

 

主讲人简介：

        黄毅教授 2013 年至今任瑞士日内瓦高级国际关系及发展学院 Pictet Chair in Finance and Development。黄教授曾任国际货币基金组织研究部经济学家，达拉斯联邦储备银行全球化与货币政策中心兼职研究员。他曾为美国加州伯克利大学经济系访问学者，香港金管局金融研究中心访问研究员以及伦敦商学院访问助理教授。世界经济论坛（World Economic Forum)全球议程理事会成员。黄教授的研究包括国际经济学和金融、金融经济学和新兴市场经济体。他对全球化背景下金融行为和经济发展的决定因素尤为感兴趣。他近期主要研究公司的融资投资行为对金融市场和劳动力市场的影响。