科学研究
报告题目：Strategic Alliances and Lending Relationships
报告人：麻志明
报告时间：2022年4月15日（周五）15:00-17:00
报告地点：腾讯会议（会议ID：578 441 026）
主办单位：东北财经大学会计学院
【报告摘要】
We provide new insights on the value of strategic alliances from a debt financing perspective. We find that firms entering a strategic alliance receive a lower interest spread when they borrow from banks that have previously lent to their strategic partners, compared to loans from other banks. Importantly, this effect varies with the information and accounting environments of borrowing firms. The effect is stronger when a borrower’s transparency and accounting quality is low. We also find that strategic alliances lead borrowersto receivenon-price loan term benefits in the form of larger loan amounts and less concentrated loan syndicates.Last, in addition to obtaining more favorable loan terms when dealing with alliance-related banks, we document that borrowershave a higher likelihood of obtaining debt financing fromalliance-related banks than from other banks, evidence that strategic alliances are another channel through which lending relationships are formed.
【报告人简介】
麻志明，北京大学光华管理学院会计学系副教授、博士生导师。博士毕业于香港科技大学，研究兴趣广泛，他的研究领域包括债务契约、审计、会计与金融之间的交叉课题等。学术论文发表于Journal of Financial Economics, Journal of Accounting and Economics, Contemporary Accounting Research, Review of Accounting Studies，Journal of Financial and Quantitative Analysis，Academy of Management Journal, Accounting, Organizations and Society,《经济研究》等国际国内学术期刊。
