Topic:Bank Fintech and Firm Leverage Adjustment Speed:Evidence from China

Lecturer:Haiming Liu

Haiming Liu,Deputy Director of the Economic Research Center of Shandong University of Finance and Economics, professor, doctoral supervisor, national young talent, Shandong Province "Taishan scholars" young experts. His articles have been published in high-end magazines at home and abroad, such as Economic Research, Management World, Financial Research, China Economic Review, etc. He has won many awards, such as Hong Yinxing Economics Award, Shandong Social Science Outstanding Achievement Award, Shandong Social Science Rookie Award, and Excellent Paper Award of Financial Research. He presided over the National Natural Science Foundation, Humanities and Social Science Foundation of the Ministry of Education, major project subprojects of the National Social Science Fund, and other projects, and led the Youth Innovation Science and Technology Plan team of Shandong Provincial colleges and universities, the Talent Introduction Program team of Shandong Provincial colleges and universities, and the first batch of philosophy and social science young talents team of Shandong Province.

Abstract:

The recent development of Fintech greatly changes the operation and loan management of commercial banks, which has a significant impact on firm financing and governance. This paper analyzes the impact of rising bank Fintech on leverage adjustment speed. Results show that bank Fintech accelerates firm leverage adjustment speed. This effect is more pronounced for under-leveraged firms,high-growth firms, non-state-owned firms and firms located in regions with more - developed institutions. Transmission channel tests show that bank Fintech can accelerate adjustment speed by alleviating firm level financial constraints and agency problems. Finally, bank Fintech improves firm performance by accelerating leverage adjustment speed. Our work extends the literature on Fintech and dynamic trade-off theory, and has implications for banking regulations and Fintech development.

Time:12:15-13:15p.m,June 13th,2024

Venue:B321,Zhixin Building,Central Campus