岭南校友学术论坛－The Impact of Bank Financing on Borrowers’ Voluntary Disclosures and Real Investments

岭南校友学术论坛第1期：新加坡国立大学 林宇鹏副教授（中大岭南2008届本科毕业生）

报告题目：The Impact of Bank Financing on Borrowers’ Voluntary Disclosures and Real Investments

报 告 人：林宇鹏（新加坡国立大学商学院 讲席副教授）

主 持 人：戴芸（中山大学岭南学院 副教授）

时      间：2022年3月11日（周五）下午 14:30-16:30

地      点：岭南堂三楼讲学厅

语      言：中文+英文

报告人简介：

        林宇鹏，中山大学岭南学院2008届国际经济与贸易专业本科毕业，2014年新加坡国立大学博士毕业。曾于2014-2016年在香港城市大学任教，2016年至今任职于新加坡国立大学商学院，现任讲席副教授。主要研究领域是公司金融、家庭金融、会计学等，在Journal of Accounting & Economics、The Accounting Review、Journal of Financial and Quantitative Analysis、Journal of Accounting Research、Journal of Law and Economics、Organization Science等顶尖学术期刊发表多篇论文。

报告摘要：

This paper examines how an increase in bank lending affects firms’ investment disclosures and policies. Exploiting the unconventional liquidity injections by the European Central Bank in 2011-2012, we find that US borrowers of EU banks issue more management capital expenditure (capex) forecasts following the liquidity injections, relative to other US borrowers. This effect does not extend to management earnings forecasts and is more pronounced for firms that have greater financial constraints, are younger, or have higher growth volatility. Consistent with the notion that increased bank lending motivates managers to issue capex forecasts to elicit market feedback, we find that the association between capex adjustments and stock market reactions to these forecasts increases following the liquidity injections. Overall, we document a new channel through which bank financing affects borrowers’ disclosure choices and real investments.

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