岭南学术论坛－金融学系列Seminar－The Impact of COVID-19 on Supply Chain Credit Risk

第565期岭南学术论坛（金融学系列Seminar）

报告题目：The Impact of COVID-19 on Supply Chain Credit Risk

报  告  人：WU JING吴靖（香港中文大学中大商学院，助理教授）

主  持  人：刘京军（中山大学岭南学院金融系，副教授）

时        间：2020年11月13日（周五）下午14:30-16:00

地        点：岭南堂三楼讲学厅

语        言：英文+中文

摘要：

We examine how supply chain activity reflects into credit risk during different phases of the COVID-19 pandemic by focusing on CDS spreads and US-China supply chain links. We find considerable effects on credit risk propagation. CDS spreads for firms with China supply chain partners increase with supply chain disruptions during the economic shutdown period of the pandemic, and the spreads go down when the economic activity resumes with re-opening in China. The household demand channel is an important driver of this supply chain credit risk behavior. Supply chain activity resumption is not sufficient to decrease credit risk in sectors that cater to households when the local economy suffers from dampened household spending due to economic shutdowns. Having a more global customer base, on the other hand, mitigates the local household demand shock effects. While firm leverage and supply chain duration magnify supply chain driven credit risk during the pandemic, cash holdings, growth opportunities, investment-grade rating, and supply chain network centrality moderate such effects.

论文下载地址： https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3639735

媒体相关信息： https://m.guancha.cn/wujing2/2020_10_21_568725

报告人简介：

       吴靖教授就职于香港中文大学中大商学院决策科学与管理经济系，也是香港-深圳联合金融研究中心的执行委员，拥有芝加哥大学布斯商学院的博士学位和MBA学位及清华大学电子工程学士学位。主要研究领域是运营与财务，全球供应链，经济网络和大数据应用，研究论文发表在Management Science、M&SOM等顶级期刊。同时为香港一家金融科技公司和内地的资产管理公司提供咨询服务，回国前曾在纽约德意志银行担任量化策略师。

       欢迎感兴趣的师生参加！

       中山大学岭南学术论坛分经济、金融和管理三个系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。