岭南学术论坛－金融学系列Seminar－Industrial Robots and Finance

第569期岭南学术论坛（金融学系列Seminar）

报告题目：Industrial Robots and Finance

报 告 人：周彤 (上海科技大学创业与管理学院，助理教授)

主 持 人：程明勉（中山大学岭南学院，助理教授）

时     间： 2020年12月4日（周五）下午14:30-16:00

地     点：岭南堂三楼讲学厅

语    言： 中文+英文

Abstract:

We examine empirically the effects of industrial robot adoption on firms' financing using firm-level data on robot deployment in five Chinese provinces across multiple industries. Robot adoption leads to higher leverage and lower cost of debt, at both the extensive and intensive margins. The staggered nature of the introduction of robot-friendly policies across provinces and industries allows us to make causal claims. We propose a mechanism behind these relations using a model in which a firm chooses inputs into its production function -- non-robot physical capital, labor, and robots -- as well as its capital structure. Robots, being a substitute for labor, provide an operational hedge against labor price uncertainty. As a result, robot deployment reduces risk and increases debt capacity. Unique predictions of the model, concerning the effects of labor contribution and robot-labor substitution on the strength of the relation between robot adoption and corporate financing, are borne out in the data.

报告人介绍：

       周彤助理教授目前就职于上海科技大学创业与管理学院。他于香港大学获得金融学博士学位，此前于中山大学获得经济学学士和金融学硕士学位。他的研究工作集中在创新经济学和金融学的交叉领域，已在国际顶级期刊Research Policy等期刊发表论文。

       讲座报告人主页：https://sem.shanghaitech.edu.cn/2020/0815/c3525a54955/page.htm

        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。