第二十四期：

题目：Monetary policy uncertainty, institutional attributes and small-micro enterprise financing: evidence from China’s loan-assisting market

主讲人：罗伟杰

时间：2023年12月13日 15:30-17:00

地点：励耘楼B312

摘要：The rise of Monetary Policy Uncertainty (MPU) will disrupt market expectations and exacerbates the financing difficulties of Small-Micro Enterprises (SMEs). From the perspective of the institutional attributes, this paper uses the micro-data of SME credit from a leading domestic loan-assisting institution from 2014 to 2019 to empirically investigates the impact of China's MPU on the financing of SMEs. We find that MPU has pushed up the financing costs of SMEs, and due to the risk-taking channel, bank loan interest rates for the enterprises are 58.1% higher than that of non-bank financial institutions. Heterogeneity analysis finds that this divergence between banks and non-bank financial institutions is strengthened among SMEs with short term, small scale and urgent loans, but weakened among those with frequent loans. Moreover, banks’ weaker risk-taking leads to lower credit risks. After the epidemic, the government’s strong support policies for SME prompted banks to significantly increase their risk-taking for SME. Driven by multiple objectives, the differentiated allocation strategy of loan-assisting institutions for book interest rates and service fee rates for loans to banks and non-bank financial institutions conforms to the above-mentioned reality of loan interest rate divergence. This study calls for exploring new modes of support for SME.

货币政策不确定性升高会扰乱市场预期，并加剧小微企业融资困境。讲座基于机构属性视角，利用2014-2019年国内某头部助贷机构的小微企业信贷微观数据，首次实证考察了中国货币政策不确定性对小微企业融资成本的影响。研究发现，货币政策不确定性上升推高了小微企业融资成本，且在风险承担渠道作用下，银行对小微企业贷款利率比非银行金融机构高出58.1%。异质性分析发现，银行与非银行金融机构的这一分化在期限短、规模小和急迫贷款的小微企业中得到加强，但在频繁贷款的小微企业中得以削弱。进一步分析发现，银行更弱的风险承担引致更低的信用风险，疫情后政府对小微企业强有力的支持政策促使银行显著提升了对小微企业的风险承担，多重目标驱动下的助贷机构对银行与非银行金融机构贷款书面利率和服务费费率的差异化分配策略顺应了上述贷款利率分化的现实。研究对探索小微企业支持新模式具有重要的启示。

个人简介：英国约克大学经济学博士，英国剑桥大学访问学者，现任北京第二外国语学院经济学副教授、硕士生导师，高层次人才引进，青年学术英才计划，曾任中央财经大学经济学副教授、助理教授。主要研究领域为宏观经济、财政政策、企业经济、公共管理等。在 Applied Economics 、 Economics Letters 、 International Review of Financial Analysis 、 Pacific-Basin Finance Journal 、 Policy Studies 、 Public Performance & Management Review 、 Scottish Journal of Political Economy 、《经济管理》等SSCI和CSSCI期刊发表论文20余篇。个人专著《 Inequality, Demography and Fiscal Policy 》发表于国际著名学术出版社Springer Nature。担任 International Review of Financial Analysis 、 World Development 等10余本学术期刊匿名审稿人。研究成果获货币宏观与金融协会年会(Money Macro and Finance Society)最佳论文奖、2022中国社会科学院青年经济学优秀论文三等奖等学术奖励。主持国家自然科学基金项目1项，承担多项国家级、省部级课题研究。

第二十五期：

题目：Gratitude, Bargaining, and Intergenerational Interactions

主讲人：邓卫广

时间：2023年12月15日 10:00-11:30

地点：励耘楼B312

摘要：We reveal why mental accounts, specifically the “gratitude,”, matters for bargaining and thus the resource allocation within a union, for instance, an extended family. We model how individuals with altruistic partiality influence the welfare distribution within a union by manipulating members’ gratitude. We argue that an individual (parent-in-law) offer support to his/her parent-in-law (child-in-law) only when such support induces gratitude in his/her spouse (child-in-law) and, hence, increases the bargaining power of himself/herself (one’s own child) within marriage. Consistent empirical evidence verifies the model predictions. We find that individuals with increased bargaining power (mainly measured by relative income) give (receive) more (fewer) transfers to (from) both parents and parents-in-law and communicate more (less) often with their parents (parents-in-law).

我们揭示了为什么心理账户（特别是“感恩”）对讨价还价很重要，因而影响在一个组织（如家庭）内部的资源分配。我们建立一个简单模型说明具有利他主义偏爱的个体如何通过操纵成员的感恩度来影响组织内的福利分配。我们认为，个人（公婆）只有能刺激配偶（女婿或儿媳）产生感恩，从而增加自己（自己子女）在婚姻中的讨价还价能力时，才向公婆（女婿或儿媳）提供支持。一致的经验证据验证了模型的预测。我们发现，具有较高讨价还价能力（主要以相对收入衡量)的个人，向父母和岳父母提供（接受）更多（更少）的转移支付，并与父母（岳父母）更多（更少）交流。

个人简介：湖南大学经济与贸易学院副教授，湖南大学岳麓学者。本科硕士毕业于中山大学，2014年博士毕业于香港中文大学经济系。主要研究兴趣是劳动经济学、行为实验经济学、文化经济学、公司治理。近年在Journal of Population Economics、China Economic Review，《经济研究》、《经济学》季刊、《经济科学》、《劳动经济研究》等SSCI和CSSCI 权威期刊发表多篇学术论文，出版著作《中国大学生成长行为调查报告》。担任Journal of Development Economics, Journal of Population Economics, Journal of Comparative Economics, Journal of Economic Behavior and Organization, China Economic Review, Economic Modeling,《经济学》季刊，经济科学等SSCI、CSSCI期刊匿名审稿人。主持国家自然科学基金面上项目和省部级科研项目多项。主持大型微观数据调查“中国大学生追踪调查”和“中国代际关系调查”，并主持多项实地实验调查。