报告时间：1月3日12:30-14:30

报告地点：WeLink线上（会议ID：983 371 578，密码202401）

报告题目：Unlocking Growth: The Cross-Market Spillover Effect of Equity Market Liberalization on Bond Costs

报告摘要

Remarkable economic growth following the opening of a country's equity market is puzzling, given that the equity market constitutes only a small fraction of the financial system in developing economies. This paper delves into the cross-market spillover effects of equity market liberalization. Using the launch of the Shanghai-Hong Kong Stock Connect as a quasi-natural experiment, we examine how opening the equity market to foreign investors influences firms' cost of bond financing by enhancing equity pricing efficiency. Our empirical analysis reveals that equity market liberalization reduces firms' cost of bond financing, particularly for companies with lower ex-ante pricing efficiency and weaker debt security. Moreover, we find that firms increase their bond financing and investment activities following the equity market's liberalization. These findings remain robust even after accounting for the impact of reduced risk premium. Taken together, our study sheds light on how equity market liberalization can effectively lower the cost of capital and foster economic growth in developing markets.

报告人简介

戴芸，女，中共党员，中山大学岭南学院金融学副教授，金融学系主任，兼任公司金融教研室副主任、《金融学季刊》编辑部主任。2014年于荷兰鹿特丹伊拉斯姆斯大学获得金融学博士学位。在加入岭南学院之前，戴芸曾先后任教于荷兰格罗宁根大学、荷兰鹿特丹伊拉斯姆斯大学。其主要研究兴趣为公司金融、中国债务问题、实验和行为金融学，研究项目涉及兼并收购、企业上市、薪酬管理、创新创业、僵尸企业等。已有研究发表在Journal of Financial and Quantitative Analysis、Games and Economic Behavior、Journal of Economic Behavior and Organization、Journal of Economic Dynamics & Control、《经济研究》、《管理世界》和《管理科学学报》等国内外顶级学术期刊上。主持自然科学基金青年项目和面上项目。