講座人：麻志明

講座主題：Strategic Alliances and Lending Relationships

主持人：趙健宇

Abstract: We provide new insights on the value of strategic alliances from a debt financing perspective. We find that firms entering a strategic alliance receive a lower interest spread when they borrow from banks that have previously lent to their strategic partners, compared to loans from other banks. Importantly, this effect varies with the information and accounting environments of borrowing firms. The effect is stronger when a borrower’s transparency and accounting quality is low. We also find that strategic alliances lead borrowers to receive non-price loan term benefits in the form of larger loan amounts and less concentrated loan syndicates. Last, in addition to obtaining more favorable loan terms when dealing with alliance-related banks, we document that borrowers have a higher likelihood of obtaining debt financing from alliance-related banks than from other banks, evidence that strategic alliances are another channel through which lending relationships are formed.

講座時間：2021年6月4日，周五，10:00-11:30

講座地點：學術會堂706

主講人簡介：麻志明，北京大學光華管理學院會計學系副教授、博士生導師。博士畢業于香港科技大學，研究興趣廣泛，主要研究領域：債務契約、審計、會計與金融之間的交叉課題等。學術論文發表于Journal of Financial Economics, Journal of Accounting and Economics, Contemporary Accounting Research, Accounting, Organizations and Society,《經濟研究》、《金融研究》、《會計研究》等國内外頂級學術期刊。