德勤－复旦会计论坛系列讲座之一百六十七

时间：2019年9月17日（周二）下午14：00

地点：史带楼603室

主持人: 倪晨凯 副教授

Speaker：刘欣 (Australian National University)

Title：Did Securitization Change Bank Lending Relationship?

Abstract：Did corporate loan securitization through collateralized loan obligations (CLOs) change the nature of bank lending relationship? Using a large sample of corporate loans held by CLOs, we show a complex impact on bank relationship. When a borrower’s prior loan from a lender is securitized, its subsequent revolvers granted by the same lender carry higher credit spreads and looser covenants than revolvers granted by a non-securitization-funded relationship lender. Despite the higher costs, the securitization-funded relationship lender is able to keep the borrower for future lending business. This is because the lender grants larger amount of institutional term loans at lower spreads. These contractual features associated with securitization imply a “relationship impairment” effect that securitization weakens monitoring incentives and reduces the information advantage of relationship banks in providing revolvers. In providing institutional term loans, these lenders enjoy a “credit improvement” effect due to their access to structured credit market and hence are able to keep these borrowers for repeated lending business. Overall, our findings indicate that benefits of securitization coexist with its costs in relationship lending.

报告人简介：

Dr. Xin Liu has been an assistant professor in finance at the Australian National University since July 2014. Her research interests are in banking, information economics, corporate finance and Chinese economy. Dr. Liu earned her PhD in Finance from the National University of Singapore. She also obtained master’s degrees in Applied Economics and Physics from University of Minnesota, and a bachelor degree in physics from University of Science and Technology of China. Her research work has been published at the Journal of Financial Economics and presented at various international finance conferences.