德勤－复旦会计论坛系列254期讲座
时间：2025年 6月26日（周四）下午1:30
地点：李达三楼104教室
主持人: 张新 教授
报告人: 宋扬 Byron Y. Song（Hong Kong Baptist University）
题 目: Proprietary Costs and Private Debt Renegotiation
摘 要: This study examines the impact of proprietary costs on private debt renegotiations. Previous research indicates that during debt renegotiations, proprietary information can potentially be leaked to other market participants, including firms’ competitors. We hypothesize that concerns about proprietary costs influence the dynamics of private debt renegotiations. Using the redaction of SEC filings and firms’ reliance on trade secrets as proxies, we find that firms with greater proprietary cost concerns exhibit lower renegotiation intensity, with a more pronounced effect observed among firms operating in more competitive industries. Our analysis at the contract level aligns with those at the firm level, revealing that firms with significant proprietary cost concerns tend to have reduced renegotiation intensity, especially when non-bank institutional investors participate in syndicated loans and when more peer firms borrow from the same lender. Additionally, we find that loans to firms with greater proprietary cost concerns are more likely to include the Borrower Consent Clause and involve fewer lenders. Collectively, our evidence suggests that concerns about proprietary costs significantly influence private communication between firms and their lenders.
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