一、主题：The Real Effects of Entrusted Lending in China

二、主讲人：孙琪，上海财经大学金融学院助理教授，南加州大学经济学博士（2014），主要研究方向为公司金融、宏观金融和中国经济。研究成果发表在Journal of Financial Economics和Journal of the European Economic Association。

三、时间：2018年6月21日（周四），14：00-16：00

四、地点：学院南路校区主教学楼913会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

摘要: We develop a two-sector equilibrium model of entrusted lending in China, in which state sector firms with privileged access to credit provide entrusted loans to private sector firms with limited access to credit. We show that in a stationary state entrusted lending improves capital allocation by channeling funds to more productive private firms. However, during a bank credit expansion, new loans have been allocated more disproportionately toward state firms through an amplification effect induced by entrusted lending. On the other hand, the channel of entrusted lending boosts the transmission efficiency of credit stimulus by enlarging the impact of credit expansion on investment and output growth. We also show that a partial liberalization of the state sector's borrowing constraint could lead to a lower efficiency of capital allocation, by a crowding out effect of raising the marginal cost of bank lending.