一、主题：Shadow Bankingwith Trade Credit: the Case of Commercial Bills

二、主讲人：王文雅，上海财经大学金融学院助理教授，研究方向为宏观金融，产业经济，中国经济，2017年博士毕业于加拿大西安大略大学

三、时间：2020年3月17日星期二，14:00-15:30

四、地点：腾讯会议【具体房间临时通知】

五、主持人：彭俞超，中央财经大学金融学院副教授

摘要：Thispaper studies the shadow banking of bank-accepted commercial bills in China.Its scale of outstanding issuance is comparable to entrusted loans and co-moveswith working capital of industrial firms in aggregate. Using a proprietary datawith 170,000 commercial bill transactions, we find: (i) banks constrained inloan-to-deposit ratios are more (less) likely to issue (discount) commercialbills; (ii) issuance of commercial bills as a form of trade credit is largerwhen the issuing firm has a higher leverage ratio and a higher bargaining powerover its suppliers; (iii) trade credit deteriorates allocation efficiency inChina, but improves efficiency in the U.S..