数字技术与经济金融学术午餐会（第24期）

摘要：

This paper investigates the valuable but less studied stabilizing role of political connections during severe economic downturns when both the cost and benefit dynamics of political connections change dramatically. Using the 2007-2009 financial crisis as a natural experiment, we show that political connections protect firms from adverse shocks, especially when firms are financially more vulnerable, face greater challenges in capital-raising, but have relatively higher financing needs. Instead of increasing competition in the distressed bank credit market, political connections reduce firm risk and redirect corporate reliance toward alternative forms of external financing. This liquidity insurance generates an offsetting positive impact on corporate investments, benefiting firms in their performance and market shares. Additionally, political connections deliver a beneficial multiplier effect. Connected firms serve as liquidity intermediaries and redistribute credit to suppliers through trade credits. Overall, this paper highlights the bright side of political connections, emphasizing their crucial role in economic downturns.

主讲人介绍：

刘姝，中南财经政法大学金融学院讲师，博士毕业于香港城市大学。目前学术论文发表于多个国外高质量期刊和会议，包括FRL、FMA、AsianFA、SFA、EFMA等。主持教育部青年项目1项，参与国家自然科学基金、国家社会科学重点项目等若干。