文澜金融论坛（第331期）

摘要：

The introduction of online collateral auctions through legal reform has established a more efficient bankruptcy resolution mechanism. This technology-driven change has enhanced the ex-ante value of secured loans, influencing the supply, demand, and composition of bank lending. Using granular loan-level data and staggered Difference-in-Differences (DiD) estimations, we find a significant shift from unsecured to secured loans, particularly among private firms with greater fixed assets, stronger credit ratings, and higher reliance on external financing. Meanwhile, interest rates on unsecured loans rise, while those on secured loans remain unchanged. The effects are more pronounced in bank branches facing higher competitive pressures, where lenders expand credit to capitalize on the increased value of secured loans. Following the reform, banks increased secured lending, improved risk-adjusted interest earnings, and attracted more private-sector firms.

主讲人介绍：

孙扬帆副教授，现任职于中南财经政法大学文澜学院，乔治敦大学经济学博士。研究领域为银行、公司金融、家庭金融等，研究成果发表在Journal of Financial Economics和Journal of Banking & Finance等国际金融期刊。