基地研究员吴震星教授与合作者（Guan-Ying Huang, Department of Finance, National Chung Cheng University; Carl Hsin-han Shen, Macquarie Business School, Macquarie University）的论文“Firm-level political risk and debt choice” 在国际知名期刊Journal of Corporate Finance在线发表。

Abstract: We examine the effect of firm-level political risk on debt choices and find: (i) firms with higher political risk display a preference for private debt over public debt; (ii) the magnitude of this preference varies with the aggregate policy uncertainty; (iii) politically risky firms indeed receive less favorable terms in the bond market. To explain such findings, we show that private lenders have several advantages in serving politically risky borrowers. First, to the extent that lenders cannot perfectly foresee the adoption of new government policies, private lenders' expertise in implementing the reorganization process is important to limit their potential loss. Second, politically risky borrowers must undertake significant operation adjustments facing rising policy uncertainty. Private lenders can gather accurate information and closely monitor these adjustments. Last, as the severity of political risk varies with aggregate policy uncertainty, there exists an implicit contract between a borrower and its relationship bank, whereby a borrower accepts less favorable terms during normal times in exchange for the bank's support during difficult times. Taken together, this study advances our understanding of how cross-sectionally heterogeneous political risk influences corporate debt choice.

链接：Firm-level political risk and debt choice - ScienceDirect

教师简介

吴震星，中南财经政法大学金融学院年薪制副教授，数字技术与现代金融学科创新引智基地研究员。研究领域包含市场微观结构理论在国际金融，资产定价与公司金融议题上的应用。研究成果发表于Journal of International Money and Finance, Journal of Corporate Finance等国际期刊。