主 题：Does Supply Chain Vertical Integration Reduce Corporate Debt Financing Costs
摘 要： By leveraging the Chinese Input-Output Table, we apply Python software to identify a focal firm’s supply chain upstream and downstream relationships. Our findings suggest that when a focal firm invests in or acquires its upstream supply chain companies, the debt financing costs are less. Channel analysis demonstrates that supply chain vertical integration can reduce corporate debt financing costs through the channel of mitigating operational risk and alleviating information asymmetry. Additional analysis shows that the effect of supply chain vertical integration on corporate debt financing costs is more salient when companies are non-state-owned, operate in competitive industries, and are located in regions with lower levels of marketization.
时 间：2024年12月04日（周三）上午10：00-11：00
地 点：南京审计大学竞慧西楼501
主办单位：南京审计大学商学院
特邀嘉宾
孙乾，会计学博士，南京理工大学经济管理学院讲师；研究方向：资本市场、公司治理。近年先后在Journal of Corporate Finance (ABS 4), International Review of Financial Analysis(ABS 3), International Review of Economics and Finance以及《中国软科学》、《管理评论》、《经济管理》等国内外知名学术期刊发表论文近二十篇，作为核心成员获得中央统战部全国统战理论政策研究创新成果一等奖。担任JIFMIM, IJFE, AF, IRFA, IREF, PBFJ, EAP, FRL, AEL, 《管理评论》等期刊匿名审稿人。
