光华讲坛暨现代会计学术沙龙（第八十三期）
主题：Managerial social networks versus political connections: evidence from firms’ access to informal financing resources
主讲人：澳大利亚Macquarie University 田钢（Gary Tian）教授
主持人：西南财经大学会计学院吉利教授
时间：2016年7月1日（星期五）上午10：00-11：30
地点：西南财经大学柳林校区通博楼D207会议室
主办：会计学院科研处
诚邀各位老师和同学参加！
主讲人简介：
Gary (Gang) Tian is Professor and Chair of Department of Actuarial Studies and Applied Finance, School of Business and Economics in Macquarie University, Australia. His area of research interests includes CEO compensation/turnover, Political connections, social network and corporate policy, Ownership-control divergence, state ownership and family control, IPOs and private equity, Bank relationship and lending decisions and Intraday data, liquidity and volatility patterns. He has published papers in journals including Journal of Corporate Finance, Journal of Banking and Finance, European Accounting Review, Pacific Basin Finance Journal, International Review of Finance, International Review of Financial Analysis and etc.
论文摘要：
This study investigates how managerial social networks, through executive membership of an industry association, play a role in helping firms obtain trade credit, while political connections do not. We document that firms whose managers have such social networks receive more trade credit, especially in firms which have either a low bank loan ratio or limited access to other formal financing. The business environment, for example, high regional competition and product market competition, also strengthen the positive relationship between managers’ social networks and firms’ access to trade credit. We further provide evidence that managers’ social networks, especially those established by the founders, have a positive effect on firm value and that they played a more important role during the crisis period from 2008 to 2009. Our results are robust to a series of robustness and endogeneity tests. Overall, we argue that managerial social networks, other than political connections, help firms, especially those with limited access to formal financing, to overcome institutional discrimination and obtain informal financing resources, and thus create value to shareholders.
