講座題目：Personal Bankruptcy Law and Innovation around the World
主講嘉賓：榮昭
時間：2024年10月22日（星期二）下午14:00—16:00
地點：商學院116東方廳
歡迎感興趣的師生參加聆聽！
江南大學商學院
2024年10月18日
主講嘉賓簡介
榮昭，中南财經政法大學文瀾學院教授、博導。曆任職于西南财經大學、南京審計大學。研究領域包括企業創新、公司金融、人口流動，曾在《管理世界》、《經濟學季刊》、《金融研究》、《科研管理》、《Research Policy》、《Small Business Economics》、《Journal of Comparative Economics》、《China Economic Review》、《European Financial Management》、《Pacific-Basin Finance Journal》、《Journal of Housing Economics》等國内外知名經濟、金融、管理類SSCI、SCI學術期刊發表論文30餘篇。
講座主要内容
Because corporate limited liability protects founders' personal assets, creditors often require founders of new, small and risky firms to contract around limited liability by pledging their personal assets as collateral for loans to their firms. This makes personal bankruptcy law (PBL) relevant to corporate finance. We find that pro-debtor PBL reforms increase the number of patents filed, citations to those patents, and début patents by firms with no previous patents. These reforms also redistribute innovation across industries in closer alignment to its distribution in the U.S., which we take to approximate industry innovative potential. These effects are driven by firms without histories of high-intensity patenting, and are damped in countries that impose minimum capital requirements on new firms. Firms with largescale legacy technology may avoid radical innovations that devalue that technology. Consequently, new, initially small and risky firms often develop the disruptive innovations that contribute most to economic growth. Consistent with this, we also find pro-debtor PBL reforms increasing value-added growth rates across all industries, and by larger margins in industries with more innovation potential. Our difference-in-differences regressions use patents and PBL reforms for 33 countries from 1990 to 2002, with subsequent years used to measure citations to patents in this period.
當前位置: