上海对外经贸大学思源金融讲坛
——学术报告第40期
题目：Does It Pay toEntertain Your Stakeholders ?
报告人：舒海兵， 香港科技大学
时间：2016年10月25日下午1: 30 -3: 30
地点：博萃楼阳光房
论文：学院内网
论文摘要:
Using a unique dataset reflecting the businessentertainment expenditure (BEE) of Chinese public firms and a quasi-natural experiment,we find that BEE improves future sales, profitability, and valuation, a findingnot fully anticipated by investors and analysts. Further analyses suggest that stakeholderaccessibility and the managerial agency problem prevent firms from increasing theirBEE to maximize their value. In addition, we find that BEE can decreaselitigation occurrences with other firms, improve the quality of trade creditextended to customers, acquire more trade credit from suppliers, secure moregovernment subsidies, and lower collateral requirement of bank borrowings. Overall,our results suggest that BEE benefits firms by mitigating information problemswith stakeholders in market-based transactions and securing favorable outcomes fromstakeholders in non-market transactions.
报告人简介：
舒海兵，金融工程博士，毕业于中国科学技术大学，弗吉尼亚大学达顿商学院联合培养博士、博士后。曾历任长江商学院researchfellow，香港科技大学访问学者，上海最会保网络科技有限公司首席战略官、副总裁。舒海兵博士的研究主要集中在公司金融，学术研究成果发表在Journalof Financial Economics等杂志。
代表性论文：
TheImpacts of Political Uncertainty on Asset Prices: Evidence from the Bo Scandalin China (with Laura X.L. Liu and K.C. John Wei), Journal of Financial Economics, forthcoming (accepted September2016)
