GVC Seminar Series No. 15
Information Transparency of Firm Financing
（企业融资的信息透明性）
孙鸿飞(Amy Sun)
Department of Economics
Queen’s University, Canada
Time:Dec 1st, 10:00 to 11:30am (Beijing Time)
Zoom Meeting ID: 919 0429 5633Passcode: 930578
引言：企业融资的方式各种各样，比如有股权融资、企业债券、贷款等。而不同方式的投资人对企业融资的信息透明性的要求也不同。比如股权投资通常对此透明度的要求很高。这类投资人会要求了解详细的关于该企业的财务及商务方面的信息。而对于债券或贷款之类，投资人通常只会专注于财务方面的信息，而不那么关心商务方面的情况，比如该企业的核心技术、产品类型、消费者群、市场前景之类。那为什么企业融资会存在不同的方式呢？而各种的融资方式又为什么会对企业的信息透明度有不同要求呢？本文以一个精炼的理论模型来证明并阐释这些问题。
Abstract
We propose a theory of optimal firm financing to explain why information transparency varies with external financing methods. Our model nests adverse selection and agency cost in an environment with ex ante heterogeneous firms. With our model, we prove the following: First, equity, transparent debt and opaque debt contracts arise endogenously and coexist as optimal contracts. Second, the equity contract is the most informationally transparent in the sense that it requires both business and financial information of a firm, followed by transparent debt requiring financial information, and then opaque debt with no firm-specific information attached. Third, the equilibrium can be one of two types, either pooling with only opaque debt or mixing with all three types. Finally, firm-specific characteristics such as quality and internal funds drive the optimal financing choice. Given a mediocre quality, a firm will always use opaque-debt financing regardless of its available funds. Given a good quality, as internal funds ranked from low to high, firms will respectively choose to finance with opaque debt, equity, transparent debt, and opaque debt.
主讲人简介：孙鸿飞，常任副教授，加拿大皇家银行学者，现就职于加拿大女王大学经济系。毕业于多伦多大学，获经济学博士学位。曾于2014年获得加拿大央行为年轻经济学者设立的央行行长奖（Bank of Canada Governor’s Award）。她是该奖第一位（也是目前唯一的）女性获得者。孙教授的主要研究方向包括宏观经济学、货币经济学与金融经济学。目前的研究重点为银行业与货币政策分析、房地产市场，企业融资，居民迭代储蓄动机，以及技术创新与专利保护。研究作品曾发表于多家国际经济学理论顶级期刊，比如American Economic Review, Journal of Economic Theory, Journal of Monetary Economics, European Economic Review, Canadian Journal of Economics等。
Amy Sun is an Associate Professor (tenured) and a Fellow of Royal Bank of Canada at the department of Economics, Queen’s University, Canada. She received her Ph.D. in Economics from the University of Toronto. Amy was the recipient of 2014 Bank of Canada Governor’s Award. Her general research interests are on macroeconomics, monetary economics, and financial economics. Her recent work focuses on banking, housing and monetary policy, firm financing, monetary policy, intergenerational saving motives,andinnovation and patent protection. She has published in top peer-reviewed economic journals such as American Economic Review, Journal of Economic Theory, Journal of Monetary Economics, European Economic Review, and Canadian Journal of Economics.
