企业集团、信贷冲击与创新驱动增长
发布时间：2025-09-25
9月
26
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时间和日期
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2025-09-26 (星期五) 10:30 上午
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12:00 下午
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地点
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综合教学楼D904会议室
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| 标题 | 企业集团、信贷冲击与创新驱动增长 |
| 日期和时间 |
2025年9月26日（周五） 10：30-12：00 |
| 地点 | 综合教学楼D904会议室 |
| 主讲人 |
Payne Hennigan教授 早稻田大学 |
| 摘要 | I develop a dynamic model of internal capital allocation within conglomerates facing liquidity shocks, in which affiliate firms differ in their innovation potential. I define cutoff rules for when to liquidate low-productivity firms, coerce intermediate types into short-term strategies, or preserve high-potential firms for long-term R&D. Embedding these margins into an endogenous growth model, I show that the optimal strategy evolves over time: coercion preserves liquidity in early stages of conglomerate development but becomes suboptimal as gains from short-term innovation diminish once the conglomerate approaches the technological frontier. I illustrate the changing tradeoff across conglomerate development level through comparing the optimal strategy with two inefficient ones: a coercion trap, where short-termism persists too long, and a liquidation fallacy, where viable firms are discarded prematurely. My framework offers microfoundations for internal capital reallocation and policy insights for restructuring within business groups. |
| 主讲人简介 | Payne Hennigan是一位宏观经济学家，现为东京早稻田大学访问教授。他的研究聚焦中国房地产市场、地方政府财政、经济周期与货币政策。近期曾任北京大学经济学助理教授，当前的研究探讨金融摩擦与内部资本配置如何影响创新与经济增长，尤其关注东亚经济体。他拥有经济学博士学位，并曾在早稻田大学、牛津大学和香港大学等院校展示其研究成果。 |
