讲座主题：Strategic Alliances and Lending Relationships
Abstract: We provide new insights on the value of strategic alliances from a debt financing perspective. We find that firms entering a strategic alliance receive a lower interest spread when they borrow from banks that have previously lent to their strategic partners, compared to loans from other banks. Importantly, this effect varies with the information and accounting environments of borrowing firms. The effect is stronger when a borrower’s transparency and accounting quality is low. We also find that strategic alliances lead borrowers to receive non-price loan term benefits in the form of larger loan amounts and less concentrated loan syndicates. Last, in addition to obtaining more favorable loan terms when dealing with alliance-related banks, we document that borrowers have a higher likelihood of obtaining debt financing from alliance-related banks than from other banks, evidence that strategic alliances are another channel through which lending relationships are formed.
主讲人简介：麻志明，北京大学光华管理学院会计学系副教授、博士生导师。博士毕业于香港科技大学，研究兴趣广泛，主要研究领域：债务契约、审计、会计与金融之间的交叉课题等。学术论文发表于Journal of Financial Economics, Journal of Accounting and Economics, Contemporary Accounting Research, Accounting, Organizations and Society,《经济研究》、《金融研究》、《会计研究》等国内外顶级学术期刊。