一、报告题目：

Political connections and access to finance for SMEs around the world: The role of discouraged borrowers

二、报告人：

厦门大学助理教授 戚树森

三、报告时间：

2019年11月08日 （周五） 下午14:30-16:00

四、报告地点：

知新楼B219

五、报告人简介：

戚树森于2017年加入厦门大学管理学院任助理教授，并于2018年底开始兼任北京大学数字金融研究中心特约研究员。其研究领域主要包括银行学和公司金融，相关研究成果发表于Economic Inquiry、Financial Management、Journal of Financial Services Research、Pacific-Basin Finance Journal、China & World Economy等国际期刊。

六、 报告摘要：

Motivated by the international business literature that examines the interactions between organizations, corruption, and political forces, we examine whether and how political connections affect small and medium-sized enterprises’ (SMEs) credit access around the world. Using a sample of SMEs across 30 developing countries, we show that SMEs with political connections are significantly less likely to be discouraged from approaching banks for a loan as compared to SMEs without political connections. However, politically connected SMEs do not receive preferential lending from banks. Moreover, the nature of this effect depends on the institutional setting. Specifically, the effect becomes stronger in countries with high levels of corruption, suggesting that political connections are substitutes for poorly functioning formal institutions. We exploit multiple shocks to political connections across different countries to mitigate endogeneity concerns. Our findings have important implications for policies targeted at encouraging more borrowing, facilitating entrepreneurship, and attracting foreign investment.

七、主办单位：

永利集团88304官网集团