4月23-24日，浙江大学管理学院创新创业与战略学系邀请卡尔加里大学Alain Verbeke教授带来以国际商务研究为主题的工作坊。浙大管院教授窦军生、浙大管院教授邬爱其以及来自曼尼托巴大学的吴振宇和袁文龙将出席。本次工作坊将在浙大紫金港校区管理学院大楼1102举行。

2019年4月23日

地点:浙江大学紫金港校区

时间:14:00 - 19:00

2019年4月24日

欢迎演讲

时间:8:00 - 8:15

时间:8:15 - 8:30

主讲人:Alain Verbeke

主持人:吴振宇，加拿大马尼托巴大学

时间:8:30 - 9:45

休息时间

时间:9:45 - 10:00

时间:10:00 - 12:00

主席:高继军，加拿大马尼托巴大学

跨国公司债务结构与财务代理风险

   作者:Jonathan A. Batten(马来西亚Utara大学和悉尼大学)、Karren Lee-Hwei Khaw(马来西亚大学)、Peter G. Szilagyi(中欧大学)和Martin R. Youngf(梅西大学)

跨国公司债务结构与金融和代理风险

作者：Jonathan A.Batten（马来西亚乌塔拉大学和悉尼大学）、Karren Lee Hwei Khaw（马来西亚大学）、Peter G.Szilagyi（中欧大学）和Martin R.Youngf（马西大学）

摘要：跨国公司利益相关者关注的一个关键问题是降低与国际化相关的代理成本（海外业务成本）。在这项研究中，我们以文献为基础，表明虽然代理成本是企业国际化过程中的一部分，但债务可以用来降低这些成本。跨国公司可以获得不同的债务融资选择（例如，可转换债券与无选择权的直接债券，以及不同期限的债券）。这些证券都有不同的代理成本。本文的主要研究结果表明，跨国公司可以利用与不同类型债务相关的不同金融风险来降低代理风险。重要的是，在本研究中，我们考虑了跨国公司发行的一些证券中的期权性质，并特别关注可兑换性。我们发现，无论是国内公司还是跨国公司，都使用长期债务来匹配以市场账面比率衡量的公司增长机会。这样做可以降低流动性风险和违约概率。机构投资者也可以利用可转换债券作为控制代理成本的一种方式，对债务的绝对水平施加限制。这些发现表明，机构投资者可以主动管理与国际扩张相关的长期增长选择权对可转换债券持有人产生的潜在利益。

克服逆源成见：发达经济体交叉上市作为信号

作者：姜伟（浙江大学），阎作等。（浙江大学）

文摘：从理论上阐述了交叉上市在克服新兴经济企业逆向起源成见中的信号作用。结合制度空白和制度领域的理念，首先阐明信息不对称分布是解决这一挑战的关键。根据国际金融中已确立的“联结假设”，论证了发达经济体的交叉上市可以作为克服起源定型的信号，区域制度空隙是一个突出的边界条件。以中国企业在香港的交叉上市及其与发达经济企业的国际合资企业的设立为研究背景，找到实证支持的证据。我们的贡献和未来的研究方向将进一步讨论。

地缘政治不稳定、企业资产负债表实力和企业投资：国际证据

作者：李光忠（中山大学）、林景荣（马萨诸塞大学洛厄尔分校）、郑颖（中山大学）

摘要：以1995年至2014年期间18个新兴国家的国际样本为例，研究了企业资产负债表实力在协调地缘政治不稳定对企业投资决策的影响方面所起的工具作用。我们发现，地缘政治不稳定性显著降低了资产负债表疲弱企业的企业投资，但对资产负债表疲弱企业没有显著影响。我们排除了强大的资产负债表公司具有不可观察特征的可能性，这些特征可能会在地缘政治冲击期间损害其投资，因为地缘政治不稳定不会影响公司的销售收入或以公司资产负债表实力为条件的会计业绩。我们的业绩并不是由资产负债表疲软、生产力下降或投资机会减少的公司推动的。进一步分析表明，一个国家的金融发展程度及其对银行业的资本依赖程度可以减弱地缘政治不稳定对资产负债表薄弱企业企业投资的负面影响。我们的研究结果揭示了一个政策含义，即一个国家可以通过增加企业的资产负债表实力，将地缘政治风险对其经济增长的影响降至最低。

April 23, 2019

Registration: Zijingang Campus, Zhejiang University

Time: 14:00 – 19:00

April 24, 2019

Arrival

Welcome Speech

Time: 8:00 – 8:15

Time: 8:15 – 8:30

Keynote Speaker: Alain Verbeke

Building a Research Stream upon Correct Conceptual Foundations

Facilitator: Zhenyu Wu, University of Manitoba, Canada

Time: 8:30 – 9:45

Coffee break

Time: 9:45 – 10:00

Session A

Time: 10:00 – 12:00

Chair: Jijun Gao, University of Manitoba, Canada

Multinational Firm Debt Structure and Financial and Agency Risks

Authors: Jonathan A. Batten (University Utara Malaysia and University of Sydney), Karren Lee-Hwei Khaw (University of Malaya), Peter G. Szilagyi (Central European University), and Martin R. Youngf (Massey University)

Abstract: One key concern for multinational firm stakeholders is the mitigation of agency costs associated with internationalization (a cost of doing business abroad). In this study we build upon this literature and show that while agency costs arise as part of the internationalization process of the firm, debt can be used to mitigate these costs. Multinational firms have access to different choices of debt financing (e.g. convertible bonds versus straight bonds without options, as well as bonds with different maturities). These securities all have different agency costs. The key results of the paper show that multinational firms can utilize the different financial risks associated with different types of debt to mitigate agency risks. Importantly, in this study, we consider the option-like properties -and focus specifically on convertibility - present in some securities issued by multinational firms. We find that both domestic and multinational firms use long term debt to match the growth opportunities of the firm measured by the Market to Book Ratio. Doing so reduces liquidity risks and default probabilities. Institutional investors are also able to utilize convertible debt as a way of controlling agency costs by imposing restrictions on the absolute level of debt. These findings suggest that institutional investors can proactively manage the potential benefits that apply to convertible debt holders from the long-term growth options associated with international expansion.

Overcoming adverse origin stereotyping: Cross-listing in developed economies as a signal

Authors: Jiang Wei (Zhejiang University), and Yan Zuo et al. (Zhejiang University)

Abstract: This article theorizes the signalling role of cross-listing in overcoming adverse origin stereotyping on emerging economy corporations. Combining ideas from institutional voids and institutional fields, we first clarify the asymmetric distribution of information as the key to resolving this challenge. Following the well-established “bonding hypothesis” in international finance, we then demonstrate that cross-listing in developed economies can serve as a signal to overcome origin stereotyping and the regional institutional voids are a prominent boundary condition. Taking Chinese firms’ cross-listing in Hong Kong and their establishment of international joint ventures with developed economy corporations as our research setting, we find empirical supportive evidence. Our contributions and future research directions are further discussed.

Geopolitical Instability, Firms’ Balance Sheet Strength, and Corporate Investment: The International Evidence

Authors: Guangzhong Li (Sun Yat-Sen University), Karen Jingrong Lin (University of Massachusetts Lowell), and Ying Zheng (Sun Yat-Sen University)

Abstract: Using an international sample covering 18 emerging countries over the period spanning from 1995 to 2014, we examine the instrumental role of firms’ balance sheet strength played in mediating the impact of geopolitical instability on corporate investment decisions. We find that geopolitical instability significantly reduces corporate investment for firms with weak balance sheet, but has no significant impact on firms with strong balance sheet. We exclude the possibility that strong balance sheet firms have unobservable characteristics that could impair their investments during geopolitical shocks by showing that geopolitical instability does not affect firms’ sales revenue or accounting performances conditional on firms’ balance sheet strength. Our results are not driven by firms with weak balance sheet being less productive or having less investment opportunities. Further analysis shows that the negative effect of geopolitical instability on corporate investment for firms with weak balance sheet can be attenuated by a country’s degree of financial development and its capital dependency on the banking industry. Our results shed lights on a policy implication that a country could minimize the impact of geopolitical risks on its economy growth by increasing firms’ balance sheet strength.