Title: Collateral Values and Global Production Networks

Speaker: Xiao Zhao, Shanghai Advanced Institute of Finance

Xiao Zhao is an Assistant Professor of Finance at SAIF. Her research focuses on empirical corporate finance, global supply chain and ESG. She got her PhD in Finance from Hong Kong Univerisyt of Science and Technology.

Abstract: Firms are interconnected through global production networks. In this study, I investigate how changes in a firm’s collateral value affect its supply chain linkages with international trade partners. I use a plausibly exogenous shock to the real estate market in China, which reduced the value of firms’ real estate holdings, and find an 11.1% reduction in exports to trade partners in the US. Financially constrained firms affected by the shock respond by increasing product prices, potentially compromising longterm customer relationships. Connected U.S. customers reallocate their imports to alternative suppliers, thereby inducing a shift to the global production network structure. My findings highlight the role of collateral value fluctuations, interacting with financial frictions, in trade partnership adjustment.

时间：2025年4月24日 14:00-15:30

地点：复旦大学经济学院514会议室