报告摘要

Based on a proprietary bank-loan-level dataset, we examine how minimum wage hikes affect the allocation of bank loans in China. We find that firms, especially the labor-reliant ones, are less accessible to bank loans after minimum wage rises. Labor-reliant firms that are still able to obtain bank loans outperform their counterparts in terms of lower exit rates and better future performances. Deal-level evidence shows that both the average default rate and loan spread decrease, suggesting that low-quality borrowers are filtered out and high-quality borrowers survive on the bank loan market after the wage shocks. Overall, our evidence suggests that the surge of minimum wages results in a separating equilibrium on the bank loan market. As more credit resources are allocated to high-quality firms and leave other firms far more behind, the existence of such credit allocation mechanism can exacerbate the divergence among firms induced by an increase in minimum wages.

报告人简介

彭俞超  教授

彭俞超，中央财经大学金融学院教授、博士生导师、副院长，青年龙马学者，全国金融青联委员，入选国家“万人计划”青年拔尖人才，兼任中央财经大学丝路金融研究中心主任。国家级线下本科一流课程主持人，教育部首批课程思政教学名师及团队、第二批全国高校黄大年式教师团队核心成员。主要研究方向为中国宏观经济、银行与公司金融。近年来，在《经济研究》、《管理世界》、《经济学（季刊）》、《世界经济》、《金融研究》、《中国社会科学（英文版）》、Journal of Development Economics、Journal of Money, Credit and Banking、Journal of Economic Behavior & Organization、Journal of Corporate Finance等国内外重要期刊发表论文80余篇，主持国家自然科学基金面上项目和青年项目、北京市社科规划项目，厦门市第十二次社会科学优秀成果二等奖，普华永道PwC3535优秀论文奖等。多项咨政报告获中央领导人批示或部委采纳。