主 题：Family Involvement and New Venture Debt Financing
报告人：蔡济铭（Jess H. Chua）教授，加拿大卡尔加里大学Haskayne商学院
主持人：姚铮教授，浙江大学管理学院会计与财务管理系
时 间：9月23日（周五）15:00-17:00
地 点：浙江大学紫金港校区行政大楼702会议室
内容简介：New ventures often require debt financing but face difficulties convincing lenders of their creditworthiness because of agency problems. Researchers have shown that social capital can help small firms reduce lenders’ agency concerns. But new ventures do not yet have their own social capital and the entrepreneur may have insufficient social capital; so the new venture has to borrow the needed social capital. The borrowing of social capital causes another agency problem because the social capital may also be misused. We propose that family involvement increases a venture’s ability to borrow family social capital for the purpose of obtaining debt financing. Empirical tests with 1,267 new ventures suggest that family involvement directly and indirectly improves a new venture’s access to debt financing.
报告人介绍：蔡济铭，菲律宾华侨，祖籍福建晋江，美国 Michigan 大学金融系博士，现任加拿大 Calgary 大学 Haskayne 商学院金融教授兼家族企业讲座教授， 浙江大学管理学院方太讲座教授。出版专著6本，发表财务管理与家族企业类文章100余篇，并多被引用。
