2014年10月28日(星期二)下午，加拿大莱斯布里奇大学副教授、金融分析师邵裴博士在经济研究所二楼会议室举办题为“银团贷款减持对公司运营能力的影响”的学术讲座。 

　　作者采用了美国银行监管机构提供的特别数据来研究银团贷款（又称辛迪加贷款）减持对借款人所带来的后果。该研究跟踪了银团贷款对每一家公司贷款持有量的年度变化，作者克服了以往相关研究中的数据限制问题，并且区别和研究了不同类别的银贷减持，例如：由于二级市场交易或贷款证券化所引起的减持、由于公司还款或贷款条款修订所引起的减持、定期（或循环信用）贷款减持、商业银行（或机构投资者）减持和主承销商（或承销团成员）减持等。研究结果显示，在二级贷款市场交易或贷款证券化的过程中，逆向选择和道德风险问题并不像一般人们认为的那样严重。另外，作者也发现，银贷的减持并不是由于借债公司较高的不对称信息以及信贷风险的提高所造成的，而是取决于放贷人自身对资金流动的需求；此外，机构投资者对那些具有高回报且违约风险低的债务的大量需求也是引起银团贷款的减持的重要成因；最后，二级贷款市场买家能够选择那些具有优良内部评级的贷款也表明放贷人（卖家）很可能已经在交易过程中向买家透露了他们所掌握的私人信息。以上发现也帮助作者解释了为什么在大部分实验中，当研究者控制了有关公司违约风险的公共信息后，信贷减持对于公司的违约风险并没有显著的影响。 　　  

　　邵裴于2007年获得加拿大约克大学舒立克商学院金融学博士，从2011年起至今在加拿大莱布里奇大学任教，研究领域主要包括：银团贷款市场、次级贷款市场、金融中介、企业融资、企业IPOs、机构投资者、兼并和收购。教授的课程包括：投资、企业融资、国际金融管理、金融专题。以下为邵裴的学术简历： 

　　CURRICULUM VITAE 

　　Pei Shao, Ph.D., CFA 　　  

　　Areas of Interest 　　  

　　Research: Syndicated Loan Market, Secondary Loan Market, Financial 

　　Intermediation, Corporate Finance, IPOs, Institutional Investors, Mergers and Acquisitions. 　　  

　　Teaching: Investments, Corporate Finance, International Financial Management, Finance Topics. 　　  

　　Courses Taught in Past Five Years 　　  

　　COMM220 Financial Management I, COMM320 Financial Management II, COMM 322 International Financial Management, COMM 321 Investments and Securities Analysis 

　　MGT 4470/4471 Student Managed Investment Fund, MGT 3412 Fundamentals of Investment, MGT 3470 Corporate Finance, MGT 5200 Finance Topics. 　　  

　　Education 　　  

　　Ph. D. in Finance, Schulich School of Business, York University, 2007. 

　　Charted Financial Analysts (CFA) Charterholder, 2004. 

　　M.A. in Economics, York University, Canada, 2000. 

　　M.A. in Economics and Finance, University of Leeds, U.K., 1999. 

　　B.A. in Economics, Peking University, P.R.China, 1992. 　　  

　　Academic Work Experience 　　  

　　Associate Professor, July 2014-now  

　　Assistant Professor, July 2013-July 2014, Faculty of Management, University of Lethbridge. 

　　Director of Center for Financial Market Research and Teaching, July 2011- July 2013, Faculty of Management, University of Lethbridge. 

　　Assistant Professor, July 2006- July 2011, School of Business, University of Northern British 

　　Columbia. 

　　Lecturer, 2005-2006, Schulich School of Business, York University. 　　  

　　Publications 　　  

　　Li, Y., A. Saunders and P. Shao, 2014, "The Monitoring Incentives of Transactional and Relationship Lenders: Evidence from the Syndicated Loan Market," Journal of Money, Credit and Banking, forthcoming. 　　  

　　Mark J. Kamstra, Gordon S. Roberts, and Pei Shao, 2013, “Does the Secondary Loan Market Reduce Borrowing Costs?” Review of Finance, in press.  　　  

　　Jiang, W., K. Li, and P. Shao, 2010, “When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Noncommercial-Banking Institutions,” Review of Financial Studies 23, 3595-3637.  　  

　　Shao, P., 2010, “High Interest Rate Policy in Response to Thai Baht Crisis in 1997,” Journal of International Finance and Economics, Volume 10, Number 2, 124-133. 　　  

　　Shao, P., 2009, “Adverse Selection, Irrationality, and Underpricing of IPOs in China”, Review of Business Research, Volume 9, Issue 4, 23-35. 　　  

　　Nandy, D., P. Shao, 2008, “Institutional Investment in Syndicated Loans", Proceedings of the Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, Chicago, Illinois, 2008, May issue, pp: 394-409. 　　  

　　Papers Currently Under Review  　　  

　　“Did Regulation Fair Disclosure Affect Credit Markets?”,  2013, coauthored with Anthony Saunders and Yutao Li, revised and submitted, under review at  Journal of Financial and Quantitative Analysis.  　　  

　　“Loan Sales and Accounting Conservatism,” coauthored with Yutao Li (University of Lethbridge), Saiying Deng (Southern Illinois University), and Gerald J. Lobo (University of Houston), under review at The Accounting Review. 　　  

　　Working Papers 　　  

　　“Credit cut and firm performance,” 2014, coauthored with Deming Wu (Credit Risk Analysis Division, Office of the Comptroller of the Currency).  　　  

　　“Managing Risk: Relationship Banking Behavior When Firms Suffer Poor Performance,” 2014,  coauthored with Alex Ng (UNBC).  　　  

　　“Do Financing Expectations Affect Firm Performance?”, 2008, coauthored with Mark Kamstra (York University) and Debarshi Nandy (Brandeis University). 　  　　  

　　Working in Progress  　　  

　　“How Does Secondary Loan Market Affect IPOs?” coauthored with Kai Li (UBC) and Yutao Li (University of Lethbridge). 　　  

　　“Are Transactional Lender-Led Loans More Liquid than Relationship Lender-Led Loans?” coauthored with Gordon S. Roberts (York University). 　　  

　　“Do Performance Pricing Covenants Affect Bank Loan Liquidity?” coauthored with Gordon S. Roberts (York University) and Mehdi Beyhaghi (University of Texas San Antonio). 　　  

　　“Who are Selling the Loan? Does Sellers’ Role in Loan Syndicate Matter?” coauthored with Gordon S. Roberts (York University).  　　  

　　Research Grants 　　  

　　2010, Principle Investigator, SSHRC Research Initiative Development Grant (CAD 40000). 　　  

　　2008, Co-applicant, Federal Deposit Insurance Corporation Research Grant (USD 10000). 　　  

　　2005, Sole Applicant, Doctoral Dissertation Scholarship, National Research Program in Financial Services and Policy (CAD 10000). 　　  

　　Conference Presentations  　　  

　　“The Monitoring Incentives of Transactional and Relationship Lenders: Evidence from the Syndicated Loan Market”, coauthor Anthony Saunders and Yutao Li. Coauthors are equal participants. This paper has been presented at: 

　　 Financial Management Association (FMA) 2013 meetings 

　　 Northern Finance Association  (NFA) 2013 meetings  

　　 Financial Intermediation and Research Society (FIRS) 2013 meetings 

　　 China International Conference in Finance (CICF) 2013 meetings 

　　 Asian Finance Association  (AsFA) 2013 meetings  　  　　  

　　“Did Regulation Fair Disclosure Affect Credit Markets?”, coauthored with Anthony Saunders and Yutao Li. Coauthors are equal participants. This paper has been presented at: 

　　 Northern Finance Association Conference (NFA) 2012 meetings 

　　 Australasian Finance and Banking Conference 2012 meetings 　　  

　　“Relationship Banking Behavior When Firms Suffer Poor Performance”, coauthored with Alex Ng and Han Donker. Coauthors are equal participants. This paper won the best paper award ASAC 2012 meetings.   

　　 Administrative Sciences Association of Canada (ASAC) 2012 meetings  　　  

　　“Loan Resales, Asset Selection and Borrowing Cost”, coauthored with Gordon Roberts and Mark Kamstra, Coauthors are equal participants. This paper has been presented at: 

　　 China International Conference in Finance (CICF)  2011 meetings 

　　 Financial Management Association (FMA) 2010 meetings 

　　 Northern Finance Association (NFA) 2009 meetings 

　　 European Finance Association (EFA) 2009 meetings 　　  

　　“Institutional Investments in Syndicated Loans", coauthored with Debarshi Nandy. Coauthors are equal participants. This paper has been presented at: 

　　 RFS Fed/NYU Stern Financial Intermediation Conference 2010 meetings 

　　 American Financial Association (AFA) 2010 meetings 

　　 European Finance Association (EFA) 2009 meetings 

　　 Federal Reserve Bank of Chicago Conference 2008 meetings 　　  　　　　  

　　附件：邵裴：银团贷款减持对公司运营能力的影响.ppt

　　（以上材料由经济研究所科研处提供。编稿、审校：王砚峰）