第192期
广外经贸论坛：
Personal Bankruptcy Law and Innovation around the World
一、讲座题目：Personal Bankruptcy Law and Innovation around the World
二、讲座时间：2024年9月10日（星期二）14:30-16:00
三、讲座地点：广东外语外贸大学大学城校区院系办公楼301会议室
四、主讲人：荣 昭 教授，中南财经政法大学文澜学院
主持人：徐丽鹤 教授，广东外语外贸大学经济贸易学院
五、主讲人简介
荣昭教授、博导，佛罗里达国际大学经济学博士。研究方向：企业创新、公司金融、农村劳动力转移。曾在《管理世界》《经济学》（季刊）《金融研究》、Journal of Comparative Economics，Research Policy，Small Business Economics等国内外权威期刊发表论文20余篇。
六、主讲内容简介
Because corporate limited liability prevents creditors from founder’s personal assets, creditors often require founders of new, small and risky firms to contract around limited liability by pledging their personal assets as collateral for loans to their firms. This makes personal bankruptcy law (PBL) relevant to corporate finance. We find that pro-debtor PBL reforms increase the number of patents filed, citations to those patents, and début patents by firms with no previous patents. These reforms also redistribute innovation across industries in closer alignment to its distribution in the U.S., which we take to approximate industry innovative potential. These effects are driven by firms without histories of high-intensity patenting, and are damped in countries that impose minimum capital requirements on new firms. Firms with largescale legacy technology may avoid radical innovations that devalue that technology. Consequently, new, initially small and risky firms often develop the disruptive innovations that contribute most to economic growth. Consistent with this, we also find pro-debtor PBL reforms increasing value- added growth rates across all industries, and by larger margins in industries with more innovation potential. Our difference-in-differences regressions use patents and PBL reforms for 33 countries from 1990 to 2002, with subsequent years used to measure citations to patents in this period.
七、主持人简介：
广东外语外贸大学教授、硕士生导师、云山学者、美国德州农工大学布什政府与公共服务学院访问学者、荷兰瓦赫宁根大学发展学院访问学者、粤港澳大湾区研究院副院长。曾在European Economic Review、China Economic Review，《经济研究》《经济学》（季刊）《世界经济》《金融研究》《经济科学》《世界经济文汇》《财经研究》等国内外权威期刊上发表学术论文20余篇，其中获人大报刊复印资料转载3篇，《中国社会科学文摘》以及《社会科学文摘》等观点转载1篇。获得香樟经济学术圈、计量经济圈等公众号推送多篇。主持国家自然科学基金委项目2项，主笔与参与撰写的研究报告曾获国家和省部级领导批示数次，合作出版专著2部。曾获China Economic Review 以及《经济科学》优秀论文奖。
经济贸易学院
2024年9月3日
