演讲人：Chi-Yang Tsou（曼彻斯特大学 助理教授）

时间：2026年5月11日（周一）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：894174384

会议密码：723253

链接：https://meeting.tencent.com/dm/YtzLQjYEwRns

摘要：本文研究金融摩擦如何影响企业对采购义务的使用，以及采购义务对均衡保险的影响。采购义务是指具有法律约束力、不可取消的投入品采购承诺，它能够通过稳定成本帮助企业对冲投入品价格风险，但同时也会与可用于质押的资源相竞争，从而挤出企业的借款能力。我们构建了一个动态一般均衡模型，在该模型中，企业在金融约束和投入品价格不确定性下选择资本、借款和采购义务。模型揭示了采购义务的保险价值与融资成本之间的权衡，并表明金融摩擦会产生一种内生的保险渠道。在实证部分，我们利用采购义务强制披露的错位实施、抵押品冲击以及外生的供应链中断进行分析。证据支持模型的预测：采购义务会挤出借款能力，会随着投入品价格不确定性的上升而增加，并且在面临较强金融约束的企业中反应较弱。

Abstract: This paper studies how financial frictions shape firms’ use of purchase obligations and their implications for equilibrium insurance. Purchase obligations—legally binding, non-cancelable commitments to procure inputs—allow firms to hedge input price risk by stabilizing costs, but also crowd out borrowing capacity by competing for pledgeable resources. We develop a dynamic general equilibrium model in which firms choose capital, borrowing, and purchase obligations under financial constraints and input price uncertainty. The model highlights a trade-off between the insurance value of purchase obligations and their financing cost, and shows that financial frictions generate an endogenous insurance channel. Empirically, we exploit staggered mandatory disclosure of purchase obligations, collateral shocks, and exogenous supply chain disruptions. The evidence supports the model’s predictions: purchase obligations crowd out borrowing capacity, increase with input price uncertainty, and respond less strongly among financially constrained firms.

个人简介：

邹季洋是曼彻斯特大学联盟曼彻斯特商学院金融学助理教授。他获得香港大学博士学位。在加入曼彻斯特大学之前，他曾在香港科技大学担任博士后研究员。他的研究兴趣包括理论与实证资产定价、宏观金融、企业动态以及可持续金融。总体而言，他的研究议程旨在考察企业金融决策如何影响实体经济和金融市场。他曾在全球主要金融学术会议上报告研究成果，包括美国金融学会年会（AFA）、欧洲金融学会年会（EFA）、金融中介研究学会年会（FIRS）、中西部金融学会年会（MFA）、SFS Cavalcade年会以及西部金融学会年会（WFA）。他的论文《The Pollution Premium》发表于《Journal of Finance》，论文《Learning and the Capital Age Premium》发表于《Journal of Monetary Economics》。

Chi-Yang Tsou is an Assistant Professor of Finance at Alliance Manchester Business School. He holds a PhD degree from University of Hong Kong. Prior to joining Manchester, he worked at Hong Kong University of Science and Technology as a Postdoctoral Fellow. His research interests are in the areas of theoretical and empirical asset pricing, macro-finance, firm dynamics, and sustainable finance. Overall, his research agenda is to study how corporate finance decisions affect the real economy and financial markets. He has presented his research at all major global finance conferences, including the American Finance Association (AFA) meetings, European Finance Association (EFA) meetings, Financial Intermediation Research Society (FIRS) meetings, Midwest Finance Association (MFA) meetings, SFS Cavalcade meetings, and the Western Finance Association (WFA) meetings. He has published papers entitled “The Pollution Premium” in the Journal of Finance and “Learning and the Capital Age Premium” in the Journal of Monetary Economics.