三位会计博士的论文，入选2022-2023学年“龙马之星”博士生论坛(第一期)

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中央财经大学会计学院
2022-2023学年“龙马之星”博士生论坛
(第一期)     时间：2022年10月15日（周六）   地点：腾讯会议
开幕式
时间：8:50-9:00致辞人：吴溪 教授（中央财经大学会计学院，院长）主持人：王彦超 教授（副院长）
论文报告时间：9:00-10:00
报告1：The Bundled Design of Institutional Loan Deals — An Information Asymmetry Perspective
报告人：唐仕斌（多伦多大学）摘要：Institutional (i.e., non-bank) lenders have become major funding providers in the leveraged loan market. Certain loan facilities — institutional facilities — are designed to primarily attract funding from institutional lenders. For these facilities, bank lenders still dominate the loan origination business, but often distribute their loan shares to institutional lenders in the secondary market. Predominantly assuming the role of participant lenders in syndicated loans, institutional lenders suffer from an information disadvantage relative to bank lenders. In this paper, I find that institutional facilities are more likely to be issued along with a bank facility (thus forming a loan package) when institutional lenders’ information concerns are greater. Such a bundling mechanism ensures that bank lenders have “skin in the game” at the loan package level. Further, within the same loan package, contractual terms for institutional versus bank facilities can differ.时间：10:00-11:00
报告2：Regulating by New Technology: The Impacts of SEC Data Analytics on SEC Investigations
报告人：邓恬（新加坡管理大学）摘要：The use of data analytics has long been emphasized by the Securities and Exchange Commission (SEC) in recent years, while little is known about whether the investment in data analytics achieves its goal of improving enforcement efficiency. This study examines the effects of the SEC regional offices’ use of data analytics on the investigation outcomes. Consistent with data analytics helping the SEC identify the most suspicious case to investigate and facilitate the investigation process, I find that the SEC’s use of data analytics is associated with a 12% increase in the SEC investigation success rate. The improvement in success rate is larger for complex firms and for firms that are distant from the SEC regional offices. In addition, I find that firms are less likely to commit fraud after the SEC’s use of data analytics because of the higher perceived detection likelihood. The investigation time is shorter and the detected fraud is more severe after the SEC’s use of data analytics. Overall, the results provide evidence that the SEC’s use of data analytics increases SEC enforcement efficiency and deters firms’ fraud occurrence likelihood.时间：11:00-12:00
报告3：How Banks Understand R&D Investments: The Case of Standards Setting Organizations
报告人：柯俊强 （北京大学）摘要：This paper examines a specific channel, Standards Setting Organizations (SSOs), through which banks can extract proprietary soft information to understand a borrower’s R&D investments and price-in that information in loan contract terms. Using a sample of bank loans issued to U.S. listed firms from 1996 to 2017, we find that firms newly joining an SSO can obtain more favorable loan terms from a bank that has previously lent to other firms in the same SSO than from other banks. This relationship is stronger when the borrower’s R&D is hard to interpret or earnings are hard to forecast. We also find that firms are more likely to borrow from these SSO-connected banks. Overall, our study demonstrates how proprietary R&D information that spills over through SSO connections helps mitigate information asymmetries in the lending process.

会计学术联盟简介
“会计学术联盟”由国内外青年会计博士联合发起的高层次交流平台。不忘初心，服务成长。通过整合会计领域优质资源，努力打造为有缘人成长服务的“高端会计生态圈”。牢记使命：传播会计前辈思想，引领青年一代成长；不忘初心：因缘分而相聚，因互助而成长，因智慧而光华。
自从2013年5月28日发起以来，经过九年多发展，联盟Seminar(学术年会)、联盟社群、联盟公众号、联盟训练营已颇具特色。在全国已经成功举办18期学术Seminar，五届学术年会，一届会计创新教育高峰论坛，两届齐鲁会计论坛、一届燕赵会计论坛，一届衡山会计论坛，极大促进了中青年博士、教师及在读硕博生之间的线下交流。
联盟旗下社群矩阵规模庞大，群友人数超过3万人，比较有特色的有：华人高端会计金融学者圈(600余人)，全球高校会计院长/系主任联谊群(500人)，全球最大的华人会计金融博士圈(850余人)，全国最大的会计教师圈(1000余人)，全球最大的会计硕士生群(1000余人)。会计高端生态圈萌友慧群（1000余人），已经形成了较完整的”生态圈“，极大促进学者(盟友)之间的线上交流。
联盟旗下会计学术联盟公众号(ID:KJXSLM)，已成为会计高端领域第一自媒体(关注人数超过18.8万人)，每天传播会计学术正能量，受益者成千上万。联盟已成功举办1期会计文献技能训练营，6期“实证会计与Stata训练营”、2018-2022年优秀会计学子科研成长营、国家社科/自科中标经验分享营，数千人因我们的服务直接受益。

围绕会计/金融人的学历成长，科研成长、教学成长、实务成长等，会计学术联盟的运营团队不断探索新机制，组建了会计学术联盟活动联合发起单位矩阵，成立了会计学术联盟学术服务委员会。服务个人/单位成长的同时，服务知识传承，服务学术进步，服务人才培养，服务经济社会发展，努力发挥联盟平台的社会价值。

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