主题：The Real Effect of Financial Intermediary Equity Capital
讲座内容简介：We test the empirical relations between the aggregate equity capital of financial intermediaries and the real economic activities at both the aggregate and firm levels. We find that shocks to the aggregate intermediary equity capital significantly lead to increases in capital investment, R&D expenditures, and employment at both the macroeconomic and microeconomic levels. Previous studies propose hypotheses of credit supply increase, financing cost reduction, investment efficiency, and moral hazard improvement as the potential channels through which financial intermediaries exert their impacts on the real economy. We find that all channels matter while their relative importance varies across firms. Overall, our findings highlight the importance of sustainable growth of the financial intermediation sector on real economic activities.