報告題目：Government Support for SMEs in Response to COVID-19: Theoretical Model Using Wang Transform
報 告 人：王赫 助理教授 南方科技大學
報告時間：2020年7月21日
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校内聯系人：韓笑 hanx@jlu.edu.cn
報告摘要：
Many governments are taking measures in support of small and medium-sized enterprises (SMEs) to mitigate the economic impact of the COVID-19 outbreak. This paper presents a theoretical model for evaluating various government measures, including insurance for bank loans, interest rate subsidy, bridge loans and relief of tax burdens. Our paper distinguishes a firm’s intrinsic value and book value, where a firm can lose its intrinsic value when it encounters cash flow crunch. Our model highlights the importance of providing bridge loans to SMEs during the COVID-19 disruption to prevent massive business closures. Wang Transform is applied to (i) calculating the appropriate level of interest rate subsidy payable to incentivize banks to issue more loans to SMEs and to extend the loan maturity of current debt to the SMEs, (ii) describing the frailty distribution for SMEs, and (iii) defining banks’ underwriting capability and overlap index in risk selection. This paper makes policy recommendations of establishing policy-oriented banks or investment funds dedicated to supporting SMEs, developing risk indices for SMEs to facilitate refined risk underwriting, providing SMEs with long-term tax relief and early-stage equity-type investments.
報告人簡介：
王赫博士，現任南方科技大學金融系助理教授，金融系副主任分管教學，北美精算師協會中國區委員會委員，盈尚•南科聯合精算中心負責人。研究領域：資産定價、風險管理、量化交易、保險科技。中山大學 國際金融專業本科，清華-香港中文大學 财務金融MBA學位，美國華盛頓州立大學 金融學博士學位。20年來一直深耕金融領域，深谙金融理論知識和實踐應用。超過15年的金融業界工作經驗，與理論學習相互印證。其中，保險行業經驗超過12年，于信誠人壽、中英人壽、瑞泰人壽等多家大型公司從事管理工作，涉及保險精算、财務投資、風險管理等領域。同時，與銀行、證券等金融行業開展合作，并參與監管層面的政策制定與咨詢。
