报告题目：Government Support for SMEs in Response to COVID-19: Theoretical Model Using Wang Transform
报 告 人：王赫 助理教授 南方科技大学
报告时间：2020年7月21日
报告地点：腾讯会议ID：
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校内联系人：韩笑 hanx@jlu.edu.cn
报告摘要：
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.
报告人简介：
王赫博士，现任南方科技大学金融系助理教授，金融系副主任分管教学，北美精算师协会中国区委员会委员，盈尚•南科联合精算中心负责人。研究领域：资产定价、风险管理、量化交易、保险科技。中山大学 国际金融专业本科，清华-香港中文大学 财务金融MBA学位，美国华盛顿州立大学 金融学博士学位。20年来一直深耕金融领域，深谙金融理论知识和实践应用。超过15年的金融业界工作经验，与理论学习相互印证。其中，保险行业经验超过12年，于信诚人寿、中英人寿、瑞泰人寿等多家大型公司从事管理工作，涉及保险精算、财务投资、风险管理等领域。同时，与银行、证券等金融行业开展合作，并参与监管层面的政策制定与咨询。
