题目：Who Lends Matter: Credit Source and Household Spending

主讲人：杨恩东

时间： 2026年10月28日 11:00-12:30

地点：北京师范大学珠海校区励耘楼B310

摘要：Does who lend matter for how households spend? We link informal social-loan transfers, formal credit-card approvals and utilization, and merchant-payment transactions from a Chinese fintech platform. After matching borrowers on demographics, location, and prior spending, we find that both groups increase spending when credit becomes available, and informal borrowers spend less than matched formal borrowers in the event month. The spending gap is short lived, reflects fewer transactions and smaller purchases, is larger for nondiscretionary spending, and appears concentrated among loans from nonfamily ties, especially ordinary friends. Transfer-note content is not associated with spending. These patterns suggest that the identity of the lender, and the obligations it creates, shapes how readily newly available credit becomes consumption.

个人简介：杨恩东，澳门大学工商管理学院金融学副教授、学院学术研讨会负责人，兼任澳门大学信息学院金融科技与商业智能系副教授。杨教授于新加坡南洋理工大学获得金融学博士学位，他的主要研究领域包括公司金融、金融科技与AI、中国经济与金融市场、企业社会责任与可持续金融、公司信息披露等。其研究成果已发表于Journal of Accounting and Economics、Management Science、Journal of Financial and Quantitative Analysis、Journal of Corporate Finance等国际顶尖及权威学术期刊。主持国家自然科学基金青年与面上项目，并长期参与国际学术会议、学术论坛及高校学术研讨活动的组织与交流。