The 24th Xi Xian Academic Luncheon, co-hosted by the IIDPF of ZUEL and the School of Public Finance and Taxation, was successfully held on 13 April 2023 in Conference Room 119, Wenqin Building. As the keynote speaker for this academic luncheon, Professor Rong Zhao of the Wenlan Business School delivered a keynote speech entitled Personal Bankruptcy Law and Innovation around the World. The academic luncheon was hosted by IIDPF researcher Dr Wan Xin, and was attended by some thirty faculty members and students, including Professor Ye Jingjing, Associate Professor Yan Weibo, Associate Professor Zhao Ying and researcher Dr Wan Qian from the School of Public Finance and Taxation.
The personal bankruptcy system is a relief exit mechanism that should be available in a mature market economy. It can achieve the purpose of revitalising the competitiveness of the market economy by providing institutional support and risk control for enterprise entrepreneurship, innovation and development. Based on data from the National Bureau of Economic Research(NBER) patent database, Professor Rong Zhao constructed a double-difference model to investigate the impact of personal bankruptcy law reform on business innovation. The results of the study showed that personal bankruptcy law reform enhanced small business innovation activities and increased patents and citations. Heterogeneity analysis found that personal bankruptcy law reform also increased the rate of growth in value added across all industries, with larger increases in industries with more opportunities for innovation.
Professor Rong Zhao gave a fascinating lecture to the audience and also stimulated in-depth thinking. During the discussion session, faculty and students participated in a lively and interactive exchange of views on the research background and empirical models.