第二百三十一期财务与会计学术论坛

发布者:xieying 发布时间：2017-06-07 16:49:07 浏览数： 次 [ 返回 ]

时间：2017年6月8日（周四）10:00-11：30

地点：嘉庚二号楼501教室

题目：Dissecting the Long-term Performance of the Chinese Stock Market（with Franklin Allen, etc）

报告人：陕晨煜，上海高级金融学院金融学助理教授

主持人：孙增元，澳门永利yl6776财务管理与会计研究院助理教授

论文摘要：

The Chinese economy, the largest in the world in PPP terms, has been the fastest growing for the past thirty-five years, and the size of the Chinese stock market is the second largest in the world. During the period 2000-2014, China’s domestic market and its listed firms underperform markets and listed firms from developed and emerging countries, and matched unlisted firms. Chinese firms listed overseas, especially those listed in Hong Kong, perform much better. We examine institutional features of the markets as the reason for the disconnection between economic growth and stock market performance. Problematic IPO and delisting processes exacerbate the adverse selection of firms in the market. With much higher levels of investment compared to listed firms from the US, Japan, India and Brazil as well as Chinese firms listed overseas, domestic-listed firms generate lower net cash flows, implying low investment efficiency. Lower cash flows are associated with more related-party transactions, indicating deficiencies in corporate governance.

报告人简介：

陕晨煜于香港大学获得金融学博士学位，宾夕法尼亚大学沃顿商学院的富布莱特访问学者。她的研究领域包括信用违约互换，信用风险，信贷市场，和银行。她曾有多篇论文入选金融领域的学术会议，如由西方金融学会（WFA）、欧洲金融年会（EFA）、SFS Cavalcade、中国国际金融会议（CICF）、中国金融协会（TCFA）组织的会议等，2011年荣获TCFA评选的最佳论文奖，2014年金融市场和公司治理会议最佳论文奖，2012年美国金融年会学生奖学金和2013年美国国际管理教育联合会Beta Gamma Sigma奖，有1篇论文发表在European Journal of Finance。