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陆婷|第216期双周学术论坛

作者:     日期:2017-11-20    来源:

  演讲嘉宾:陆婷

  演讲时间:2017年11月28日,中午12:30-13:30

  演讲地点:中央财经大学学院南路校区910会议室

  主办单位:中央财经大学金融学院

  主持人:黄志刚,中央财经大学金融学院院长助理

  演讲内容:经济政策不确定性与企业金融投机(Corporate Financial Speculation Under Economic Policy Uncertainty)

  摘要:Using the quarterly data of China’s non-financial companies listing on A share markets from 2007 to 2016, this paper investigates how corporate financial speculation behavior is affected by the economic policy uncertainty. We find that the economic policy uncertainty is positively related to corporate financial speculation, and this positive effect exhibits heterogeneity in the cross-section. It is significantly stronger for firms which are less financially constrained, providing an empirical support for policy uncertainty to propagate through the financial friction channel. Yet we find no evidence in favor of the real option mechanism, indicating that in China, the real option induced investment delay will not transform into financial speculations. The overall results show that a stable economic policy environment and fair financial markets could help reducing corporate financial speculation, and alleviate its crowding out effect on real economy.

 

  主讲人介绍

  陆婷,中国社科院世界经济与政治研究所副研究员,中山大学管理学院金融学博士,中国人民银行博士后。主要研究方向为公司金融和国际金融。曾在《世界经济》、《金融研究》、China & World Economy, Frontiers of Economics in China等期刊发表多篇学术论文。