一、主题：Economic Policy Uncertainty and Corporate Inventory Holdings: Evidence from China

二、主讲人：钟腾，对外经济贸易大学金融学院讲师，硕士生导师，投资系副主任。毕业于中国人民大学统计学专业（本科）、数量经济学专业（硕士）和金融学专业（博士），美国南加州大学联合培养博士。主要研究方向包括公司金融、房地产金融、农村家庭金融等。在《经济研究》、《金融研究》、《经济学（季刊）》、《财经研究》、Journal of Economic Policy Reform等学术期刊发表多篇学术论文，并获得国家自然科学基金青年项目的资助。

三、时间：2018年4月4日（周三），12:30-13:30

四、地点：学院南路校区主教学楼913会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

摘要：We investigate the impact of economic policy uncertainty on corporate inventory holdings, as well as the mechanism and economic consequences. We find that the increase of policy uncertainty significantly reduces corporate inventory holdings and this effect is more pronounced among private-owned firms. Corporate reduction of inventory holdings in high-uncertainty periods would enhance their future market value and operating performance. Then we test two possible mechanisms and find that policy uncertainty induces more precautionary cash holdings to avoid potential risks, resulting in the reduction of inventories. In addition, the inventory holdings of firms with greater financial constraints or smaller agency problems are more affected by policy uncertainty. Our results illustrate that the reallocation between inventories and cash is an efficient way to cope with the uncertainty associated with economic policy changes.