吴锴
电子邮箱：wukai8759@cufe.edu.cn
个人主页：https://www.kaiwufinance.com
办公室：沙河校区3号教学楼209室
职位
中央财经大学金融学院长聘副教授，2024-
中央财经大学金融学院硕士生导师，2022-
中央财经大学金融学院副教授，2022-2024
中央财经大学金融学院助理教授，2018-2021
中央财经大学私募投资基金研究中心副主任，2019-
教育背景
康奈尔大学博士，金融学方向，2018
康奈尔大学理学硕士，金融学方向，2016
厦门大学王亚南经济研究所博士研究生，2013
哈尔滨工程大学管理学学士，电子商务专业，2010
研究方向
公司金融，收购兼并，企业创新，风险管理，人工智能
发表论文
Wu K., Lu Y. 2025. The Digital Dilemma: Corporate Digital Transformation and Default Risk, Journal of Financial Stability, 77(3): 101393.
Zhen W., Wu K., 2025. Government-Business Relationship and Corporate Poverty Alleviation Decisions: Evidence from China, Asian Development Review, in press.
Obaid R. Wu K., Xue J. 2025. Unveiling the Hidden Risks of Government Subsidy Reliance: Evidence from Stock Price Crashes, Spanish Journal of Finance and Accounting, in press.
Zhang H., Wu K., Wang S. 2025. Freezing or Searing: Unraveling the Impact of Extreme Temperatures on Poverty in China, Environmental Impact Assessment Review, 112(3): 107841.
Obaid R., Zhang L., Wu K. 2025. Does Banking Liberalization Affect Corporate Debt Structure? Evidence from Natural Experiments in China, Journal of Financial Research, in press.
Wang, S., Zhang, H., Wu, K., Nygaard, C. and Min, J., 2024. Deciphering the unequal impact of extreme temperatures on county sustainability in China. Environment, Development and Sustainability, in press.
Wu K., Lu Y., Li D., 2025. Contingent Cash Crunch: How Do Performance Commitments Affect Acquirer Liquidity? Research in International Business and Finance, 73(1): 102592.
Obaid R., Liu J., Wu K. 2024. COVID-19 Exposure, Financial Flexibility, and Corporate Leverage Adjustment, International Review of Economics and Finance, 96(11): 103651.
Liu Y., Wu K., Liang X., 2024. Does Low-Carbon Pilot Policy Promote Corporate Green Total Factor Productivity? Economic Analysis and Policy, 84(12), 1-24.
刘继明, 吴锴, 刘向丽. 2024. 自贸区金融改革与资本结构动态调整. 中央财经大学学报, 9: 69-80.
Guo D., Wu K., 2024. From Red Tape to Innovation: How Does Municipal Government Financing Reform Affect Corporate R&D Activities? Accounting and Finance, 64(4): 3387-3417.
余俊焱, 吴锴. 2024. 数字生态下企业共同富裕表现: 基于多重分配视角的分析. 中国经济学, 2(10): 119-157.
An S. Wu K., Liu Y., Tan X., 2024, Manager Sentiment, Deal Characteristics, and Takeover Performance, British Accounting Review, 56(6): 101374.
Liu Y., Wu K., Ruan S., Kassar M., 2024. Supplier Concentration and Speed of Capital Structure Adjustment, Pacific-Basin Finance Journal, 85(6): 102328.
Zhang H., Zhang Y., Wu, K., Shen D., 2024, Governance of Greenwashing Behaviors: A Perspective of Heterogeneous Firm Types, Energies, 17(6): 1340.
Rehman O., Zhou Z., Wu K., Li W., 2024, From Courtrooms to Corporations: The Effect of Bankruptcy Court Establishment on Firm Acquisitions, Finance Research Letters, 61(3): 105037.
Sun Y., Liu S., Wu, K, Hong Y. 2024, Does Environmental Regulation Affect Analyst Forecast Bias? Evidence from China's Low-Carbon Pilot Policy, Journal of Environmental Management, 353(2): 120134.
Wu, K., Wan S., 2023, Job Stability and Household Financial Vulnerability: Evidence from Field Surveys in China, Finance Research Letters, 58, 104554.
Yue Z., Wu, K., 2023, Bankruptcy Court Establishment and Corporate Risk-Taking, Finance Research Letters, 58, 104490.
Wu, K., Lu, Y., 2023. Corporate Digital Transformation and Financialization: Evidence from Chinese Listed Firms, Finance Research Letters, 57(11): 104229.
Jia X. Wu, K., 2023. Supplier Concentration and Analyst Forecast Bias, China Journal of Accounting Research, 16(4): 100326.
Rehman, O., Liu, X., Wu, K., Li, J., 2023. Customer Concentration, Leverage Adjustments, and Firm Value, Accounting and Finance, 63(2): 2035-2079.
Zhang, H., Wang D., Wu, K., Sun, C., Lin C., 2023. Does Political Inspection Promote Corporate Green Innovation?, Energy Economics, 123(7): 1-11.
Liu, J., Wu, K., Jiang, F., Shen, Z. 2023. How Is Illiquidity Priced in the Chinese Stock Market? Accounting and Finance, 75(S1): 1285-1320.
Zhou Z., Wu K., 2023. Does Climate Risk Exposure Affect Corporate Leverage Adjustment Speed? International Evidence, Journal of Cleaner Production, 389(2): 136036.
Wu K., Liu Y., Sun H., Xu Y., 2023. It Pays to Have Guanxi: How Social Capital Affects Household Income? International Studies of Economics, 18(3): 370-392.
Kopyrina O., Wu K., Ying Z., 2023. Greening through Central Inspection: The Role of Legitimacy Pressure and Risk-Taking, Pacific-Basin Finance Journal, 77(2): 101894.
Liu J., Wu K., Zhou M., 2023. News Tone, Investor Sentiment, and Liquidity Premium, International Review of Economics & Finance, 84(3): 167-181.
Wu K., Liu J., 2022. Purifying Political Ecology: How Anti-Corruption Campaign Affects Capital Structure Decisions? Pacific-Basin Finance Journal, 75(10), 101845.
Zhang H., Liang S., Qiu Y., Cai Y., Chan G., Wang S., Zhou D., Zhou Y., and Li Z., 2022. Using Agrophotovoltaics to Reduce Carbon Emissions and Global Rural Poverty, The Innovation, 3(6), 100311.
Wang, S., Wu, K., Lai, S., 2022. Acquisition for Innovations? M&A Intensity and Intra-Firm R&D Reallocations, Research in International Business and Finance, 62(12), 101721.
Zhang, H., Huang Y., Wu, K., Wang S., Nygaard C., Qiu, Y., 2022. Do Political Connections Affect Corporate Poverty Alleviation Decisions? Evidence from China, China Economic Review, 73(6), 101785.
Wu, K., Xu, M., Jin, Z., 2022. Thirst for Money: External Guarantees and Stock Price Crash Risk, Pacific-Basin Finance Journal, 72(4), 101724.
Huang Y. Liang, B. Wu, K. 2021. Are Mutual Fund Manager Skills Transferable to Private Funds? International Review of Economics & Finance, 76(11): 614-638.
Huang D., Li, J. Wu K. 2021. The Effect of Oil Supply Shocks on Industry Returns, Journal of Commodity Markets, 24(12), 100172.
Wu, K., Lai, S. 2020. Intangible Intensity and Stock Price Crash Risk, Journal of Corporate Finance, 64(10), 101682.
Zhang, H., Wu, K., Qiu, Y., Chan, G., Wang, S., Zhou, D., Ren, X. 2020. Solar photovoltaic interventions have reduced rural poverty in China. Nature Communications, 11: 1969.
Zhang, H., Xu, Z., Wu, K., Zhou, D., Wei, G. 2019. Multi-dimensional poverty measurement for photovoltaic poverty alleviation areas: Evidence from pilot counties in China. Journal of Cleaner Production, 241(12), 118382.
陈海强, 韩乾, 吴锴. 2015, 融资约束抑制技术效率提升吗?——基于制造业微观数据的实证研究. 金融研究, 10: 148-162.
Chen, H., Han, Q., Li, Y., Wu, K. 2013. Does index futures trading reduce volatility in the Chinese stock market? A panel data evaluation approach. Journal of Futures Markets, 33(12), 1167-1190.
陈海强, 韩乾, 吴锴. 2012, 现金流波动, 盈利稳定性与公司价值——基于沪深上市公司的实证研究. 金融研究, 9: 181-194.
吴锴, 喻登科, 肖振红. 2009, 股息公告与自由现金流假说: 理论与验证. 经济与管理研究, 2: 70-75.
工作论文
Onsite Oversight: Institutional Site Visits and Stock Return Volatility, with Yue Zhang and Donghui Li (Revised and resubmitted, Research in International Business and Finance)
Political Uncertainty and Corporate Innovations: Does Firm-Level Risk Matter?, with Obaid Ur Rehman and Jia Liu (Revised and resubmitted, Journal of Empirical Finance)
The Voice of the Silence: Does Online Voting Affect Corporate Internal Compensation Gap?, with Jiming Liu (Revised and resubmitted, Accounting Forum)
How Do Natural Disasters Affect Regional Innovation?, with Ziyang Zhan, Dongxing Jia, and Huiming Zhang (Revised and resubmitted, Journal of Regional Science)
Workplace Anti-Discrimination and Corporate Organization Capital, with Kehan Zhang and Jiming Liu (Revised and resubmitted, British Journal of Industrial Relations)
The Digital Dilemma: Corporate Digital Transformation and Default Risk, with Yufei Lu (Revised and resubmitted, Journal of Financial Stability)
The Dark Side of Digital Transformation: The Case of Accounting Fraud Risk, with Yufei Lu and Xiangli Liu (Revised and resubmitted, Accounting and Business Research)
How Does Common Institutional Ownership Adapt to Technology Shocks?, with Linghao Zhang and Xinwei Jin (Revised and resubmitted, Journal of Business Research)
Climate Risk Exposure and Corporate Accounting Fraud Around the World, with Zihan Zhou, Weimian Ai, and Liandong Zhang
Do Expressions of National Sentiments Secure Firms' Government Procurements? with Gary Tian and Donghui Li
Strategic Silence: U.S. Sanctions and Corporate Disclosure in China, with Chao Dou, Kai Yang, and Donghui Li
Unveiling the Hidden Workforce Costs of Market Dependencies: Customer Concentration and Employee Satisfaction, with Weidong Xu, Zijun Luo, and Donghui Li
出版书籍
金融科技理论与实践, 李建军主编, 中国财政经济出版社, 2021，北京
金融科技学, 李建军主编, 高等教育出版社, 2021, 北京
理财规划基础, 李青云主编, 中国金融出版社, 2020, 北京
课题基金
中央财经大学2024年思政+项目，主持
中央财经大学2023年时雨微课建设项目，主持
中央财经大学2023年学习贯彻党的二十大精神专项研究课题，主持
中央财经大学2023年度研究生教育教学改革研究课题, 主持
中央财经大学教育教学改革基金2022年度课题, 主持
中央财经大学“青年英才”培育支持计划 (QYP2202)，主持
中央财经大学教育教学改革基金项目 (本科) (2022XYJG07)，主持
国家自然科学基金青年基金项目 (No. 72103217)，主持
中央财经大学创新教学方法研究项目 (JFY202106)，主持
国家自然科学基金面上项目 (No. 72073126)，主要参与人
中央财经大学2021年度教学方法研究项目, 主持
中央财经大学创新科研团队项目 (No. 20190119, 20210024)，成员
北京市社科联基金 (No. SM202110038003)，成员
会议报告
CUFE Financial Engineering Department Seminar (2024)
中国经济学年会 (2011, 2019, 2024)
International Conference of the Japanese Accounting Review (2021, 2022, 2023, 2024)
中国金融学会年会 (2020, 2022, 2023, 2024)
Xiangjiang River Forum in Economics, Finance and Management for Young Scholars (2024)
中国金融工程学会年会 (2020, 2021, 2022, 2024)
China International Risk Forum (2021, 2022, 2023, 2024)
Nanchang International Finance Conference (2024)
Indonesian Financial Management Association International Conference (2024)
Greater China Area Finance Conference (2018, 2022, 2024)
Asian Economic Development Conference (2024)
FMA Asia/Pacific Conference (2019, 2024)
Lake-side Finance Forum (2024)
CUFE Winter Finance Symposium (2024)
China Financial Market, Innovation, and ESG International Conference (2023)
The Cross-Country Perspectives in Finance (2023)
Conference on Asia-Pacific Financial Markets (2019, 2023)
China Economics Fast-Track Review Meeting (2023)
China Economic Growth and Fluctuation Summit Forum (2023)
China Corporate Finance Summer Forum (2023)
East Asian Economic Association Conference (2023)
Research Symposium on Finance and Economics (2022, 2023)
SBS International Conference for Finance (2023)
Sustainable Development and Corporate Social Responsibility Forum (2023)
China Accounting Association Annual Meeting (2023)
Asian Finance Association Annual Meeting (2018, 2023)
GanJiang Advanced Finance Forum (2023)
Shanghai-Edinburgh-London Green Finance (2023)
Corporate Governance and Financial Innovation in the Digital Era (2023)
Financial Markets and Corporate Governance Conference (2021, 2022, 2023)
China Bay-Area Finance Summit (2023)
中国低碳产业发展论坛 (2023)
数字经济与高质量发展论坛 (2023)
中国技术经济学会年会 (2022)
中国财务与会计学术年会 (2022)
International Conference on Derivatives and Capital Markets (2022)
中国计量经济学者论坛 (2022)
Vietnam Symposium in Banking and Finance (2022)
大数据计量经济学理论与应用——文本数据分析及其应用研讨会 (2022)
海上丝路会计与财务学术研讨会 (2022)
China Financial Engineering and Quantitative Finance Conference (2022)
中国留美经济学会年会 (2012, 2019, 2021, 2022)
香樟金融学年会 (2022)
Journal of International Accounting Research Annual Conference (2021, 2022)
香樟经济学年会 (2022)
China Fintech Research Conference (2022)
China Empirical Accounting and Finance Conference (2022)
China Finance Review International Conference (2021)
中国创新经济研讨会(2021)
金融科技，创新与金融发展会议 (2021)
中国区域金融学年会 (2021)
Eastern Finance Association Annual Meeting (2016, 2021)
高质量发展下的金融供给侧改革研讨会 (2019)
金融供给侧改革与金融风险会议 (2019)
中国财经实证研究论坛 (2019)
京津冀地区金融研究联盟年会 (2019)
金融科技与金融发展会议 (2019)
金融合作的一带一路经济效应 (2018, 2019)
International Conference on Asian Financial Markets and Economic Development (2019)
China Financial Research Conference (2019)
国际金融与银行研讨会 (2019)
立信金融论坛 (2019)
SFS Cavalcade North America (2018)
美国中西部金融学会年会 (2016)
全国金融学研究生学术论坛 (2012, 2019)
经济转型与金融市场发展研讨会 (2012)
首届厦门大学-台湾逢甲大学金融研讨会 (2012)
澳门国际会计与金融学术研讨会 (2011)
中国管理学会年会 (2011)
论文评审
Journal of Corporate Finance, Journal of International Money and Finance, Journal of Financial Research, China Economic Review, Journal of Accounting Literature, Journal of Financial Reporting and Accounting, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, International Review of Economics and Finance, Financial Research Letters, International Journal of Finance and Economics, PLOS ONE, Research in International Business and Finance, Journal of Risk and Financial Management, Economic Analysis and Policy, Journal of Asian Economics, Emerging Market Finance and Trade, Journal of Cleaner Production, China Finance Review International, Journal of Applied Accounting Research, Financial Innovation, Applied Economic Letters, Applied Economics, Asian Economic Journal, Eurasian Business Review, International Studies of Economics, North America Journal of Economics and Finance, Sustainability, Journal of International Financial Management & Accounting, Journal of Combinatorial Optimization, Cogent Economics and Finance, Environment, Development and Sustainability, Journal of Strategy and Management, International Journal of Managerial Finance, 管理科学学报, 金融论坛, 金融监管研究
教学经历
研究生案例研究 (2024, 2025)
MBA课程金融衍生产品 (2023, 2024)
计量经济学 (2019, 2020, 2021, 2022,2023, 2024, 2025)
金融工程概论 (2019, 2022, 2023, 2024, 2025)
行为金融学 (2021, 2022, 2023, 2024, 2025)
高级计量经济学 (2018, 2020, 2021)
金融时间序列分析 (2019)
奖励荣誉
学术研究
China Finance Review International期刊杰出审稿人奖 (2024)
International Studies in Economics期刊年度最佳论文奖 (2024)
Financial Markets and Corporate Governance Conference最佳论文提名奖 (2023)
可持续发展与企业社会责任论坛最佳论文奖 (2023)
国际气候与能源会议最佳论文奖 (2023)
江苏省哲学社会科学优秀成果二等奖 (2022)
江苏省研究生学术创新论坛特等奖 (2022)
中国金融工程学会年会优秀论文三等奖 (2022)
普华永道PwC3535论坛最佳论文提名奖 (2022)
江苏省高校哲学社会科学研究成果二等奖 (2021)
海峡两岸会计与审计论坛最佳论文奖 (2021)
中国区域金融学年会论文特等奖 (2021)
中国金融工程学会年会优秀论文三等奖 (2020)
中央财经大学骋望一流学术成果奖 (2020)
国泰安金融实证论文大赛优秀论文奖 (2013, 2019)
全国金融学研究生生学术论坛最佳论文奖 (2012, 2019)
亚洲金融学年会最佳博士论文奖 (2018)
美国东部金融学会最佳公司金融论文奖 (2016)
澳门国际会计与金融研讨会最佳学生论文奖 (2011)
TCI基金会暑期研究奖学金 (2014)
Ashley基金会暑期研究奖学金 (2016)
Aplin基金会暑期研究奖学金 (2017)
教学指导
中央财经大学优秀本科生导师 (2024)
中央财经大学成心优秀实践教学奖 (2024)
全国ETF投资大赛决赛第四名指导老师 (2024)
全国实验教学案例大赛三等奖指导老师 (2023)
中央财经大学创新创业大赛二等奖指导老师 (2023)
北京创新研究大赛三等奖指导老师 (2023)
中央财经大学毕马威最佳本科生导师 (2023)
全国金融专业硕士教学案例 (2023)
中央财经大学优秀学术导师 (2021, 2023)
北京市课程思政教学名师 (2022)
北京市优秀本科论文指导教师 (2021)
中央财经大学生创新创业大赛优秀指导教师 (2021)
媒体报道
多起并购重组开启“落地”进程，券业新格局呼之欲出, 《上海证券报》, 2025年2月24日
政府投资基金管理进入更加规范化、系统化的新阶段，《上海证券报》, 2025年1月15日
金融如何进一步赋能新质生产力发展, 《中国城乡金融报》,2024年8月23日
AI应用于金融研究的下一个可能性将是ChatGPT, 《华夏时报》, 2023年10月10日
深化金融监管改革推动经济高质量发展, 《中国金融》, 2023年第7期
有序推进新能源汽车“车-电”分离的政策建议, 环球网, 2021年8月20日 (先后被网易新闻、今天头条转载，政策建议被民盟中央采纳)
光伏扶贫战略显著提高了中国农村人均可支配收入, 中国能源网, 2020年4月27日 (先后被新浪财经、PV Magazine转载)
现金流波动、盈利稳定性与公司价值, 人大复印资料《投资与证券》2013年第2期
从面板数据的评估方法看期指对股市波动性影响, 期货日报，2012年11月12日 (先后被中国期货业协会、证券时报网转载)
