Date and Time: May 20th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

About the Speaker

Qian Han is associate professor of finance at Xiamen University. His research areas are derivatives, financial market microstructure, and macroeconomics and financial markets.

Abstract (only available in Chinese)

本文通过上市企业的财务数据，从微观角度识别“市场化”货币政策和“结构性”货币政策对企业投融资行为的影响，区分不同货币政策的传导机制和信用分配效应。实证结果发现，“市场化”货币政策和“结构性”货币政策对企业的投融资行为有显著不同且异质性的影响。首先，“市场化”货币供给增加显著提高了上市公司企业的投资和外部融资金额。并且，货币供给对企业投融资的影响，与企业自身的特征和财务状况有关。在投资行为中，“市场化”货币政策对企业投资的影响会随着企业上市年限的上升而减弱，这意味着“市场化”货币政策对年轻企业的投资影响更为显著。而在融资行为中，“市场化”货币政策对杠杆率低的企业影响显著更高，这意味着在货币供给出现外生增加之后，杠杆率低的企业所得到的融资增加更多。其次，中国央行所主导的“结构性”货币供给增加显著的降低了上市公司的投资金额。而在融资金额方面，尽管“结构性”货币供给增加尽管显著的提升企业的融资金额，但是对杠杆率高的企业影响显著更强，这意味着在“结构性”货币供给出现外生增加之后，杠杆率高的企业所得到的融资增加更多。

Date and Time: April 29th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

Whether capital is efficiently allocated between urban and rural China can have a profound implication for both production efficiency and distributive equity. However, there is little empirical evidence and analysis of rural-urban capital misallocation in China. This paper attempts to fill this gap. We find that on average marginal product of capital tends to be lower in urban areas, indicating that rural areas face a shortage of capital. Further, we find that rural-urban MPK differences are largely due to MPK differentials across state-owned enterprises in rural and urban areas.

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