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学术报告新

主讲人: Lihui Tian
主讲人简介:

Li Hui Tian, Ph.D. in Financial Economics from London Business School, University of London, he is a Yangtze River Scholar, Lifetime Distinguished Professor at Nankai University (doctoral supervisor in Finance and Marxist Theory), and holds a practicing lawyer qualification. He is also Guangxi Bagui Scholar (a national-level talent), and leader of the Tianjin 131 Innovation Team.

He is the founder of Nankai University Institute of Finance and Development. He previously served as Vice President and Standing Committee Member of the Party Committee of Guangxi University and editorial board member for several academic journals. He currently serves as Dean of the College of Continuing Education at Nankai University.He currently serves as Dean of the College of Continuing Education at Nankai University.

He is a review expert for multiple projects, including those of the National Natural Science Foundation of China, the National Social Science Fund, and the Ministry of Education Project Fund.He serves as an expert advisor to the national Development and Reform Commission, the Monetary Policy Committee of the People's Bank of China, the China Securities Regulatory Commission, and the Shenzhen Stock Exchange. He is the Associate Editor-in-Chief of the International Edition of Nankai Business Review, an academic committee member of China Industrial Economics, and serves on the editorial boards of several CSSCI and SSCI journals,including Securities Market Herald.

 

主持人: Xiaoran Huang
简介:

We study how the initial public offering (IPO) of equity shapes corporate innovation in China, exploiting cross‐sectional variation in ownership and governance around the listing event. In contrast to common narratives that IPOs uniformly stimulate innovation, we find that going public significantly raises innovation output among state‐owned enterprises (SOEs) but has an imprecisely estimated, near‐zero effect among non‐state enterprises (NSOEs). For SOEs, the IPO financing channel raises innovation, and its realization depends on low managerial agency costs and strong promotion‐based incentives; when these conditions are absent, the innovation gains are muted. For NSOEs, while IPOs relax financing constraints in principle, the post‐listing intensification of controlling‐shareholder agency problems—particularly asset stripping—offsets and overwhelms any financing benefits, yielding no aggregate innovation response. Within NSOEs, the innovation dampening from asset stripping is more pronounced at lower insider ownership, and multi‐large‐shareholder structures do not reliably mitigate the IPO‐induced innovation drag. Our findings indicate that maximizing the innovation impact of public listing requires disciplining controlling‐shareholder extraction in NSOEs and aligning managerial incentives in SOEs.

时间: 2025-10-21 (Tuesday) 16:40-18:10
地点: Room N302, Economics Building
期数: 厦门大学南强学术讲座暨高级金融经济学系列讲座2025年秋季学期第二讲(总121讲)
主办单位: 厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院
承办单位: 厦门大学经济学院金融系
类型: 系列讲座
联系人信息: 陈老师xiaohongchen@xmu.edu.cn
语言: English