基地研究员金凌副教授与合作者（Zhisheng Li, School of Finance, Southwestern University of Finance and Economics; Lei Lu, Asper School of Business, University of Manitoba; Xiaoran Ni, School of Economics & Wang Yanan Institute for Studies in Economics (WISE), Xiamen University）的论文 "Does stock market rescue affect investment efficiency in the real sector?" 在重要学术期刊Journal of Financial Markets在线发表。

       Abstract:

    During China's stock market crash in 2015, the government purchased the stocks of over 1000 firms. We investigate how this government rescue affects investment efficiency and show that rescued firms experience a significant decrease in investment-q sensitivity. This rescue has an adverse impact on price efficiency and impedes managers from learning information for investment decisions. The learning channel is the main mechanism through which the rescue has a real effect. Our findings indicate that programs intended to stabilize the stock market could adversely affect the real efficiency, providing new insight into the consequences of government purchases.

       Keywords：Stock market rescue; Government intervention; Investment efficiency; Learning from prices

 链接：https://doi.org/10.1016/j.finmar.2023.100859

教师简介

金凌，经济学博士，中南财经政法大学金融学院准聘制副教授，研究方向为金融发展、金融危机管理、金融创新等，在《经济研究》、《经济学（季刊）》、《管理科学学报》、《金融研究》、Pacific-Basin Finance Journal 等期刊发表论文多篇。相关研究曾获首届中国金融学术与政策国际论坛优秀论文奖、第十七届金融工程学年会优秀论文奖、《金融研究》2021年度优秀论文等。