基地主任李志生教授合作论文“Stock market liberalization and corporate investment revisited: Evidence from China”在国际权威期刊Journal of Banking & Finance在线发表。

Journal of Banking & Finance 主要发表银行与金融等领域的理论和实证论文，为国际学术界公认的金融领域一流期刊。

摘要：Recent reform in China has made a subset of Chinese stocks available to foreign investors, partially opening up China's stock market. Our difference-in-differences analysis shows that this liberalization reform boosts investments in investable firms relative to noninvestable ones, with results robust to various sensitivity analyses. Besides capital inflows and risk sharing, a potential but underexplored channel is improved corporate governance due to direct and indirect pressures from foreign investors, which lowers the cost of capital and improves capital allocation efficiency. Consistent with this corporate governance channel, we find that the liberalization reform reduces investable firms’ agency costs, increases their investment efficiency and total factor productivity, and improves their operating performance. Further analysis finds that the positive investment effect from the liberalization reform is stronger among firms that were poorly governed before the reform.

链接：https://doi.org/10.1016/j.jbankfin.2023.107053

作者简介

李志生，西南财经大学金融学教授、副校长，数字技术与现代金融学科创新引智基地主任，产业升级与区域金融湖北省协同创新中心副主任。2006年获美国Rensselaer Polytechnic Institute决策科学与系统工程专业博士学位，2009年-2011年在清华大学经管学院从事博士后研究，入选国家级人才项目青年人才项目、教育部新世纪优秀人才计划、湖北省新世纪高层次人才工程。主要从事金融创新、金融风险管理、市场微观结构、区域金融发展研究。主持国家社科基金重大项目、国家自然科学基金青年项目和面上项目等课题多项，研究成果发表于《经济研究》、《经济学（季刊）》、《金融研究》、Journal of Financial Markets、Journal of Banking & Finance、Journal of Futures Markets、Pacific-Basin Finance Journal等期刊。