一、主題：The Effect of the China Connect

二、主講人：馬暢，複旦大學泛海國際bevictor伟德官网助理教授。2018年獲得約翰霍普金斯經濟學博士，2012年獲得中國人民大學經濟學碩士，2009年獲得南開大學經濟學學士。2020年在芬蘭銀行交流訪問。研究領域包括國際金融、宏觀經濟和宏觀審慎政策等。在Journalof International Economics、Oxford Research Encyclopedia Of Economics andFinance等國際期刊發表多篇論文。獲得上海浦江計劃資助，擔任Journalof Development Economics, Economic Letters等SSCI期刊匿名評審。

三、時間：2020年5月26日星期二，上午10:00-11:30

四、地點：騰訊會議【具體房間臨時通知】

五、主持人：尹力博教授，國際金融系主任

Abstract:. We document the effect on Chinese firms of the Shanghai (Shenzhen)-Hong Kong Stock Connect. The Connect was an important capital account liberalization introduced in the mid-2010s. It created a channel for cross-border equity investments into a selected set of Chinese stocks while China’s overall capital controls policy remained in place. Using a difference-in-difference approach, and with careful attention to sample selection issues, we find that mainland Chinese firm-level investment is negatively affected by contractionary U.S. monetary policy shocks and that firms in the Connect are more adversely affected than those outside of it. These effects are stronger for firms whose stock return has a higher covariance with the world market return and for firms relying more on external financing. We also find that firms in the Connect enjoy lower financing costs, invest more, and have higher profitability than unconnected firms. We discuss the implications of our results for the debate on capital controls and independence of Chinese monetary policy.