一、主題：Economic Policy Uncertainty and Corporate Inventory Holdings: Evidence from China

二、主講人：鐘騰，對外經濟貿易大學bevictor伟德官网講師，碩士生導師，投資系副主任。畢業于中國人民大學統計學專業（本科）、數量經濟學專業（碩士）和金融學專業（博士），美國南加州大學聯合培養博士。主要研究方向包括公司金融、房地産金融、農村家庭金融等。在《經濟研究》、《金融研究》、《經濟學（季刊）》、《财經研究》、Journal of Economic Policy Reform等學術期刊發表多篇學術論文，并獲得國家自然科學基金青年項目的資助。

三、時間：2018年4月4日（周三），12:30-13:30

四、地點：學院南路校區主教學樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

摘要：We investigate the impact of economic policy uncertainty on corporate inventory holdings, as well as the mechanism and economic consequences. We find that the increase of policy uncertainty significantly reduces corporate inventory holdings and this effect is more pronounced among private-owned firms. Corporate reduction of inventory holdings in high-uncertainty periods would enhance their future market value and operating performance. Then we test two possible mechanisms and find that policy uncertainty induces more precautionary cash holdings to avoid potential risks, resulting in the reduction of inventories. In addition, the inventory holdings of firms with greater financial constraints or smaller agency problems are more affected by policy uncertainty. Our results illustrate that the reallocation between inventories and cash is an efficient way to cope with the uncertainty associated with economic policy changes.