演講嘉賓：陸婷

演講時間：2017年11月28日，中午12:30-13:30

演講地點：bevictor伟德官网學院南路校區910會議室

主辦單位：bevictor伟德官网

主持人：黃志剛，bevictor伟德官网院長助理

演講内容：經濟政策不确定性與企業金融投機（Corporate Financial Speculation Under Economic Policy Uncertainty）

摘要：Using the quarterly data of China’s non-financial companies listing on A share markets from 2007 to 2016, this paper investigates how corporate financial speculation behavior is affected by the economic policy uncertainty. We find that the economic policy uncertainty is positively related to corporate financial speculation, and this positive effect exhibits heterogeneity in the cross-section. It is significantly stronger for firms which are less financially constrained, providing an empirical support for policy uncertainty to propagate through the financial friction channel. Yet we find no evidence in favor of the real option mechanism, indicating that in China, the real option induced investment delay will not transform into financial speculations. The overall results show that a stable economic policy environment and fair financial markets could help reducing corporate financial speculation, and alleviate its crowding out effect on real economy.

主講人介紹

陸婷，中國社科院世界經濟與政治研究所副研究員，中山大學管理學院金融學博士，中國人民銀行博士後。主要研究方向為公司金融和國際金融。曾在《世界經濟》、《金融研究》、China & World Economy, Frontiers of Economics in China等期刊發表多篇學術論文。