光華講壇——社會(huì)名流與企業(yè)家論壇第6597期
主題：Does the adoption of a central bank digital currency stimulate corporate innovation? Evidence from electronic Chinese yuan(央行數(shù)字貨幣的采用是否會(huì)刺激企業(yè)創(chuàng)新?證據(jù)來(lái)自電子人民幣)
主講人：上海商學(xué)院 陳錦全教授
主持人：西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院 鄧博夫副教授
時(shí)間：6月27日 10:00-11:30
會(huì)議地點(diǎn)：西南財(cái)經(jīng)大學(xué)柳林校區(qū)誠(chéng)正樓650會(huì)議室
主辦單位：新時(shí)代中國(guó)特色財(cái)務(wù)與會(huì)計(jì)理論創(chuàng)新與方法體系研究團(tuán)隊(duì) 數(shù)字經(jīng)濟(jì)重大基礎(chǔ)理論與實(shí)踐創(chuàng)新研究團(tuán)隊(duì) 會(huì)計(jì)學(xué)院 科研處
主講人簡(jiǎn)介：
Johnny Chan is a distinguished professor of accounting and finance at Shanghai Business School in Shanghai, China. He was previously the Leon Page Endowed Chair of Finance and a University Distinguished Professor (tenured) at Western Kentucky University in the USA. He is a Chartered Financial Analyst (CFA) and recently won a Fulbright Scholar Award from the US Department of State to teach a semester at Zhongnan University of Economics and Law in China (Fall, 2017).
He received his B.Soc.S degree in Economics at Chinese University of Hong Kong and a Ph.D. in Finance at the University of Alabama. Research interests include green finance, IPOs, corporate governance, analyst behaviour, internal control, financial education, journal ranking, and measurement of intellectual contributions. He was globally ranked as top scholar in financial education in the Danielson and Heck study in Managerial Finance in 2011.
He has published more than 300 journal articles in leading finance and business journals such as Management Science, Journal of International Business Studies, Accounting, Organizations, and Society, Contemporary Accounting Research, European Accounting Review, Financial Management, Journal of Accounting, Auditing, and Finance, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Financial Markets, Journal of Empirical Finance, Journal of Futures Markets, Journal of Corporate Finance (14 articles), among others.
陳錦全是中國(guó)上海商學(xué)院會(huì)計(jì)學(xué)和金融學(xué)的杰出教授。此前，他曾擔(dān)任美國(guó)西肯塔基大學(xué)里昂·佩奇(Leon Page)金融學(xué)教授和大學(xué)杰出教授(終身教授)。他是特許金融分析師(CFA)，最近獲得了美國(guó)國(guó)務(wù)院的富布賴(lài)特學(xué)者獎(jiǎng)，在中國(guó)中南財(cái)經(jīng)政法大學(xué)教授一個(gè)學(xué)期(2017年秋季)。
他在香港中文大學(xué)獲得經(jīng)濟(jì)學(xué)學(xué)士學(xué)位，在阿拉巴馬大學(xué)獲得金融學(xué)博士學(xué)位。研究興趣包括綠色金融、ipo、公司治理、分析師行為、內(nèi)部控制、金融教育、期刊排名和智力貢獻(xiàn)的衡量。2011年，在Danielson and Heck study in management Finance中，他被評(píng)為全球金融教育領(lǐng)域的頂尖學(xué)者。
他在《管理科學(xué)》、《國(guó)際商業(yè)研究雜志》、《會(huì)計(jì)、組織與社會(huì)》、《當(dāng)代會(huì)計(jì)研究》、《歐洲會(huì)計(jì)評(píng)論》、《財(cái)務(wù)管理》、《會(huì)計(jì)、審計(jì)與金融雜志》、《銀行與金融雜志》、《企業(yè)財(cái)務(wù)與會(huì)計(jì)雜志》、《金融市場(chǎng)雜志》、《實(shí)證金融雜志》、《期貨市場(chǎng)雜志》等主要金融和商業(yè)期刊上發(fā)表了300多篇期刊文章。Journal of Corporate Finance(14篇文章)等。
內(nèi)容簡(jiǎn)介：
We investigate whether and to what extent a central bank digital currency (CBDC) stimulates corporate innovation by exploiting the staggered pilot of e-CNY (electronic Chinese yuan) across China. E-CNY enhances the transparency and traceability of government subsidies, mitigates firm agency problems, and reduces firm financial constraints. Through a differencein-differences research design, we document that e-CNY significantly enhances the quantity, quality, and efficiency of innovation among treatment firms relative to control firms, driven by increased spending in research and development activities. These incentivized innovation activities contribute to improvements in firm productivity, growth, and profitability, signaling enhanced product market competitiveness. Our findings highlight the positive role of CBDC adoption in promoting corporate innovation activities.
我們研究了中央銀行數(shù)字貨幣(CBDC)是否以及在多大程度上通過(guò)利用e-CNY(電子人民幣)在中國(guó)的交錯(cuò)試點(diǎn)來(lái)刺激企業(yè)創(chuàng)新。E-CNY提高了政府補(bǔ)貼的透明度和可追溯性，緩解了企業(yè)代理問(wèn)題，減少了企業(yè)的資金約束。通過(guò)差異中差異的研究設(shè)計(jì)，我們發(fā)現(xiàn)在研發(fā)活動(dòng)支出增加的推動(dòng)下，e-CNY顯著提高了處理企業(yè)相對(duì)于控制企業(yè)的創(chuàng)新數(shù)量、質(zhì)量和效率。這些激勵(lì)創(chuàng)新活動(dòng)有助于提高企業(yè)生產(chǎn)率、增長(zhǎng)和盈利能力，表明產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)力增強(qiáng)。我們的研究結(jié)果強(qiáng)調(diào)了采用CBDC在促進(jìn)企業(yè)創(chuàng)新活動(dòng)方面的積極作用。
