澳门永利集团304官网手机與北京大學-中南财經政法大學新結構經濟學研究中心聯合舉辦 Summer Finance Workshop, 2024

一、議程（Schedule）

時間 (Time)：2024/6/9（星期日）

場地 (Venue)：文澴樓711會議室

論壇聯系人：榮昭

注: 每篇論文共計1小時（報告45分鐘，讨論15分鐘）

二、報告人及文章摘要

1. 姚文雄

個人簡介：

姚文雄，美國佐治亞州立大學（Georgia State University）J. Mack Robinson 商學院AREA講席教授、房地産系教授、金融系教授和房地産中心主任。同時，擔任亞特蘭大聯邦儲備銀行高級研究員和香港金融管理局研究員，并在多所大學擔任客座教授。研究領域為家庭金融、房地産金融和住房政策。研究成果在American Economic Review， Econometrica，Journal of Finance，Journal of Financial Economics，Management Science，the Review of Financial Studies和Journal of Urban Economic等國際頂級學術刊物發表。

題目：

Surviving the FinTech Disruption

摘要：

This study explores the impact of fintech using a novel occupation-level fintech exposure measure. Occupations with high fintech exposure experience a net decline in job postings, employment, and wages, but complementary and substitutive effects are both present in the cross section. Fintech blurs the sector boundaries, and workers with finance-and-technology combination skills are sought after no matter where they are currently employed. Firms respond to the shock by adjusting hiring strategies, reallocating talent internally, and pivoting innovations to new areas, with a resulting impact not nearly as negative as on workers. Innovative firms even gain in employment, sales, and productivity.

2. 孫楊帆

個人簡介：

孫揚帆，澳门永利集团304官网手机副教授。研究領域為家庭金融和銀行。曾在國際貨币基金組織擔任助理研究員。研究成果發表于Journal of Financial Economics和Journal of Banking and Finance等國際頂尖學術期刊。

題目：

From Fines to Credit Lines: Regulatory Uncertainty and Bank Lending

摘要：

We trace the impact of unprecedented lawsuits by the U.S. against banks for loan misrepresentation in a specific mortgage market segment. A triple-difference approach shows that banks reduced direct lending in that segment but increased their indirect participation through mortgage companies. Controlling for borrower-time fixed effects, banks increased wholesale funding to mortgage companies. The aggregate effect on credit was negative, and the median income of borrowers increased only in that segment. This study provides the first direct evidence of banks actively participating in the migration of lending to the shadow banking sector in response to regulatory action.

3.楊柳

個人簡介：

楊柳，武漢大學經濟學博士，華中師範大學經濟與工商管理學院教授，博士生導師，阿姆斯特丹大學和新加坡南洋理工大學訪問學者，華中師範大學經濟與工商管理學院金融工程系主任，金融工程研究中心副主任、金融碩士專業學位學科負責人、金融碩士專業學位研究生培養指導委員會副主任。目前已出版專著2部，參編教材4部，在Pacific-Basin Finance Journal、《經濟學（季刊）》、《數量經濟技術經濟研究》、《管理評論》、《國際金融研究》等期刊上發表發表學術論文近40篇。主持2項國家自然科學基金項目，1項國家社會科學基金項目，1項教育部人文社會科學項目。曾獲湖北省社會科學優秀成果三等獎、湖北省優秀調研成果獎三等獎、金融圖書“金羊獎”、武漢市社會科學優秀成果獎、中國金融學年會優秀論文二等獎等。20餘份調研報告分别獲得國務院、湖北省政府、人民銀行總行、武漢市政府，湖北省委以及湖北省宣傳部采納，并得到湖北省省長和武漢市委書記、武漢市市長肯定性批複。

題目：

環境權益交易市場與重污染企業的融資可得性——基于銀行信用—商業信用替代的視角

摘要：

以我國11個二氧化硫排放權交易試點為準自然實驗，本文以2002-2012年A股重污染企業為研究對象，構建雙重差分法（DID）探究環境權益交易試點政策與重污染企業融資可得性的關系及其影響機理。研究發現，排污權交易政策的實施進一步提高了銀行體系對重污染企業的"污染源歧視"，企業的長短期銀行信貸均顯著下降。另一方面，排污權交易政策顯著提高了重污染企業的商業信用可得性，并有效推動了企業的綠色轉型。企業内部經營和外部市場化程度對上述結果存在異質性的調節作用。機制分析表明，環境權益交易政策的在金融市場上發揮的信号效應和信息披露質量提升作用不足以消除銀行風險承擔的下降，但在産品市場上通過穩定企業經營強化了供應鍊集中度和穩定度，強化了企業商業信用可得性。本文結論豐富了環境權益交易經濟後果研究，為從政策層面大力推進轉型金融，與綠色金融形成優勢互補，提供了重要的經驗支撐。

4.榮昭

個人簡介：

榮昭，澳门永利集团304官网手机教授、博導。曆任西南财經大學、南京審計大學副教授。研究領域包括企業創新、公司金融和人口流動。于《Research Policy》、《Small Business Economics》、《Journal of Comparative Economics》、《China Economic Review》、《European Financial Management》、《Pacific-Basin Finance Journal》、《Journal of Housing Economics》、《管理世界》、《經濟學季刊》、《金融研究》、《科研管理》等國内外知名經濟、金融、管理類SSCI、SCI學術期刊發表論文30餘篇。

題目：

How Does Digital Financial Product Penetration Influence Households’ Participation in Bank Financial Products? Evidence from China

摘要：

Effective financial asset allocation is crucial for the growth of household income and wealth accumulation. However, financial exclusion can significantly limit household participation in financial markets. Utilizing data from five waves of the China Household Finance Survey (CHFS) from 2011 to 2019, this study provides direct evidence from the demand side on how the availability of digital-financial-platform (DFP) products influences household participation in bank-wealth-management (BWM) products. The findings indicate that the proliferation of DFP products significantly increases the likelihood of households holding BWM products, with this effect being more pronounced in regions with lower bank competition. Heterogeneity analysis reveals that households with higher financial information awareness, financial literacy, and educational levels experience a greater impact, highlighting the importance of demand-side characteristics in this process. This study offers a new perspective on improving limited household financial market participation in the context of the digital economy and provides important theoretical insights into the relationship between digital finance and traditional finance in China.

5.楊子超

個人簡介：

楊子超，澳门永利集团304官网手机年薪制副教授。主要研究方向為數字貨币，央行對外溝通。在Journal of Empirical Finance、 Journal of International Financial Markets, Institutions and Money、 Economics Letters等期刊發表論文。擔任Journal of Economic Behavior and Organization、Economic Modeling、Contemporary Economic Policy等學術期刊匿名審稿人。

題目：

Agree to Disagree: Measuring Hidden Dissents in FOMC Meetings

摘要：

Based on a record of dissents on FOMC votes and transcripts of the meetings from 1976 to 2017, we develop a deep learning model based on self-attention mechanism to create a measure of disagreement for members in each meeting. While dissents are rare, we find that members often have reservations with the policy decision, and the level of disagreement is mostly driven by current or predicted macroeconomic data. Using our model to evaluate speeches made by members between meetings, we find that the informational content of speeches is low if we can only compare them to speeches made by the chair. Disagreement strongly correlates with data from the Summary of Economic Projections and a measure of monetary policy sub-optimality, suggesting that disagreement is driven by both members' different preferences and their different views about the future.