讲座主题：Diversification through Financialization and the Cost of Capital: Theory and Chinese Evidence

报告人：晏超  中南财经政法大学会计学院助理教授，硕士生导师。

时间： 2019年9月23日(星期一)  13:30-16:30

地点：  600全讯白菜网址大全大楼318会议室

邀请部门：会计学系、公司财务研究所

报告简介：To explain why Chinese firms are wild about financial investment out of the main business (i.e., firm financialization), we examine its effects on the cost of capital. The model shows that there exists a threshold correlation between financial and operating activities, above (below) which the cost of capital is increasing (decreasing) in the degree of firm financialization. Using the data of Chinese A-share public companies from 2007 to 2016, we find that firm financialization in China on average reduces the cost of capital. Besides of higher profitability, a lower correlation between financial and operating activities, even negative, plays a key role. We also find that the negative relationship between firm financialization and the cost of capital mainly exists in firms with higher ownership concentration, less institutional (more individual) investors, and also non-SOEs in the area with higher level of marketization. Overall, this study sheds light on the diversification role of financial investment that is overlooked.

 

报告人简介：

晏超，管理学（会计学）博士，中南财经政法大学会计学院助理教授，硕士生导师。主要研究方向为会计理论与会计准则、估值定价与资本配置。已在Economic Research (SSCI)、Management Decision (SSCI)、《会计研究》、《管理评论》等国内外期刊发表论文十余篇，出版学术专著一部，参写由Springer出版的两部英文著作。主持国家自然科学基金青年项目等课题。