Last Activity

Id VisitTime IPAddress Area
23540422 2018-05-22 美国
23522726 2018-05-22 广东省深圳市
23511173 2018-05-21 南非
23499185 2018-05-21 北京市
23487032 2018-05-21 英国
23480909 2018-05-21 北京市
23476641 2018-05-21 巴基斯坦
23454887 2018-05-20 清华大学
23446483 2018-05-20 浙江省杭州市
23445395 2018-05-20 亚太地区
23443006 2018-05-20 广东省深圳市
23441077 2018-05-20 美国
23427765 2018-05-19 香港
23421464 2018-05-19 中国
23413832 2018-05-19 香港


Academic Experience




  2Columbia Business School, Columbia University       Visiting Scholar       2015-2016

  2Law & Economics Institute, University of Chicago      Visiting Scholar       2012  

Research Projects

2Private Enterprises’ Strategies in Light of Real Options, Supported by National Funds of Social Science, May 2005 –December 2008.

2Optimal investment Strategy with Stochastic Cash Flow, Supported by Shu Guang Funds, December 2004- May 2006.

2Control Right and its Management of Civilian-run Enterprise, Science Program of Zhejiang Province, May 2007-April 2010.

2M&A strategies of private enterprises in Zhejiang after the financial crisis: by control rights and real options, Supported by Zhejiang Provincial Natural Science Foundation of China, June 2010-2013.

2Borrowing and investment strategies of private enterprises by real options, Supported by Ministry of Education in China, January 2011-2014.

2Innovations on derivatives of Interbank market, Funded by China Financial Futures Exchange, 2012-2013.

2Clearing of Derivative Exchange and its Corporate Governance, Funded by China Financial Futures Exchange, 2014-2015.

2M&A strategies of private enterprises in post-crisis: motivation, financing and risk contagions, Supported by Ministry of Education in China (Major Project), 2014-.

2The guarantee chains of private-owned enterprises: financial constraints and risk contagion, Supported by National Natural Science Foundation of China, 2014-. 


Working Papers

2 Risk Contagion of Corporate Defaults: Tracing the Impact on Guarantors, 2016.

-Accepted by 2017 AEA annual meeting.

2Risk Contagion of Corporate Defaults: Evidence from Court Enforcement on Guaranteed Loans in China, 2016.

-Presented at 2016 Paris Financial Management Conference.

-Presented at 2017 IFABS Asian Conference.

-Accepted by 2018 FMA Asia/Pacific Conference.

2How to Explain Corporate Investment Heterogeneity in China’s New Normal: Structural Models by State-owned Property Rights, 2017. (Forthcoming in China Economic Review)

-Presented at 2016 Chinese Finance Annual Meeting.

-Presented at 3rd International Conference of New Structural Economics, Peking University.

-Presented at 2017 YES Conference.

-On program of 2018 AEA Annual Meeting.

2Do Guaranteed Loans Relieve Non-SOE’s Financial Constraints? Double Evidence from Financing vs. Risk Trade-off, 2016.

-Presented at 2016 Finance Research Seminar.

-Presented at 2017 New Structural Economics Seminar.

-Presented at 2017 Chinese Young Economist Forum.

-On program of 2017 Chinese Finance Annual Meeting.

2Crime and Punishment: Trade-off between Credit Access and Financial Distress, 2016.

-Presented at Columbia Financial Economics Colloquium.

2Does intangible asset affect deal value of M&A?

-on prgram of IFABS 2017

2Does mixed-ownership reform improve SOE's innovation? Evidence from China's industrial and regional distributions


Work in progress

2What do large shareholders gain through personal loan guarantees? From market reaction and tunneling

2Double-edged sword of collateral enlarging: evidence from China’s law reform of movable assets

2Securitization of NPL Based on Collateral Disposal Risk: Evidence from Asset Pool of Private House Loans

2What Drives Heterogeneity in R&D? Evidence from China's Mix-ownership Reform


Social Service

2Teaching INTERNATIONAL FINANCIAL MARKET, Employee Training of Alibaba Finance (Ant Financial Group), 2011-2012.

2Teaching COMMODITY INDEX INVESTMENT MARKET, The Shanghai Futures Exchange derivatives lecturer training, 2014.

2Researcher at Beijing Financial Derivatives Academy (organized by China Financial Futures Exchange, CFFEX), 2015-2017.



Research work

Investment and finance strategies by real options, Portfolio strategies with stochastic cash flow, Financing constraints and control rights of Chinese firms, M&A, Financial crisis, Risk management of bank loans, Interbank market clearing