时间：2019年3月28日（星期四）早上9:30
地点：betway体育南校区院系楼401betway体育会议室
主办：betway体育
主题一：股票长期停牌是否影响公司治理？
主讲人简介：胡凡，上海财经大学金融学博士
内容简介：
本文揭示了资本市场交易制度不完善会损害上市公司质量。本文选取2004-2017年对公司经营和治理不产生影响的741起长期停牌事件为样本，本文发现相对非停牌股票，股票长期停牌导致上市公司治理水平显著下降。具体来说，股票长期停牌导致公司的现金持有的边际价值显著下降，盈余管理活动更加频繁。进一步，本文发现股票长期停牌影响公司治理的微观机制渠道在于信息不对称，股票长期停牌显著加剧了信息不对称程度。具体来说，股票长期停牌导致股票丧失股价信息含量，并且显著降低了市场主体尤其是分析师对上市公司的关注。从而导致外部股东通过股价的监管机制缺失、分析师的外部监管力量削弱，引起委托代理成本上升，进而影响上市公司治理水平。本文的证据表明，资本市场交易制度不仅对资本市场本身造成影响，也会对实体经济造成影响。通过完善资本市场交易制度，能够促进上市公司质量提高。
主题二：Estimating the Effect of Physical Exercise on Juveniles’ Health Status and Subjective Well-Being in China
主讲人简介：关晶，对外经济贸易大学金融学博士
内容简介：
This study estimates the causal effect of physical exercise on health and happiness for Chinese junior high school students. We use a longitudinal database from the China Education Panel Survey (CEPS) which allows us to deal with the potential endogeneity of physical exercise by considering the use of instrumental variables and propensity score matching. Our findings suggest that physical exercise has a significantly positive effect on health, and also marginally improves students’ happiness. Moreover, these improvements affect all types of students, even those relatively unhappy or in poor health. It is also found that the positive impact on health is higher for females, rural and low-income students and for students attending to schools subjected to high academic pressure.
