港中大（深圳）经管学院《研究成果》视频回顾——五位教授解读最新论文

香港中文大学（深圳）经管学院与深圳高等金融研究院（深高金）教研并重，教授们时有论文发表于全球诸多顶级学术期刊。为了让学术走进生活，也便于大众解读其研究成果，我们特别邀请到五位教授与我们浅析其最新发表的论文，包含论文简介、研究背景、过程和影响，让大众了解研究成果对于社会、学界、业界的意义所在，这即是视频专栏《研究成果》。

CUHK-Shenzhen SME and SFI put emphasis on teaching and academic research. Professors regularly publish their articles on world-level academic journals. To let more people know about the implications of academic researches to their daily life, we specially invited several professors to introduce their latest articles, Prof. Cong Wang, Prof. Bohui Zhang, Prof. Tianyu Zhang, Prof. Shilu Tong and Prof. Haichun Ye. They introduced the abstract, research background, process and impact of their articles in the videos, and let the public understand the significance of academic researches for the society, the academic community, and the industry.

在以下视频中，经管学院与深高金教授们在2019年年中为我们解读其最新论文。经管学院副教授谭安厚（Professor Hugh Thomas）担任主持人。

In mid-2019, five professors of SME and SFI shall introduced us their latest papers. Professor Hugh Thomas served as the guest host in the videos. 

CUHK-Shenzhen SME and SFI 

Research Output Video Interview

王丛教授解读其最新论文

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在第一期视频中，香港中文大学（深圳）校长讲座教授、深圳高等金融研究院副院长、公司治理和股权激励研究中心主任王丛教授介绍了他今年在国际金融期刊《Journal of Financial and Quantitative Analysis》中发表的论文《Employee-Manager Alliances and Shareholder Returns from Acquisitions》。

文中主要研究的是当员工有过多的投票权时，企业可能面临的高层经理人代理人问题，以及这个问题如何影响高层经理人与股东之间的权利分配。其中一个发现为员工拥有过多的投票权将加剧高层经理人和股东之间的矛盾。具体来说就是，员工与现任经理人统一战线，通过削弱公司控制市场的影响来进行降低公司价值的并购交易。而员工支持经理人，才能为自身谋取优待。该研究以Pagano 和 Volpin（2005年）的高层经理人代理人理论为依据，主要关注的是员工拥有过多投票权的潜在风险。

In the first video, presidential chair professor Cong Wang, Associate Director of Shenzhen, Director of the Center for Corporate Governance and Employee Ownership introduces Employee-Manager Alliances and Shareholder Returns from Acquisitions, which was published in the Journal of Financial and Quantitative Analysis. The potential for management-worker alliances when employees have substantial voting rights, and how such alliances affect the balance of power between managers and shareholders were examined in the article. It was found that substantial employee voting rights exacerbate the manager-shareholder conflicts. Specifically, they entrench incumbent managers and allow them to pursue value-destroying acquisitions by undercutting the disciplinary influence of the corporate control market. Importantly, employee support for managers is conditional on favorable treatment of employees. The findings are consistent with Pagano and Volpin’s (2005) theory of worker-management alliances and highlight the potential risks associated with large employee voting power. 

张博辉教授解读其最新论文

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在第二期视频中，香港中文大学（深圳）校长讲座教授、经管学院执行副院长、深圳高等金融研究院金融科技与社会金融研究中心主任张博辉教授为我们解读论文：Brain Drain: The Impact of Air Pollution on Firm Performance / 《人才流失：雾霾对公司业绩的影响》。

文中指出，由于中国的集中供暖政策，秦岭淮河边界两侧的空气质量有差异，在探究这一差异后，张博辉教授发现空气污染越严重，越难留住高管人才和优秀员工。与家庭分类模型一致，如果当地空气污染严重，人们会更担忧健康问题并产生搬离的意愿，那么人才流失效应就会在当地产生显著影响。此外，公司所在地区污染更严重，则公司的企业创新能力、生产效率、公司估值以及销售增长更低。空气污染对公司业绩的影响集中体现在高度依赖人力资源的行业。简而言之，文中的发现表明空气污染是一个重要的非经济因素，对公司的人力资源和相关的公司业绩有重大影响。

In the second video, presidential chair professor Bohui Zhang, Executive Associate Dean of SME,  Director of the Center for FinTech and Social Finance introduces his paper Brain Drain: The Impact of Air Pollution on Firm Performance.

This paper exploits the variation in air pollution created by the Chinese central heating policy at the Qinling-Huai River boundary. The findings show that an increase in air pollution reduces the accumulation of executive talent and high-quality employees. Consistent with the householder sorting model, the brain drain effect is more pronounced in regions where people’concern for health and willingness to flee acutely increase with air pollution. Furthermore, firms located in polluted areas have lower corporate innovation, productivity, firm value, and sale growth. The effects of air pollution on firm performance concentrate on industries with a high dependence on human capital. Overall, the findings suggest that air pollution is an important non-economic factor that has a significant impact on firms’ human capital and consequently performance. 

张田余教授解读其最新论文

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在第三期视频中，深圳高等金融研究院制度与资本市场研究中心主任、香港中文大学公司治理研究中心主任张田余教授将为我们解读他们的论文：Politics and Specificity of Information: Evidence from Financial Analysts’Earnings Forecasts in a Relationship-based Economy。

文章关注在关系型经济中政策是否会影响并如何决定某种类型信息可以提高分析师对公司盈利预测的准确率。由于政策主要通过各种关系来影响公司，因此关于公司业绩的信息具有很强的公司自身的特质。即便是同一行业的公司，这些关系也可能大不相同。该研究的假设是政策使分析师拥有公司特有信息越多，其对公司盈利预测的准确率就越高。文中运用隐狄利克雷分配模型（LDA，一个主题分析模型）全面分析了2010年至2015年中国金融分析师共87,332篇报告的样本。其中发现政策对公司的影响越大，分析师报告中的公司特有主题（例如：针对少数几家公司的论题）与其相关的预测准确率的正相关性越显著。然而，该发现表明政策不会影响行业类主题（例如：具体到同一行业的公司的论题）和预测准确率之间的关系。

最后，Ball和Brown（1967）的盈利构成模型以及Morck（2000）等人的股票收益同步模型的运用验证了隐狄利克雷分配模型的度量。

In the third video of 2019, professor Tianyu Zhang, Director of the Center for Institutions and Capital Market, Director of the Center for Institutions and Governance of CUHK, introduces his paper Politics and Specificity of Information: Evidence from Financial Analysts’ Earnings Forecasts in a Relationship-based Economy.

This paper examines whether and how politics shapes the kind of information that enhances analysts’forecast accuracy in a relational economy. Since political influence is exerted on firms primarily through relationships, information about firms’performance is highly specific. Even for firms that are within the same industry, these relationships can differ significantly. We posit that politics increases the idiosyncrasy of analysts’information that is accuracy-enhancing. Using Latent Dirichlet Allocation (LDA), a topical modeling method, on a comprehensive sample of 87,332 reports of Chinese financial analysts from 2010 to 2015, we find that when political influence on firms increases, the idiosyncratic topics (i.e. topics that are specific to fewer firms) in the analysts’reports are more positively associated with their relative forecast accuracy. However, findings show that politics influences the relation between industry-specific topics (i.e. topics that are specific to firms in the same industry) and forecast accuracy.

Finally, the LDA measures using the earnings component model in Ball and Brown (1967) and the stock return synchronicity model in Morck et al. (2000) were validated.

佟世璐教授解读其最新论文

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在第四期视频中，经管学院助理院长（对外事务），副教授佟世璐将为我们解读他发表于《Management Science》的文章《On the Impact of Uncertain Cost Reduction When Selling to Strategic Customers》。文中指出很多产品的成本在它的生命周期中都会下降。然而，有策略思考的客户预计产品成本下降，导致价格下降，那么他们便会延迟购买。若公司不用面对任何不确定性，则可以使用价格承诺和价格保护等价格策略，以此来减缓顾客延迟购买的策略行为。但是，对于正在面临不确定性的公司来说，动态定价比以上两种定价策略更有弹性。

在本篇论文中，分析指出企业可相应地采取动态定价、价格承诺和价格保护等不同的定价策略来应对因企业的边做边学效应和技术革新所带来成本下降的问题。当产品的未来成本不确定时，公司要做出定价决定；而当产品的未来价格不确定时，策略客户要决定是否延迟购买。研究发现一般情况下，未来成本的不确定性越高，公司的利润越高，但产品成本下降的越明显，公司的利润不一定会越高。此外，企业的边做边学效应和技术革新会对最优定价策略和价格策略的选择有相反的影响。

In the fourth video, Assistant Dean (External Affairs) of SME, Associate Professor Shilu Tong introduces his paper On the Impact of Uncertain Cost Reduction When Selling to Strategic Customers, which was published in the Management Science.

The paper shows that many products undergo cost reductions over their product life cycles. However, strategic customers may have more incentive to wait if they expect a cost reduction to lead to a price drop. A firm that does not face any uncertainty can use pricing strategies such as price commitment and price matching to alleviate the strategic waiting of customers. These pricing strategies provide less flexibility than dynamic pricing for a firm facing uncertainty, though. In this paper, it shows that the company could apply pricing strategies such as dynamic pricing, price commitment, and price matching to cope with the problem of cost reduction which was led by production learning or technology advancement. The firm makes pricing decisions when facing uncertainty in future cost, and strategic customers decide whether to wait when facing uncertainty in future price. It shows that in general the firm’s profit is higher when future cost is more uncertain, but not necessarily when cost reduction is more significant. In addition, production learning and technology advancement can have opposite effects on the optimal pricing decisions and the choice of pricing strategy. 

叶海春教授解读其最新论文

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在第五期视频中，经管学院副教授叶海春将为我们解读她发表于《The Review of Financial Studies》的文章《Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms》。

本文实证检验了在对间接资本流动实施严格管制的条件下，外国直接投资企业如何通过商业信用渠道将国际流动性冲击传导至本国。基于中国工业企业数据，本文的研究发现：当国内信用紧缩时，相较于本国民营企业而言，外国直接投资企业会为下游企业提供更多的商业信用；并且外国直接投资企业在商业信用提供方面的优势会随国际市场流动性的充裕进一步提升。此外，我们的研究还发现，国际流动性冲击对外国直接投资企业和本国民营企业的异质性影响，在外部融资依赖度较高的行业以及金融发展水平偏低的省份尤为显著。

In the fifth video, professor Haichun Ye introduces her paper Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms in the The Review of Financial Studies.

This paper explores a trade credit channel through which foreign direct investment (FDI) firms can propagate global liquidity shocks to the host country despite its tight controls on portfolio flows. In a large sample of Chinese manufacturing firms, robust evidence was found that FDI firms provide more trade credit than local firms during tight domestic credit periods and that a favorable global liquidity shock amplifies FDI firms’advantage in trade credit provision. Moreover, the differential responses of FDI and local firms are stronger in financially more dependent industries or in Chinese provinces with less financial depth. 

未来，经管学院《研究成果》将推出更多形式、更多维度的论文浅析，欢迎继续关注，并与我们共同探讨分享。

In the future, SME will introduce more articles through various forms and angles, please follow us.

转载自经管学院微信公众号

策划 ∣ 谭安厚 教授

撰文、视频编导 ∣ 江易菲

翻译、字幕 ∣ 高艺丹

编辑 ∣ 郑蕾

审阅 ∣ 林邦源

美编 ∣ 张诗卿

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