光华讲坛

主题：Does the adoption of a central bank digital currency stimulate corporate innovation? Evidence from electronic Chinese yuan(央行数字货币的采用是否会刺激企业创新?证据来自电子人民币)

主讲人： 上海商学院  陈锦全教授

主持人： 西南财经大学会计学院  邓博夫副教授

时间：2024-06-27 10:00-11:30

会议地点：西南财经大学柳林校区诚正楼650会议室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 会计学院 科研处

主讲人简介：

Johnny Chan is a distinguished professor of accounting and finance at Shanghai Business School in Shanghai, China. He was previously the Leon Page Endowed Chair of Finance and a University Distinguished Professor (tenured) at Western Kentucky University in the USA. He is a Chartered Financial Analyst (CFA) and recently won a Fulbright Scholar Award from the US Department of State to teach a semester at Zhongnan University of Economics and Law in China (Fall, 2017).

He received his B.Soc.S degree in Economics at Chinese University of Hong Kong and a Ph.D. in Finance at the University of Alabama. Research interests include green finance, IPOs, corporate governance, analyst behaviour, internal control, financial education, journal ranking, and measurement of intellectual contributions. He was globally ranked as top scholar in financial education in the Danielson and Heck study in Managerial Finance in 2011.

He has published more than 300 journal articles in leading finance and business journals such as Management Science, Journal of International Business Studies, Accounting, Organizations, and Society, Contemporary Accounting Research, European Accounting Review, Financial Management, Journal of Accounting, Auditing, and Finance, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Financial Markets, Journal of Empirical Finance, Journal of Futures Markets, Journal of Corporate Finance (14 articles), among others.

陈锦全是中国上海商学院会计学和金融学的杰出教授。此前，他曾担任美国西肯塔基大学里昂·佩奇(Leon Page)金融学教授和大学杰出教授(终身教授)。他是特许金融分析师(CFA)，最近获得了美国国务院的富布赖特学者奖，在中国中南财经政法大学教授一个学期(2017年秋季)。

他在香港中文大学获得经济学学士学位，在阿拉巴马大学获得金融学博士学位。研究兴趣包括绿色金融、ipo、公司治理、分析师行为、内部控制、金融教育、期刊排名和智力贡献的衡量。2011年，在Danielson and Heck study in management Finance中，他被评为全球金融教育领域的顶尖学者。

他在《管理科学》、《国际商业研究杂志》、《会计、组织与社会》、《当代会计研究》、《欧洲会计评论》、《财务管理》、《会计、审计与金融杂志》、《银行与金融杂志》、《企业财务与会计杂志》、《金融市场杂志》、《实证金融杂志》、《期货市场杂志》等主要金融和商业期刊上发表了300多篇期刊文章。Journal of Corporate Finance(14篇文章)等。

内容简介：

We investigate whether and to what extent a central bank digital currency (CBDC) stimulates corporate innovation by exploiting the staggered pilot of e-CNY (electronic Chinese yuan) across China. E-CNY enhances the transparency and traceability of government subsidies, mitigates firm agency problems, and reduces firm financial constraints. Through a differencein-differences research design, we document that e-CNY significantly enhances the quantity, quality, and efficiency of innovation among treatment firms relative to control firms, driven by increased spending in research and development activities. These incentivized innovation activities contribute to improvements in firm productivity, growth, and profitability, signaling enhanced product market competitiveness. Our findings highlight the positive role of CBDC adoption in promoting corporate innovation activities.

我们研究了中央银行数字货币(CBDC)是否以及在多大程度上通过利用e-CNY(电子人民币)在中国的交错试点来刺激企业创新。E-CNY提高了政府补贴的透明度和可追溯性，缓解了企业代理问题，减少了企业的资金约束。通过差异中差异的研究设计，我们发现在研发活动支出增加的推动下，e-CNY显著提高了处理企业相对于控制企业的创新数量、质量和效率。这些激励创新活动有助于提高企业生产率、增长和盈利能力，表明产品市场竞争力增强。我们的研究结果强调了采用CBDC在促进企业创新活动方面的积极作用。