光華講壇——社會名流與企業家論壇第6597期

主題：Does the adoption of a central bank digital currency stimulate corporate innovation? Evidence from electronic Chinese yuan(央行數字貨幣的采用是否會刺激企業創新?證據來自電子人民幣)

主講人：上海商學院 陳錦全教授

主持人：西南財經大學會計學院 鄧博夫副教授

時間：6月27日 10:00-11:30

會議地點：西南財經大學柳林校區誠正樓650會議室

主辦單位：新時代中國特色財務與會計理論創新與方法體系研究團隊 數字經濟重大基礎理論與實踐創新研究團隊 會計學院 科研處

主講人簡介：

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.

陳錦全是中國上海商學院會計學和金融學的杰出教授。此前，他曾擔任美國西肯塔基大學里昂·佩奇(Leon Page)金融學教授和大學杰出教授(終身教授)。他是特許金融分析師(CFA)，最近獲得了美國國務院的富布賴特學者獎，在中國中南財經政法大學教授一個學期(2017年秋季)。

他在香港中文大學獲得經濟學學士學位，在阿拉巴馬大學獲得金融學博士學位。研究興趣包括綠色金融、ipo、公司治理、分析師行為、內部控制、金融教育、期刊排名和智力貢獻的衡量。2011年，在Danielson and Heck study in management Finance中，他被評為全球金融教育領域的頂尖學者。

他在《管理科學》、《國際商業研究雜志》、《會計、組織與社會》、《當代會計研究》、《歐洲會計評論》、《財務管理》、《會計、審計與金融雜志》、《銀行與金融雜志》、《企業財務與會計雜志》、《金融市場雜志》、《實證金融雜志》、《期貨市場雜志》等主要金融和商業期刊上發表了300多篇期刊文章。Journal of Corporate Finance(14篇文章)等。

內容簡介：

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.

我們研究了中央銀行數字貨幣(CBDC)是否以及在多大程度上通過利用e-CNY(電子人民幣)在中國的交錯試點來刺激企業創新。E-CNY提高了政府補貼的透明度和可追溯性，緩解了企業代理問題，減少了企業的資金約束。通過差異中差異的研究設計，我們發現在研發活動支出增加的推動下，e-CNY顯著提高了處理企業相對于控制企業的創新數量、質量和效率。這些激勵創新活動有助于提高企業生產率、增長和盈利能力，表明產品市場競爭力增強。我們的研究結果強調了采用CBDC在促進企業創新活動方面的積極作用。