Cheung Kong Graduate School of Business2023-12-19
From December 1 to 2, 2023, the "2023 Five-Star Finance Forum", organized and hosted by Cheung Kong Graduate School of Business Research Institute, was successfully held at Cheung Kong Graduate School of Business Beijing Campus.
Nearly 50 finance scholars from top business schools in China, including Cheung Kong Graduate School of Business, School of Economics and Management, PBC School of Finance, Guanghua School of Management and HSBC Business School of Peking University, School of Finance of Renmin University of Chinese University, Chinese University of Hong Kong, Shenzhen, Fanhai International School of Finance of Fudan University, Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University, and Southern University of Science and Technology, gathered in Changjiang to discuss the cutting-edge academic trends and latest research results in finance.
Group photo of the participating scholars of the 2023 Five-Star Financial Forum.
The forum followed international academic standards and strictly screened the world, and discussed a total of 16 academic papers from 10 universities, spanning many cutting-edge topics such as behavioral finance, ESG and climate finance, corporate finance, financial markets, artificial intelligence, and financial theoryAt the same time, the participating experts and scholars shared and shared topics such as income and volatility risk, artificial intelligence and information production, debt risk and credit rating.
As the organizer, a number of finance professors from Cheung Kong Graduate School of Business participated in this forum. Li Xuenan, Professor of Finance and Director of China Industrial Policy Research Center, presided over the meeting and delivered an opening speech, extending a warm welcome to the participants.
She said that Cheung Kong Graduate School of Business hopes to build an open platform for young scholars from China's top financial research institutions to lead cutting-edge academic research and exchanges in the financial field by hosting this year's Five-Star Finance Forum, and provide new ideas for financial research with Chinese characteristics.
Assistant Professor of Finance Sudan delivered a keynote speech on "Global Changes in the Production Function of Enterprises", which was jointly completed by Professor Li Xuenan of Cheung Kong Graduate School of Business, Assistant Professor of Finance Sudan, and Assistant Professor Ma Guoliang of Zou Zhizhuang Institute of Economics of Xiamen University.
It is proposed that the concave hypothesis of the production function (i.e., diminishing marginal returns) is a key basis in the neoclassical economics literature. However, through the variation point determination of the Markov Chain Monte Carlo (MCMC) algorithm under the framework of Bayesian theory, it can be confirmed that since the 80s of the 20th century, the production function of enterprises has gradually shown an S-shaped (convex and concave) trend, and its convex part (i.e., the marginal return increase) gradually increases with time, and this long-term trend is widespread in most American industries and developed countries. Finally, a dynamic model of the enterprise is constructed to provide empirical support for the impact of the evolution of production function on product markup, profitability, industry competitiveness and assets.
Professor of Finance and Academic Director of the MBA Program, Huang Chunyan, Assistant Professor of Finance Mei Danqing and Assistant Professor of Finance Jin Zhao attended the forum. In addition, Cao Huining, Professor of Finance and Director of the Institute, and Wang Neng, Visiting Professor of Finance, served as members of the organizing committee of the conference.
The "Five-Star Financial Forum" was jointly initiated by Cheung Kong Graduate School of Business, Tsinghua University, Peking University, Chinese University of China and other institutions in 2008, and joined by Shanghai Jiao Tong University, Fudan University, Chinese University of Hong Kong (Shenzhen), Southern University of Science and Technology and other universities. The Forum has been held for 11 consecutive years and has grown to become a national forum representing the highest level of finance research in the Mainland.
Taking advantage of China's economic rise, Cheung Kong Graduate School of Business adheres to a series of mechanism and institutional innovations such as "establishing a school through academic research" and "teaching and learning", attracting a group of outstanding international management professors to stay in the Yangtze River and take root in China.
The School provides professors with a relatively mature academic research platform and ecosystem with a certain degree of global competitiveness, so that professors can continue to carry out cutting-edge and leading research after joining the Yangtze River, and on the one hand, they continue to produce world-class research results, which are widely recognized by the global academic communityOn the other hand, we will continue to promote the integration of Western management research results with China's local management practices, provide new thinking, new vision and new countermeasures for Chinese enterprises to enter the world, and actively promote and lead the new business civilization.