主讲嘉宾：Johnny Chan 教授

讲座时间：2024年11月22日上午9:30

讲座地点：重庆大学B区经济与工商管理学院103室

 嘉宾简介：

 Johnny Chan（陈锦全）教授是上海商学院特聘教授、学科带头人。美国阿拉巴马大学金融学博士；特许金融分析师(CFA)；富布赖特学者。长期从事首次公开募股(IPO)、分析师行为、绿色金融、内部控制等方面研究。近5年在Management Science，Journal of Business Ethics，Journal of Corporate Finance等学术期刊发表论文十数篇。

讲座摘要：

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 difference-in-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.