讲座内容：Investor Risk Aversion and Corporate Diversification:
Evidence from a Natural Experiment
讲座教师：靳庆鲁教授上海财经大学
讲座时间：2018年10月22日上午10点30
讲座地点：文泉楼南401大会议室
论文摘要
We employ China’s split share structure reform (SSSR) as a natural experiment to examine whether investors’ risk aversion affects firm diversification. Initially the controlling shareholders of Chinese listed firms were prohibited from selling off their holdings through public trading, and this restriction was later lifted through the SSSR. We predict that as the SSSR grants more opportunities to diversify through financial markets, the controlling shareholders have less need to rely on firm diversification to reduce risk. We also predict that this effect of the SSSR should be concentrated on private firms (non-SOEs), rather than state owned enterprises (SOEs), whose controlling shareholders have substantial personal wealth tied to the firms they control. Consistent with these predictions, we find that subsequent to the SSSR, non-SOEs restructure their businesses to reduce the scope and degree of diversification. And along with this change, these firms also display higher fundamental risk and increased industry-relatedness among their segments. We also find the increases in firm value (Tobin’s Q) that are associated with reduced diversification. In contrast, the effects of the SSSR are dampened or even non-existent for SOEs. Our evidence suggests that investors’ risk aversion is a significant force shaping a firm’s boundary.
主讲人简历
靳庆鲁教授，上海财经大学银河副院长、博士生导师，上海市政协委员，全国首批黄大年式教师团队负责人，国家杰出青年科学基金获得者。入选上海市曙光学者、上海市领军人才、教育部新世纪优秀人才、国家百千万人才工程、中宣部文化名家暨四个一批人才工程。被授予国家有突出贡献中青年专家、享受国务院政府特殊津贴。
靳庆鲁教授专注于制度、体制改革与公司会计及财务问题研究。自2005年以来，主持国家自然科学基金4项，教育部人文社会科学重点研究基地重大项目3项，其他省部级科研项目9项。在国内外期刊共发表论文31篇，其中国内权威期刊17篇（包括《经济研究》5篇，《经济学》（季刊）4篇）；国际知名期刊论文9篇；国际顶尖会计学期刊论文5篇。研究成果入选国家自然科学基金委年度报告，荣获Chicago Quantitative Alliance (CQAsia) Academic Competition一等奖、上海市育才奖、宝钢优秀教师奖、上海哲学社会科学优秀成果二等奖、上海财经大学学术奖、上海财经大学教书育人标兵、上海财经大学师德标兵等奖项。
