刘俏

 

系别：金融学系

职称：教授

办公电话：86-10-62767993

Email：qiao_liu@gsm.pku.edu.cn

 

教授简介

刘俏现任北京大学光华管理学院金融学和经济学教授，他也是深圳证劵交易所专家评审委员会委员和博士后站指导老师。刘俏主要教授公司财务，收购与兼并，和国际金融管理课程。他在公司财务，实际期权、市场微观结构和中国经济研究等方面拥有众多著述，并且由《金融经济学期刊》(Journal of Financial Economics), 《管理科学》 (Management Science),《会计研究期刊》(Journal of Accounting Research), 《金融和数量分析期刊》(Journal of Financial and Quantitative Analysis),《经济学期刊》（Economic Journal),《企业金融》(Journal of Corporate Finance)、《经济探究》(Economic Inquiry), 《比较经济学期刊》 (Journal of Comparative Economics), 《会计,审计和金融学期刊》 (Journal of Accounting, Auditing and Finance), 《金融分析师期刊》( Financial Analysts Journal), 《经济学通信》(Economics Letter)，《亚太商业评论》(Asia-Pacific Business Review)等国际著名金融与经济杂志出版。他与他人合作编撰一本关于亚洲债券市场的书 Asia’s Debt Markets: Prospects and Strategies for Development 于2006年由国际著名出版商 - New York: Springer- 出版。他的另一本专著《Finance in Asia》业已脱稿，即将由著名出版商Routledge出版。刘俏也用中文写作，他的文章发表在《经济研究》, 《经济学季刊》, 《经济学报》和《中国金融学》等国内著名杂志。除学术研究外，刘俏也为《21世纪经济报道》, 《新财富》和《读书》等国内著名报刊杂志撰稿。自2011年起， 刘俏受邀为《董事会》的专栏作者。刘俏曾多次被邀在CNBC讨论中国银行海外上市的前景, 并被 《经济学人》，《金融时报》，《香港商报》，《首席财务官》， 《华尔街日报》，《苏格兰人》, 《时代周刊》，BBC, 凤凰卫视等媒体就中国经济,中国资本市场和中国银行业的状况进行采访.

 

刘俏于中国人民大学获得经济应用数学学士学位，于中国人民银行金融研究所获得国际金融硕士学位，并于加州大学洛杉矶分校(UCLA)获得博士学位。在2001年12月到2003年7月间，刘博士曾任职于麦肯锡公司。期间，他负责领导麦肯锡在亚洲企业金融方面的研究和知识领域，并为大型亚洲公司和跨国公司提供服务.加入光华前，刘俏任教于香港大学经济与工商管理学院。他曾多次获本科生和研究生优秀教学奖，并获港大终身教职。

 

 

研究领域

公司金融

实证资产定价模型

金融市场与监管

中国经济

 

 

教育背景

2000    加州大学洛杉矶分校    经济    博士

1994    中国人民银行研究生部    国际金融    硕士

1991    中国人民大学    应用数学    学士

 

 

职业经历

2011至今

北京大学光华管理学院 教授

 

2003--2010

香港大学经济与工商管理学院 助理教授,副教授（终身职）

 

2001--2003

麦肯锡公司亚太公司金融与战略咨询中心 咨询顾问

 

2000—2001

香港大学经济金融学院 助理教授

 

1994

北京华夏证劵有限公司发行部 业务经理

 

 

 

研究成果

英文书籍

“Fiance in Asia: institutions, regulation, and policy” (joint with Douglas Arner and Paul Lejot), London – New York: Routledge. Forthcoming in December 2011

“Asia’s debt capital markets: prospects and strategies for development” (co-edit with Paul Lejot, Douglas Arner, and Jae-Ha Park), New York: Springer 2006.

 

已发表（包括正在印刷和已被接受）英文论文

“Intellectual capital and financing decisions: evidence from the U.S. Patent data” (with Keith K.P. Wong), 2011, accepted at Management Science.

“Institutions and corporate investment: evidence from an investment-implied return on capital in China” (with Alan Siu), 2010, accepted at Journal of Financial and Quantitative Analysis. This paper has been quoted and discussed by the atricles "Bamboo Capitalism" and "Let Millions Flowers Bloom" in The Economist.

“Predict stock market returns with aggregate discretionary accruals” (with Qiang Kang and Rong Qi), Journal of Accounting Research, 2010, 48(4), 815-858. Featured and summarized in The CFA Digest, 2010, Vol. 40, No. 4 (by Georgeann Portokalis).

“Information-based stock trading, executive incentives, and the principal-agent problem” (with Qiang Kang), Management Science, 2010, 56(4), 682-698.

“The Sarbanes-Oxley Act and corporate investment: a structural assessment” (with Qiang Kang and Rong Qi), Journal of Financial Economics, 2010, 96 (2), 291-305.

“Competition and corporate tax avoidance: evidence from Chinese industrial firms” (with Hongbin Cai), The Economic Journal, 2009, 119 (April), 764-795.

“Market timing strategy with aggregate accruals” (joint with Qiang Kang and Rong Qi). Journal of Asset Management, 2009, 10 (3), 170-180. Featured and summarized in The CFA Digest, 2010, Vol. 40, No. 1: 118-120 (by Victoria Rati).

“Stock market information production and executive incentives” (joint with Qiang Kang), Journal of Corporate Finance, 2008. 14, 484-498.

“Stock trading and diversification discount” (with Rong Qi), Economics Letters, 2008, 98(1): 35 – 40.

“Corporate governance and earnings management in China: a tunneling perspective,” (with Joe Lu), Journal of Corporate Finance, 2007, 13: 881 – 906。

“Do we accept accruals profits at our peril?” (with Rong Qi) 2006, Financial Analysts Journal, Volume 62 (4): 62-75.

“How good is good news? Technology depth, book-to-market ratio, and innovative events,” 2006, Journal of Accounting, Auditing, and Finance, Vol. 21(3), 293-321.

“Missing links: regional reforms for Asian debt capital markets” (with Paul Lejot and Douglas Arner), Asia Pacific Business Review, 2006, 12(3):309-332.

“High stakes in high technology: high-tech market values as options” (with Michael R. Darby and Lynne Zucker), Economic Inquiry, lead article, 2004, Vol. 42(3): 351-369.

“Corporate governance in China: current practices, economic effects, and institutional   determinants,” CESifo Economic Studies, 2006, 52(2), 415-453.

“Corporate Governance and Firm valuations in China” (with Chong-En Bai, Joe Lu, Frank Song, Junxi Zhang), 2004, Journal of Comparative Economics, lead article, 32(4):599-616. A condensed and non-academic version was published at Beyond Transition: The Newsletter about Reforming Economies, Vol. 15, No. 1, 2004, a quarterly publication by World Bank.

“The parent companies puzzle? when is the whole worth less than one of the parts?” (with Bradford Cornell), Journal of Corporate Finance, lead article, 2001, 341-366. Featured and summarized in The CFA Digest, 2002, Vol. 32, No. 2: 22-23.

 

已发表（包括正在印刷和已被接受）英文书籍章节

“Sovereign funds,” The Encyclopedia of Financial Globalization, Elsevier, forthcoming.

 “Asia's debt capital markets – Contemporary markets for Asian debt capital market instruments” (with Paul Lejot, Douglas Arner), in “Asia’s debt capital markets: prospects and strategies for development” (co-ed by Paul Lejot, Douglas Arner, Qiao Liu, and Jae-Ha Park), Springer 2006.

“Making Markets: Policy concerns and the value of regional markets” (with Paul Lejot, Douglas Arner) in “Asia’s debt capital markets: prospects and strategies for development” (co-ed by Paul Lejot, Douglas Arner, Qiao Liu, and Jae-Ha Park), Springer 2006.

“Asia's debt capital markets – Introduction” (with Paul Lejot, Douglas Arner, and Jae-Ha Park), in “Asia’s debt capital markets: prospects and strategies for development” (co-ed by Paul Lejot, Douglas Arner, Qiao Liu, and Jae-Ha Park), Springer 2006.

“Property rights, collateral and credit rights in east Asia” (with Douglas Arner, Charles Booth, Berry Hsu, Paul Lejot, and Frederik Pretorius), in "East Asian Finance: the road to robust markets" (edited by Swati R. Ghosh). Washington DC: World Bank. 2006.

 

已发表（包括正在印刷和已被接受）中文论文

“竞争会加剧公司隐瞒利润吗？－来自中国企业的证据”，（与蔡洪滨和肖耿合作） 2006， 经济学报, 2:15-45.

“中国上市公司治理结构的实证研究”。 经济研究， 2005年第2期，81-91页。（与白重恩，陆洲，宋敏和张俊喜合作）。

“公司资源的隧道效应”经济学季刊，2004年第2期，437-456页。（与陆洲合作）。

“信息，现金流和企业投资”中国金融学，2006年6月期，73-98页。（与戚戎合作）。

“市场非有效性与行为金融” 2002年，见田国强主编《现代经济学与金融学前沿发展》商务印书馆。

“市场是有效的吗？” 读书, 2001年第11期。

 

已完成/投稿的工作论文

“The real effect of S&P 500 additions: evidence from corporate investment” (with Yong Wei), December 2010.

“The evolution and consequence of Chinese pyramids” (with Ying Zheng and Yuande Zhu), December 2010.

“How do regulations affect corporate investment? evidence from state anti-takeover laws” (with Qiang Kang), June 2010.

“Two Accrual Anomalies” (with Qiang Kang and Rong Qi), August 2009.

“Credit rating changes and CEO incentives” (with Qiang Kang), 2009, working paper. Submitted.

“The value of corporate control: propping and tunneling evidence from China" (with Chong-En Bai, Frank Song), 2009. Submitted.

“Information production, cash flow, and corporate investment” (with Rong Qi). This version: July 2007. Under review. This paper has been presented at the 2003 American Finance Association annual meeting in Washington DC.

 

教授课程

1. 公司金融

2. 亚洲金融市场

3. 公司金融案例分析

4. 国际金融

5. 收购与兼并

6. 高级金融管理

7. 公司财务理论与实证分析