educational background

PhD in Finance (2010), Jinan University, Department of Finance;

Master of Economics (2007), Guangxi University Business School;

Bachelor of Economics (1996), Shandong University, Department of International Finance.

Work experience

2010-present Guangxi University Business School, School of Economics

1996.07-2003.09 Industrial and Commercial Bank of China, Guilin branch

Granted Projects

1. National Natural Science Foundation of China (regional), "Research on house price fluctuation and corporate investment and financing behaviour: micro-transmission effect and interaction mechanism" (71263008), completed and rated as excellent by the Committee of the National Natural Science Foundation of China.

2. National Natural Science Foundation of China (regional) project "Leveraged investment and capital market volatility: influence mechanism and its economic consequences" (71763004), completed and rated as excellent by the Committee of the National Natural Science Foundation of China.

3. National Natural Science Foundation of China, "Study on Local Government Debt Replacement and Bond Market Financing Liquidity" (72173035), under research (2022-2025).

Publications

1. "Macroeconomic Factors and Changes in Corporate Capital Structure," with Su Dongwei, Economic Research, December 2009, pp. 52-65.

2. "Credit policy and corporate capital structure", with Su Dongwei, The World Economy, August 2010, pp. 17-42.

3. "Macro-control and firm value", The Financial Review, February 2010, 91-102

4. "Macroeconomic Factors, Entrepreneurial Confidence and Firms' Financing Choices," with Su Dongwei, Financial Studies, April 2011, pp. 129-142.

5. "Property values and corporate investment and financing changes", Management World, May 2012, pp. 125-136

6. "Financing constraints of Chinese firms: characterising the phenomenon and testing the causes", with Deng Kobin, Economic Research, February 2014, pp. 47-60.

7. "How Firms Obtain Financing Facilities," with Ringling, Quarterly Journal of Economics, December 2015, vol. 15, no. 1, pp. 241-262.

8. "Reform of the Independent Director System, Independence of Independent Directors and the Risk of Stock Price Crash," with Kwon Hee Leung, Management World, March 2016, pp. 17-32.

9. "National Industrial Policies, Credit Resource Allocation and Firm Performance," with Zhao Qing, Investment Research, 2016(3), 58-72.

10. "Research on the micro transmission effect of real estate price volatility - based on the perspective of financing constraint", with Lin Ling, Journal of Management Science, July 2017, pp. 68-85.

11. "Does Chinese-style industrial policy lead to overcapacity - an empirical analysis based on panel data of Chinese industrial sectors", with Zhao Qing, Journal of Huazhong University of Science and Technology, 2017(3), 75-85.

12. "Political connections, auditor choice and corporate accounting transparency evidence from private sector firms in China ", With Liu ye, Li Xin dan and An Yunbi, Accounting and Finance (SSCI), 2017, 1071-1099.

13. "Can Industrial Policy Controls Boost Capacity Utilisation?" , with Zhao Qing, China Economic Issues, March 2018, 46-57.

14. "Political connection, market frictions and financial constraints: evidence from China",With Deng Kebin, and Zhu Yushu, Accounting and Finance (SSCI), 2019, 2377-2414.

15. "Do High Social Insurance Costs Discourage Business Investment?" , with Lin Ling, Journal of Management Science, 2020(7), 57-75.

16. "How Population Mobility Causes Regional Pension Insurance Cost Imbalances", with Lin Ling and Pang Fangying, Studies in Labour Economics, April 2021 (Vol. 9, No. 2), 52-76.

17. "Credit Volatility and Debt Maturity Choice," with Wenli Huang, Journal of Management Science, February 2022, Vol. 25, No. 2, 47-68.

18. "Credit Expansion and Default Risk," with Lin Ling and Luo Lanjun, Quarterly Journal of Economics, September 2022, Vol. 22, No. 5, 1577-1596.

19. "Maturity Mismatches and the Risk of Internet Financing Surge," with Lin Ling, Financial Forum, Vol. 6, 2022, 24-34.

20. "How Does Deleveraging Affect Funding Market Liquidity?", with Qiu Buhui, Tian Gang, Management Science(SSCI,UTD24), June 2022, Vol. 68, No. 6, pp. 4568-4601.

21. Macroeconomic Factors and Corporate Capital Structure, China Finance Press, published in November 2011

Honors and Awards

1. "Does Excessive Social Insurance Costs Discourage Enterprise Investment? Winner of the Second Prize of the Seventeenth Guangxi Outstanding Achievements in Social Sciences, 2022;

2. Financing Constraints of Chinese Enterprises: Characteristic Phenomena and Causal Tests was awarded the Third Prize of the Eighth Ministry of Education's Outstanding Achievements in Higher Education School Scientific Research in 2020;

3. "Reform of the Independent Director System, Independence of Independent Directors and the Risk of Stock Price Crash" won the Second Prize of the Fifteenth Guangxi Outstanding Achievements in Social Sciences in 2018;

4. "Research on the Micro Transmission Effect of Real Estate Price Fluctuations - Based on the Perspective of Financing Constraints" won the Third Prize of the Fifteenth Guangxi Outstanding Achievements in Social Sciences in 2018;

5. "Financing Constraints of Chinese Enterprises: Characteristic Phenomena and Causal Tests" won the First Prize of Outstanding Achievements in Philosophy and Social Sciences of Guangdong Province in 2017;

6. "Financing Constraints of Chinese Enterprises: Characteristic Phenomena and Causal Tests" won the First Prize of Excellent Financial Research Achievement Papers of Guangdong Province in 2016;

7. "How Enterprises Obtain Financing Facilities" won the Second Prize of the Fourteenth Guangxi Outstanding Achievements in Social Sciences in 2016;

8. "Property Value and Changes in Corporate Investment and Financing" won the Second Prize of the Thirteenth Guangxi Outstanding Achievements in Social Sciences in 2014;

9. "Credit Policy and Corporate Capital Structure" won the Second Prize of the Twelfth Guangxi Outstanding Achievements in Social Sciences in 2012;

10. "Macroeconomic Factors and Changes in Corporate Capital Structure" won the First Prize of Outstanding Achievements in Philosophy and Social Sciences of Guangdong Province in 2011;

11. "Credit Policy and Corporate Capital Structure" won the first prize of excellent papers in 2009 National Doctoral Conference (Finance Forum);

12. 2010 Outstanding Doctoral Dissertation, Jinan University;

13. 2010 Outstanding Doctoral Thesis, Guohua Education Fund;

14. "Outstanding Contributor to the Collection and Revitalisation of Non-performing Assets", ICBC Guilin Branch, 2002.

Teaching Courses

Econometric analysis of financial markets, advanced macroeconomics, macrofinance topics, research methods in finance, corporate finance, credit risk