题目：Risky financial asset holdings and stock liquidity

主讲人：常钰苑

时间：12月26日 15：00-16:30

地点：北京师范大学珠海校区励耘楼B312

摘要：This study examines the impact of risky financial asset holdings on stock liquidity based on evidence from wealth management products in China. Investing in these products significantly suppresses firm-specific stock liquidity, reflecting the detrimental effect of risky financial asset holdings on capital market efficiency. This liquidity suppression effect appears more pronounced for firms with a lower probability of informed trading and with less valuation uncertainty. This is consistent with the adverse selection hypothesis that risky financial asset holdings exacerbate informed trading and crowd out firms' main business. Interactive analysis further reveals that the detrimental effect on stock liquidity is curbed by funding privilege and corporate governance. Lastly, economic consequence tests show that investing in these products not only reduces stock liquidity but also has detrimental spillover effects, damaging sustainable growth, financial stability, and investment scale.

个人简介：常钰苑，华南理工大学工商管理学院财务管理系副教授、硕士生导师。2015年获华南理工大学管理学学士学位，2021年获西安交通大学会计学博士学位，2018年至2019年于香港理工大学商学院进行联合培养。研究方向主要集中于企业财务决策、企业社会责任与非市场化战略等领域。迄今主持国家自然科学基金、教育部人文社科基金、广东省自然科学基金等省部级以上科研课题6项。在国际高水平期刊上发表论文10余篇。其中，以第一作者身份在FT50顶级期刊（Journal of Management Studies、Journal of Business Ethics）发表论文2篇，在Journal of Corporate Finance、Journal of Banking & Finance、Journal of Business Finance & Accounting、Journal of Accounting and Public Policy等金融与会计学国际权威期刊上发表多篇论文。