必博娱乐

讲座主题：Can Venture Capital (VCs) Alleviate Overinvestment and Underinvestment of IPO Firms
主 讲 人：丁晓明 西交利物浦大学 终身副教授

讲座时间：2017年4月25日（周二）14:00

讲座地点：浦东校区五号教学楼404会议室

讲座摘要：We investigate whether VCs could alleviate overinvestment and underinvestment of IPO firms,using a sample of 2593 Chinese listed firms with 21443 observations. We first examine if and how free cash flow affect firm level investments by dividing the full sample into two subsamples: overinvestment firms and underinvestment firms. Cosistent with agency costs and information asymmetry explanations, we find that overinvestment (underinvestment) is pronounced in firms with positive (negative) free cash flows. Also, we find that overinvestment and underinvestment will be alleviated if VCs holding ownership in listed firms. Further, our evidence shows that state-owned firms are associated with severe underinvestment.

主讲人简介：丁晓明，男，CPAAustralia会员，于英国伯明翰大学获得金融学博士学位（公司金融与公司治理方向），毕业后留校从事博士后研究，2009年2月加入西交利物浦大学并先后任职讲师，终身副教授，主要从事公司金融和投资决策方面的研究，在国际领先期刊及会议发表论文多篇。先后担任西交利物浦大学国际商学院教学委员会负责人、系主任、外联部主任等学术行政职务。