讲座题目：Can Infrastructural Development Help Promote Financial Efficiency?

主讲人：龙小宁（厦门大学）

讲座时间：2019年5月29日周三下午3:00-4:30

讲座地点：中央财经大学学院南路校区主教702会议室

主讲人简介：龙小宁：厦门大学王亚南经济研究院和经济学院教授、博导，经济学系主任，国务院学科评议组成员，百千万工程人才国家级入选者，福建省“百人计划”和福建省“高校领军人才计划”入选者，张培刚发展经济学优秀成果奖获得者，斯坦福大学胡佛研究院Glenn Campbell and Rita Ricardo-Campbell 国家奖金获得者，China Economic Review 以及《中国经济问题》联合主编。美国华盛顿大学（圣路易斯）经济学博士学位，2001-2011年于美国柯盖德大学任教并获终身教职。龙教授运用法经济学实证方法，开创性研究中国外贸外资、企业发展、经济增长与制度安排之间相互影响等问题，成果发表于Journal of Law and Economics、Journal of Public Economics、Journal of International Economics、 Journal of Comparative Economics等国际学术期刊，以及《经济研究》、《经济学(季刊)》、《管理世界》、《世界经济》等国内刊物，并合著英文论著Foreign Direct Investment in China: Winners and Losers。

摘要：This paper studies the impact of HSR (high-speed rail) connection on venture capital investment and explores the specific mechanisms for such effects. We provide theoretical predictions and empirical evidence that high-speed rail development has significantly increased venture capital investment in China, and that both selection and monitoring channels have been indispensable. To the extent that equity financing has not yet fulfilled its function, HSR connection has thus helped improve financial efficiency in China. However, the heterogeneity in HSR's impact on VC investment quality points to the importance of monitoring abilities of VC firms. Thus, our study not only helps shed light on how infrastructural development affects the efficiency of a country's financial system, it also highlights the importance of market participant vitality.

本次讲座是中央财经大学“龙马奋进·校庆70周年学术系列讲座”的组成部分，获得了2019年中央财经大学专题学术讲座项目资助。