北京大學光華管理學院金融學系老師劉俏 正文

劉俏
系別：金融學系
職稱：教授
辦公電話：86-10-62767993
Email：qiao_liu@gsm.pku.edu.cn

?個人簡介
劉俏現(xiàn)任北京大學光華管理學院金融學和經(jīng)濟學教授、博士生導(dǎo)師、副院長、和EMBA中心主任。他于2013年獲得國家自然科學基金杰出青年獎，2014年獲教育部長江學者特聘教授。劉俏也兼任深圳證劵交易所專家評審委員會委員和中國證監(jiān)會、中國金融期貨交易所、民生銀行、及深交所博士后站指導(dǎo)導(dǎo)師。劉俏主要教授公司金融，收購與兼并，和國際金融管理課程。他在公司金融，實證資產(chǎn)定價、實際期權(quán)、市場微觀結(jié)構(gòu)和中國經(jīng)濟研究等方面擁有眾多著述，并且由《金融經(jīng)濟學期刊》(Journal of Financial Economics), 《管理科學》 (Management Science),《會計研究期刊》(Journal of Accounting Research), 《金融和數(shù)量分析期刊》(Journal of Financial and Quantitative Analysis),《經(jīng)濟學期刊》（Economic Journal),《企業(yè)金融》(Journal of Corporate Finance)、《經(jīng)濟探究》(Economic Inquiry), 《比較經(jīng)濟學期刊》 (Journal of Comparative Economics), 《會計,審計和金融學期刊》 (Journal of Accounting, Auditing and Finance), 《金融分析師期刊》( Financial Analysts Journal), 《經(jīng)濟學通信》(Economics Letter)，《亞太商業(yè)評論》(Asia-Pacific Business Review)等國際著名金融與經(jīng)濟雜志出版。他與他人合作編撰一本關(guān)于亞洲債券市場的書 Asia’s Debt Markets: Prospects and Strategies for Development 于2006年由國際著名出版商 - New York: Springer- 出版。他的另一本專著《Finance in Asia：Institutions, Regulation and Policy》（與Paul Lejot和Douglas Arner)于2013年4月由著名出版商Routledge出版。他和Paul Lejot及Douglas Arner聯(lián)合主編的文獻合集《Finance in Asia: A Critical Concept》也于2013年10月由Routledge出版。
劉俏也用中文寫作，他的中文文章發(fā)表在《經(jīng)濟研究》, 《經(jīng)濟學季刊》, 《經(jīng)濟學報》和《中國金融學》等國內(nèi)著名雜志。除學術(shù)研究外，劉俏也為《21世紀經(jīng)濟報道》, 《新財富》、《董事會》、和《讀書》等國內(nèi)著名報刊雜志撰稿。劉俏曾多次被邀在CNBC、CCTC、鳳凰衛(wèi)視、湖南衛(wèi)視等媒體討論中國金融及經(jīng)濟問題。 他的學術(shù)觀點 被《經(jīng)濟學人》，《金融時報》，《香港商報》，《首席財務(wù)官》， 《華爾街日報》，《蘇格蘭人》, 《時代周刊》、《人民日報》、《中國證劵報》等廣泛采用。 2011年3月《經(jīng)濟學人》雜志的封面文章《竹林資本主義》（Bamboo Capitalism）大量引用劉俏和Alan Siu對中國企業(yè)投資資本收益率分布的研究成果。 該文作者Tom Eaton因該文獲得2011年國際巴斯夏新聞獎。劉俏的新書《從大到偉大——中國企業(yè)的第二次長征》于2014年3月出版，名列當月新聞出版總局暢銷書排行榜經(jīng)管類第一名。
劉俏于中國人民大學獲得經(jīng)濟應(yīng)用數(shù)學學士學位，于中國人民銀行金融研究所獲得國際金融碩士學位，并于加州大學洛杉磯分校(UCLA)獲得博士學位。在2001年12月到2003年7月間，劉博士曾任職于麥肯錫公司。期間，他負責麥肯錫在亞洲企業(yè)金融方面的研究和知識領(lǐng)域，并為大型亞洲公司和跨國公司提供服務(wù).加入光華前，劉俏任教于香港大學經(jīng)濟與工商管理學院。他曾多次獲本科生和研究生優(yōu)秀教學獎，并獲港大終身教職。

?研究領(lǐng)域
公司金融
實證資產(chǎn)定價模型
金融市場與監(jiān)管
中國經(jīng)濟

?教育背景
2000  加州大學洛杉磯分校  經(jīng)濟  博士
1994  中國人民銀行研究生部  國際金融  碩士
1991  中國人民大學  應(yīng)用數(shù)學  學士

?職業(yè)經(jīng)歷
2011至今
北京大學光華管理學院 教授
2003--2010
香港大學經(jīng)濟與工商管理學院 助理教授, 副教授（終身職）
2001--2003
麥肯錫公司亞太公司金融與戰(zhàn)略咨詢中心 咨詢顧問
2000—2001
香港大學經(jīng)濟金融學院 助理教授
1994
北京華夏證劵有限公司發(fā)行部 業(yè)務(wù)經(jīng)理

?研究成果
英文書籍
“Finance in Asia: institutions, regulation, and policy” (joint with Douglas Arner and Paul Lejot), London – New York: Routledge. March 2013.
"Finance in Asia: A Critical Concept" (co-edit with Paul Lejot and Douglas Arner), Routledge, October 2013.
“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.
已發(fā)表（包括正在印刷和已被接受）英文論文
"Sovereign funds,” The Encyclopedia of Financial Globalization, Elsevier, 2012.
"Capitalizing China: Comment on “Assessing China’s Top-Down Securities Markets”, 2012, NBER book edited by Joseph Fan and Randall Morck“
"Intellectual capital and financing decisions: evidence from the U.S. Patent data” (with Keith K.P. Wong), 2011, Management Science.
“Institutions and corporate investment: evidence from an investment-implied return on capital in China” (with Alan Siu), 2011,  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.
已發(fā)表（包括正在印刷和已被接受）英文書籍章節(jié).
“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.
已發(fā)表（包括正在印刷和已被接受）中文書籍或論文
“從大到偉大——中國企業(yè)的第二次長征”，2011年《財富》中文版12月
“競爭會加劇公司隱瞞利潤嗎？－來自中國企業(yè)的證據(jù)”，（與蔡洪濱和肖耿合作） 2006， 經(jīng)濟學報, 2:15-45.
“中國上市公司治理結(jié)構(gòu)的實證研究”。 經(jīng)濟研究， 2005年第2期，81-91頁。（與白重恩，陸洲，宋敏和張俊喜合作）。
“公司資源的隧道效應(yīng)”經(jīng)濟學季刊，2004年第2期，437-456頁。（與陸洲合作）。
“信息，現(xiàn)金流和企業(yè)投資”中國金融學，2006年6月期，73-98頁。（與戚戎合作）。
“市場非有效性與行為金融” 2002年，見田國強主編《現(xiàn)代經(jīng)濟學與金融學前沿發(fā)展》商務(wù)印書館。
“市場是有效的嗎？” 讀書, 2001年第11期。
《董事會》雜志，2011-2012共24篇專欄文章
已完成/投稿的工作論文
"Two Accrual Anomalies" (with Qiang Kang and Rong Qi), Revise and resubmit at Journal of Accounting and Economics, 2013.
“The real effect of S&P 500 additions: evidence from corporate investment” (with Yong Wei and Qiang Kang), October 2013.
“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.

?教授課程
1. 公司金融
2. 亞洲金融市場
3. 公司金融案例分析
4. 國際金融
5. 收購與兼并
6. 高級金融管理
7. 公司財務(wù)理論與實證分析

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