金融学系
教授
qiao_liu@gsm.pku.edu.cn
简介:
刘俏现为北大光华管理学院院长、金融学教授、博士生导师、国家自然科学基金杰出青年获得者和教育部****特聘教授。

刘俏主要教授公司金融，收购与兼并，中国经济与金融和国际金融管理课程。他在公司金融、实证资产定价、市场微观结构、和中国经济等方面拥有众多著述，由《金融经济学期刊》(Journal of Financial Economics), 《管理科学》 (Management Science),《会计研究期刊》(Journal of Accounting Research), 《金融与数量分析期刊》(Journal of Financial and Quantitative Analysis)，《经济学期刊》（Economic Journal)，《金融分析师期刊》( Financial Analysts Journal)等国际顶级金融与经济杂志出版。他与他人合作编撰的关于亚洲债券市场的书 Asia’s Debt Markets: Prospects and Strategies for Development 于2006年由国际著名出版商 New York: Springer出版。 他的另一本专著Finance in Asia全面梳理全球经济转型和后危机时代亚洲金融中介体系面临的挑战和未来可能出现的变革，由著名出版商Routledge于2013年3月出版。他最新的英文专著Corporate China 2.0: The Great Shakeup于2017年1月由国际著名出版商Palgrave Macmillan出版。

刘俏的中文文章发表在《经济研究》, 《经济学季刊》, 《经济学报》，《哈佛商业评论》（中文版）等国内著名杂志。除学术研究外，刘俏也为《董事会》，《21世纪经济报道》, 《商业周刊》，《新财富》和《读书》等国内著名报刊杂志撰稿。刘俏曾应邀在CCTV、CNBC等讨论中国经济与中国金融, 并被 《金融时报》，《首席财务官》，《华尔街日报》，《经济学人》，《苏格兰人》，《时代周刊》，BBC,凤凰卫视等媒体就中国经济和中国银行业的状况进行采访。他的研究成果在2011年3月《经济学人》获国际巴斯夏新闻奖的《Bamboo Capitalism》一文中被大量引用。刘俏的新书《从大到伟大——中国企业的第二次长征》（机械工业出版社，2014年）探讨中国企业怎样寻找创新商业模式，实现从规模上的大到价值创造上的强的突破。

刘俏拥有中国人民大学的经济应用数学学士学位，中国人民银行金融研究所国际金融硕士学位，和加州大学洛杉矶分校(UCLA)经济学博士学位。2001-2003年间，刘俏曾任职于麦肯锡公司。期间，他负责麦肯锡在亚洲企业金融和战略策划方面的研究和知识领域， 并为大型亚洲公司和跨国公司提供咨询服务。2010年底加入光华前，刘俏任教于香港大学。他曾多次获港大优秀教学奖，并在港大获终身教职。刘俏曾于2012年获北京大学中国工商银行优秀经济学者奖，2013年获得北京大学光华管理学院“厉以宁”教师服务奖。

研究领域:
公司金融,实证资产定价模型,金融市场与监管,中国经济
职业经历:
2010至今 北京大学光华管理学院 教授2000--2010 香港大学经济与工商管理学院 助理教授, 副教授（终身职）2001--2003 麦肯锡公司亚太公司金融与战略咨询中心 咨询顾问
研究成果:
英文书籍
“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.
 
已发表（包括正在印刷和已被接受）英文论文
"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.
 
已发表（包括正在印刷和已被接受）英文书籍章节.
 “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.
 
已发表（包括正在印刷和已被接受）中文书籍或论文
 “从大到伟大——中国企业的第二次长征”，2011年《财富》中文版12月
“竞争会加剧公司隐瞒利润吗？－来自中国企业的证据”，（与蔡洪滨和肖耿合作） 2006， 经济学报, 2:15-45.
“中国上市公司治理结构的实证研究”。 经济研究， 2005年第2期，81-91页。（与白重恩，陆洲，宋敏和张俊喜合作）。
“公司资源的隧道效应”经济学季刊，2004年第2期，437-456页。（与陆洲合作）。
“信息，现金流和企业投资”中国金融学，2006年6月期，73-98页。（与戚戎合作）。
“市场非有效性与行为金融” 2002年，见田国强主编《现代经济学与金融学前沿发展》商务印书馆。
“市场是有效的吗？” 读书, 2001年第11期。
《董事会》杂志，2011-2012共24篇专栏文章
 
已完成/投稿的工作论文
"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.