主讲人：杨金强（上海财经大学，副教授）
主持人：周铭山（西南财经大学金融学院，副院长，副教授）
时 间：2014年5月9日（周五）下午2:00—3:30
地 点：柳林校区颐德楼H110
主办单位：大金融学科学术研究沙龙、金融学院、科研处
主讲人简介：
杨金强，2011年毕业于湖南大学，获数量经济学博士，美国哥伦比亚大学商学院访问学者，现任上海财经大学金融学院副教授，博士生导师。其学术研究主要集中于各种市场摩擦下的投资、融资、资本资产定价和风险管理等领域。研究成果相继发表在国际一流金融学期刊Journal of Financial Economics（2篇）和Review of Financial Studies（1篇），以及Quantitative Finance、Computational Economics等期刊上。现主持国家自然科学基金项目1 项和上海市教委科研创新项目1项，入选教育部“新世纪优秀人才支持计划”和上海市“晨光计划”。曾荣获全美华人金融协会(TCFA)最佳论文奖、湖南省优秀博士论文奖。此外，还担任上海国际金融中心研究院研究员、全国金融系统青年联合会委员，以及多种SSCI国际期刊的审稿专家。
沙龙论文摘要：
We analyze a dynamic optimal contracting model where the entrepreneur has risky inalienable human capital and investors have limited liability protection. The inabilities for the entrepreneur and investors to commit generate significant distortions for corporate investment decisions and influence corporate valuation. We show that corporate risk management and liquidity management are critical components of optimal corporate financial policies. We derive endogenous debt capacity that ties to the entrepreneur's risky inalienable human capital. We show that investment dynamics is highly nonlinear especially when the firm's liquidity is low. Investment distortions via asset sales are critical parts of risk management for firms that are severely financially constrained. Preserving liquidity is thus of the first-order importance to maximize firm value. Additionally, over-investment can be highly valuable for firms to mitigate their concerns to violate limited liability conditions. The fact that we observe firms' excessive investment near bankruptcy may not indicate that equity holders are engaging in excessive risk taking. Finally, we quantitatively value the net benefits of risk management and liquidity management and find that the values are high.
附：杨金强老师于5月10日（周六）、11日（周日）、12日（周一）上午9点至12点、下午2点至5点在经世楼D502给开设《连续时间金融在资产定价与公司金融的应用》课程，欢迎感兴趣的学生参加。
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