哪些中国题材登上了金融学顶刊《Review of Financial Studies》？
在国际顶刊讲述中国故事，通常离不开中国特有的市场环境和数据。
本文旨在展示国际金融学顶级刊物《Review of Financial Studies》发表的有关中国经济题材的论文，为对中国经济感兴趣的学者们提供借鉴。
本期共有23篇RFS论文上榜，其中2篇涉及股权分置改革，2篇与国企混改有关，2篇运用了A+H股双重上市的特殊数据，3篇研究了权证泡沫，3篇涉及政策调控或监管调整（如房地产调控、经济刺激和独董投票披露）。其余论文还对交易行为和交易策略、企业融资、公司治理、金融科技、以及国际经济交流等问题进行了深入的研究和探讨。
* 以上论文为手工整理，如有遗漏，欢迎后台留言补充，共同助力和传播国际顶级刊物中的中国声音。
* 关注学说平台公众号，后台回复关键词【RFS论文】，获取《Review of Financial Studies》中国经济问题研究论文。
注意：以下论文按发表时间排序。
01. Formal versus Informal Finance: Evidence from China
正规金融 VS 非正规金融：来自中国的经验证据
发表时间：August 2010
Google Scholar引用量：878
Meghana Ayyagari 乔治华盛顿大学商学院
Asli Demirgüç-Kunt 世界银行
Vojislav Maksimovic 马里兰大学史密斯商学院
The fast growth of Chinese private sector firms is taken as evidence that informal finance can facilitate firm growth better than formal banks in developing countries. We examine firm financing patterns and growth using a database of twenty-four hundred Chinese firms. While a relatively small percentage of firms utilize bank loans, bank financing is associated with faster growth whereas informal financing is not. Controlling for selection, we find that firms with bank financing grow faster than similar firms without bank financing and that our results are not driven by bank corruption or the selection of firms that have accessed the formal financial system. Our findings question whether reputation and relationship-based financing are responsible for the performance of the fastest-growing firms in developing countries.
02. Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China
民营化与风险分担：来自中国股权分置改革的证据
发表时间：July 2011
Google Scholar引用量：384
Kai Li 英属哥伦比亚大学尚德商学院
王坦 英属哥伦比亚大学尚德商学院（现：上海交通大学上海高级金融学院）
Yan-Leung Cheung(張仁良) Department of Finance and Decision Sciences（现：香港教育大学）
江萍 对外经济贸易大学国际经济贸易学院
We study the share privatization process in China to investigate whether and how the removal of market frictions is associated with efficiency gains. Prior to the reform, domestic A-shares were divided into tradable and non-tradable shares. As a result of the reform, holders of non-tradable shares compensated holders of tradable shares in order to make their shares tradable. We show that size is positively associated with both the gain in risk sharing and the price impact of more shares coming on the market as a result of the reform. Our study highlights the role of risk sharing in China's share issue privatization process.
03. The Sensitivity of Corporate Cash Holdings to Corporate Governance
公司现金持有对于公司治理的敏感性
发表时间：December 2012
Google Scholar引用量：309
陈旗 杜克大学福库商学院
陈晓 清华大学经济管理学院
Katherine Schipper 杜克大学福库商学院
徐永新 清华大学经济管理学院（现：澳大利亚莫纳什大学）
薛健 清华大学经济管理学院
The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings is greater for firms with weaker governance and firms facing more financial constraints prior to the reform. The reform also significantly reduced the average corporate savings rate, as measured by cash-to-cash-flow sensitivity. These findings are consistent with the premise that the reform removed a significant market friction, which led to better incentive alignment between controlling shareholders and minority shareholders and relaxed financial constraints. Additional analyses show that the reform affects firms' cash management policies, investment decisions, dividend payout policies, and financing choices differently in private firms than in state-owned enterprises.
04. Optimal Convergence Trade Strategies
最优收敛交易策略
发表时间：April 2013
Google Scholar引用量：70
刘俊 加州大学圣地亚哥分校、上海高级金融学院
Allan Timmermann 加州大学圣地亚哥分校、CREATES
Convergence trades exploit temporary mispricing by simultaneously buying relatively underpriced assets and selling short relatively overpriced assets. This paper studies optimal convergence trades under both recurring and nonrecurring arbitrage opportunities represented by continuing and “stopped” cointegrated price processes and considers both fixed and stochastic (Poisson) horizons. Conventional long-short delta neutral strategies are generally suboptimal and it can be optimal to simultaneously go long (or short) in two mispriced assets. Optimal portfolio holdings critically depend on whether the risky asset position is liquidated when prices converge. Our theoretical results are illustrated on pairs of Chinese bank shares traded on both the Hong Kong and China stock exchanges.
05. Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations
民族主义与经济交流：来自中日关系冲击的证据
发表时间：September 2014
Google Scholar引用量：121
Raymond Fisman 哥伦比亚大学商学院、美国国家经济研究局（现：波士顿大学）
Yasushi Hamao 南加州大学马歇尔商学院
汪勇祥 南加州大学马歇尔商学院（现：上海高级金融学院）
We study the impact of nationalism and interstate frictions on international economic relations by analyzing market reaction to adverse shocks to Sino-Japanese relations in 2005 and 2010. Japanese companies with high China exposure suffer relative declines during each event window; a symmetric effect is observed for Chinese companies with high Japanese exposure. The effect on Japanese companies is more pronounced for those operating in industries dominated by Chinese state-owned enterprises, whereas firms with high Chinese employment experience lower declines. These results emphasize the role of countries' economic and political institutions in mediating the impact of interstate frictions on firm-level outcomes.
06. Trading for Status
为地位而交易
发表时间：November 2014
Google Scholar引用量：76
Harrison Hong 普林斯顿大学（现：哥伦比亚大学）
江文熙 耶鲁大学（现：香港中文大学）
Na Wang 霍夫斯特拉大学
赵彬 上海交通大学上海高级金融学院（现：上海纽约大学、泰国国立法政大学）
We show that Keeping-Up-with-the-Joneses preferences can explain several puzzling retail investor behaviors, including the excessive trading of small local stocks. Status concerns lead households, especially those living in affluent areas, to demand these stocks to track their neighbors' wealth. This demand varies procyclically with the stock market's value and generates household trading. Using Chinese data on local stock turnover, stock message boards, and brokerage account trading, we test and confirm this hypothesis by exploiting the uneven rise of affluence across Chinese cities between 1998 and 2012.
07. Reputation Concerns of Independent Directors: Evidence from Individual Director Voting
独立董事的声誉考虑：来自个人董事投票的经验证据
发表时间：March 2016
Google Scholar引用量：238
姜纬 哥伦比亚大学
万华林 上海立信会计金融学院
赵山 格勒诺布尔高等商学院（现：香港城市大学）
This study examines the voting behavior of independent directors of public companies in China from 2004–2012. The unique data at the individual-director level overcome endogeneity in both board formation and proposal selection by allowing analysis based on within-board proposal variation. Career-conscious directors, measured by age and the director's reputation value, are more likely to dissent; dissension is eventually rewarded in the marketplace in the form of more outside directorships and a lower risk of regulatory sanctions. Director dissension improves corporate governance and market transparency primarily through the responses of stakeholders (shareholders, creditors, and regulators), to whom dissension disseminates information.
08. Commodities as Collateral
商品作为融资抵押品
发表时间：August 2016
Google Scholar引用量：38
汤珂 清华大学（社会科学学院经济学研究所）
朱昊翔 麻省理工斯隆管理学院
We propose and test a theory of using commodities as collateral for financing. Under capital control and collateral constraint, investors import commodities and pledge them as collateral to earn higher expected returns. Higher collateral demands increase commodity prices and make the inventory–convenience yield relation less negative. Our model illustrates these equilibrium effects and suggests that the violation of covered interest-rate parity is a proxy for collateral demands. Evidence from eight commodities in China and developed markets supports the theoretical predictions. Our findings complement the theory of storage and provide new insights into the financialization of commodity markets.
09. How Constraining Are Limits to Arbitrage?
套利限制会抑制套利吗?
发表时间：August 2016
Google Scholar引用量：118
Alexander Ljungqvist 纽约大学斯特恩商学院、美国国家经济研究局（现：斯德哥尔摩经济学院）
钱文澜 新加坡国立大学商学院（现：港大经管学院）
We document the existence of a strategy designed to circumvent limits to arbitrage. Faced with short-sale constraints and noise trader risk, small arbitrageurs publicly reveal their information to induce the target’s shareholders (“the longs”) to sell, thereby accelerating price discovery. Using data for 124 short-sale campaigns in the United States between 2006 and 2011, we show that investors respond strongly to the information, with spikes in SEC filing views, volatility, order imbalances, realized spreads, turnover, and selling by the longs. Share prices fall by an aggregate $14.8 billion. Our findings imply that even extreme short-sale constraints need not constrain arbitrage.
10.Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China
知识产权保护、所有权与创新：来自中国的证据
发表时间：July 2017
Google Scholar引用量：210
Lily H. Fang 欧洲工商管理学院
Josh Lerner 哈佛大学、美国国家经济研究局
吴超鹏 厦门大学管理学院
Using a difference-in-differences approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with strong IPR protection. Our results support theoretical arguments that IPR protection strengthens firms’ incentives to innovate and that private sector firms are more sensitive to IPR protection than SOEs.
11. Market Segmentation and Differential Reactions of Local and Foreign Investors to Analyst Recommendations
市场分割下投资者对分析师推荐的反应
发表时间：September 2017
Google Scholar引用量：47
贾春新 北京大学光华管理学院
王亚平 北京大学光华管理学院
熊伟 普林斯顿大学、香港中文大学（深圳）
This paper uses segmented dual-class shares of Chinese firms—A shares traded by local investors and H shares traded in Hong Kong by foreign investors—to document a rich pattern in the differential reactions of local and foreign investors to analyst recommendations. This pattern reveals that social connections between analysts and investors affect investor reactions to analyst recommendations. Because of the investors’ differential reactions, analyst recommendations may exacerbate, rather than attenuate, the market segmentation between the two share classes.
12. Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms
外国直接投资、贸易信贷和全球流动性冲击的传导：来自中国制造企业的证据
发表时间：January 2018
Google Scholar引用量：29
林曙 香港中文大学
叶海春 香港金融管理局（现：香港中文大学（深圳））
We empirically explore a trade credit channel through which foreign direct investment (FDI) firms can propagate global liquidity shocks to the host country despite its tight controls on portfolio flows. In a large sample of Chinese manufacturing firms, we find robust evidence that FDI firms provide more trade credit than local firms during tight domestic credit periods and that a favorable global liquidity shock amplifies FDI firms’ advantage in trade credit provision. Moreover, the differential responses of FDI and local firms are stronger in financially more dependent industries or in Chinese provinces with less financial depth.
13. Who Captures the Power of the Pen?
哪类媒体的报道更有效？
发表时间：January 2018
Google Scholar引用量：132
游家兴 厦门大学管理学院
张博辉 新南威尔士大学商学院、香港中文大学（深圳）
张乐 新南威尔士大学商学院
We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media’s superior effects are explained by their operating efficiency and independence.
14. Decentralized Privatization and Change of Control Rights in China
中国分权制下的国企混改与企业控制权的转移
发表时间：October 2018
Google Scholar引用量：29
甘洁 长江商学院
郭研 北京大学经济学院
许成钢 长江商学院
The design and implementation of privatization in China is unique in that both are decentralized and administered by the local governments. Based on a proprietary survey data set containing 3,000 firms in over 200 cities, this paper studies privatization choices and outcomes, as well as the mechanism behind the outcomes. We find that less political opposition to labor downsizing and greater fiscal capacity prompt cities to choose direct sales to insiders (MBOs). This method transfers control rights to private owners, retains limited government supports, imposes hardened budget constraints, allows for restructuring, and achieves performance improvement.
15. Credit Allocation Under Economic Stimulus: Evidence from China
经济刺激下的信贷分配：来自中国的证据
发表时间：September 2019
Google Scholar引用量：145
Lin William Cong(叢林) 芝加哥大学布斯商学院（现：康奈尔大学约翰逊管理学院研究生院）
高昊宇 中国人民大学汉青研究院（现：财政金融学院）
Jacopo Ponticelli 美国西北大学凯洛格管理学院
杨晓光 中国科学院数学与系统科学研究院
We study credit allocation across firms and its real effects during China’s economic stimulus plan of 2009–2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China’s high growth before 2008. We argue that implicit government guarantees for state-connected firms become more prominent during recessions and can explain this reversal.
16. Financial Illiteracy and Pension Contributions: A Field Experiment on Compound Interest in China
金融素养缺乏与养老金缴纳:一个在中国开展的关于复利的田野试验
发表时间：February 2020
Google Scholar引用量：96
Changcheng Song 新加坡管理大学
I conduct a field experiment to study the relationship between peoples’ misunderstanding of compound interest and their pension contributions in rural China. I find that explaining the concept of compound interest to subjects increased pension contributions by roughly 40%. The treatment effect is larger for those who underestimate compound interest than for those who overestimate compound interest. Moreover, financial education enables households to partially correct their misunderstanding of compound interest. I structurally estimate the level of misunderstanding of compound interest and conduct a counterfactual welfare analysis: lifetime utility increases by about 10% if subjects’ misunderstanding of compound interest is eliminated.
17. The Role of Government in Firm Outcomes
政府在企业经营中的作用
发表时间：December 2020
Google Scholar引用量：2
Ran Duchin 华盛顿大学福斯特商学院
高振宇 香港中文大学商学院
舒海兵 上海交通大学安泰经济与管理学院
Using a unique setting in China, where the geographic distance between collective firms and local governments is highly persistent because of legal restrictions on land ownership and mobility, we investigate the role of government involvement in small firms. In our analysis of survey responses, we find that weaker government involvement, measured by greater distance from government, is associated with higher firm autonomy and reduced taxes, protectionism, and anticompetitive behavior. In our analysis of firm-level financial data, we find that distant firms have better operating performance, higher growth, and higher entry rates. We find similar results around exogenous government office relocations.
18. The Chinese Warrants Bubble: Evidence from Brokerage Account Records
中国权证泡沫：来自经纪账户记录的证据
发表时间：January 2021
Google Scholar引用量：6
Neil D Pearson 伊利诺伊大学厄巴纳-香槟分校
杨之曙 清华大学经济管理学院
张麒 杜伦大学商学院
We use brokerage account records to study trading during the Chinese put warrants bubble and find evidence consistent with extrapolative theories of speculative asset price bubbles. We identify the event that started the bubble and show that investors engaged in a form of feedback trading based on their own past returns. The interaction of feedback trading with the precipitating event caused additional buying and price increases in a feedback loop, and estimates of the trading volume due to this mechanism explain prices and returns during the bubble.
19. Winners, Losers, and Regulators in a Derivatives Market Bubble
衍生品市场泡沫中的赢家、输家和监管者
发表时间：January 2021
Google Scholar引用量：4
李心丹 南京大学工程管理学院
Avanidhar Subrahmanyam 加州大学洛杉矶分校安德森商学院
杨学伟 南京大学工程管理学院
We use proprietary brokerage data to study trading patterns within a well-known financial market bubble: the Chinese warrants bubble. Persistently successful investors trade very actively and exhibit characteristics of de facto market makers. Unskilled investors unprofitably trend-chase and increase holdings in out-of-the-money warrants near expiration, whereas sophisticated investors do the reverse. We find that regulators did not properly forecast trading frenzies, as the prespecified price limits often exclude the fundamental values of warrants.
20. User Interface and Firsthand Experience in Retail Investing
零售投资中用户界面与一手经验
发表时间：September 2021
Google Scholar引用量：14
廖理 清华大学五道口金融学院
王正位 清华大学五道口金融学院
向佳 清华大学五道口金融学院
炎宏军 德保罗大学
杨珺 印第安纳大学
Using data from a major online peer-to-peer lending platform, we document that, due to time pressure, investors appear to focus on interest rates and only partially account for credit ratings in their decisions. The effect is stronger for mobile-based investors than for PC-based ones. Our evidence suggests that this variation is caused by the difference in information content on the interfaces rather than differences in the devices’ physical attributes per se. Investors improve their decisions by slowing down and paying more attention to credit ratings after experiencing a loan default firsthand, but not after observing others experiencing defaults.
21. The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy
“打地鼠”游戏：托宾税和交易狂热
发表时间：December 2021
Google Scholar引用量：17
才静涵 斯克兰顿大学
何基报 深圳证券交易所
江文熙 香港中文大学商学院
熊伟 普林斯顿大学、香港中文大学（深圳）
To dampen trading frenzy in the stock market, the Chinese government tripled the stamp tax for stock trading on May 30, 2007. The greatly increased trading cost triggered a migration of the trading frenzy from the stock market to the warrant market, which was not subject to the stamp tax. This migration exacerbated a price bubble in the warrant market. Our analysis of investor account data uncovers not only large inflows of new investors to the warrant market but also greatly intensified trading by existing warrant investors. This episode exemplifies the so-called “whack-a-mole” game in financial regulations.
22. Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions
资本溢出、房价和居民消费：来自“限购令”准自然实验的证据
发表时间：Forthcoming
Google Scholar引用量：2
邓颖璐 清华大学五道口金融学院
廖理 清华大学五道口金融学院
于佳恒 麻省理工斯隆管理学院
张宇 北京大学光华管理学院
We use a unique quasi-experiment–spillovers from the imposition of purchase restrictions on local housing to nearby unregulated cities–to study the effects of out-of-town housing demand on house prices and consumer spending. While these restrictions effectively stymied the surge in local house prices, they induced capital flight and sharp abnormal increases in house prices in nearby unregulated cities. The effect of the house price increases on consumer spending is positive in the aggregate, but echoing Favilukis and Van Nieuwerburgh (2021), is redistributive, that is, negative for renters and positive for homeowners.
23. Extrapolative Bubbles and Trading Volume
外推泡沫与交易量
发表时间：Forthcoming
Google Scholar引用量：7
廖静池 深圳证券交易所
Cameron Peng 伦敦政治经济学院
朱宁 上海交通大学上海高级金融学院
We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model generates a novel mechanism for volume: because of the interaction between extrapolative beliefs and disposition effects, investors are quick to not only buy assets with positive past returns but also sell them if good returns continue. Using account-level transaction data on the 2014–2015 Chinese stock market bubble, we test and confirm the model’s predictions about trading volume. We quantify the magnitude of the proposed mechanism and show that it can increase trading volume by another 30%.
* 关注学说平台公众号，后台回复关键词【RFS论文】，获取《Review of Financial Studies》中国经济问题研究论文。
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