大陆成人直播

主讲人：杜涣程，中央财经大学金融学院

题目：Industrial Policy and R&D Misallocation

参与老师：余昌华、薛思帆

时间：2025年11月18日（周二）上午10:00-11:30（北京时间）

地点：245教室

摘要：

This study examines the impact of China’s "High-Quality Development" (HQD) policy—announced in 2017 to shift the economy from high-speed to high-quality growth—on capital markets and corporate real activities. Using a plausibly exogenous trade-based firm quality measure, we treat the HQD policy as an exogenous attention-grabbing event to investigate how it amplifies a key market friction: investor limited attention to complex firm characteristics. We document three core findings. First, the capital market over-reacted to the HQD policy, leading to the overvaluation of high-quality firms. Second, this mispricing reduced the cost of capital for high-quality firms, stimulating their R&D investment. Third, the policy-driven capital reallocation was inefficient: high-quality firms that received cheap capital exhibited declining R&D ability.

主讲人介绍：

中央财经大学金融学院副教授杜涣程研究聚焦于实证资产定价、行为金融与国际金融，以及国际贸易宏观视角与中国金融市场相关问题。相关研究发表于Journal of Financial Economics、《金融研究》等国内外顶级期刊。曾任职国际货币基金组织研究员、普林斯顿大学博士后，参与多项重要科研项目。