时间：2020年12月10日（星期四）上午9:00

地点：yh86银河国际南校区院系楼401yh86银河国际会议室

主办：yh86银河国际yh86银河国际

主题一：人民币国际化会推动中国企业出口增加吗？——来自跨境人民币结算试点的证据

主讲人简介：袁凯彬，厦门大学国际金融学博士，研究方向为人民币国际化、跨境资本流动与国际投资、宏观政策的微观研究、实证资产定价

内容简介：

随着人民币国际化战略的提出，跨境人民币结算试点应运而生并成为近年来人民币国际化的典型体现。在近期形成的主导货币定价理论下，货币国际化究竟能否降低企业经营成本尚待检验。本文利用手工收集的企业参与跨境人民币结算试点数据，结合海关数据运用双重差分法展开分析并发现，参与跨境人民币结算可显著增加中国企业出口约13.4%，且在考虑选择偏误和内生性问题后依然稳健，但其效应依企业异质性存在差异。进一步研究表明，使用跨境人民币结算可有效减少企业借助外债规避外汇风险的必要性，压缩企业经营成本，促使企业更专注于开拓新的境外市场和新产品以分散经营风险。上述结论对推进人民币国际化和完善主导货币定价理论均具有明确的含义。

主题二：Follow the Crowd: Online Public Opinions and Cross-Section of Stock Returns。

主讲人简介：梁裕珩，厦门大学金融学博士，研究方向为金融科技、实证资产定价、公司金融

内容简介：

As financial market has been more profoundly influenced by social media, this paper shows that online public opinions have predictive power of stock returns as an anomaly. We choose the most robust machine learning algorithm to obtain the investor sentiment index based on the text information of the Guba Eastmoney, the most popular stock message board in China. Firstly, the positive alpha has been founded by portfolio analyses that is long stocks with the highest recent online public opinions and short stocks with the lowest recent online public opinions. Through Fama-MacBeth regressions, we confirm such positive relationship between online public opinions and positive stock returns. Secondly, according to the 2×3 sorts (Fama and French, 2015), we construct the online public opinion factor, and show that the pricing factor is not redundant, but persistent, and has strong predictive ability of stock returns. In addition, when the stock market widely fluctuated in 2015, the online public opinions effect on stock returns was significantly greater. Finally, the online public opinion affects the asset price through the three mechanisms, i.e. noise trader ratio, market liquidity and arbitrage restriction, which is consistent with the theoretical derivation.