The collaborative paper The Contraction of Chinese Shadow Banking and Corporate Investment Behavior: Evidence from the Background of New Asset Management Regulations by Associate Professor Ji Zhibin and Professor Kong Dongmin from the School of Finance at Central University of Finance and Economics, along with the collaborative paper Human Capital Accumulation, Trade Openness, and Innovation in Chinese Manufacturing Enterprises by Teacher Wu Lamei, have been published in the second issue of volume 24 of the Quarterly Journal of Economics in 2024. Quarterly Journal of Economics is classified as an A-level journal by Central University of Finance and Economics.

Title: Contraction of China's Shadow Banking and Corporate Investment Behavior: Evidence from the Background of New Asset Management Regulations

Authors: Ji Zhibin, Ye Naide, Kong Dongmin

Abstract: This paper investigates the impact of the contraction of China's shadow banking on corporate investment behavior, using the exogenous scenario of the introduction of new asset management regulations in April 2018. We find that the implementation of the new regulations led to a 18.3% decrease in investment levels for firms that previously relied on shadow banking for financing, compared to other firms. Further analysis reveals that the new regulations exacerbated firms' financing constraints and shortened their debt maturity. Lastly, we find that the inhibitory effect of the new regulations on corporate investment is primarily manifested in firms with lower marginal capital output, while for firms with higher marginal capital output, this inhibitory effect is limited. Therefore, the introduction of the new regulations enhances the efficiency of capital allocation among firms.

Keywords: New Asset Management Regulations; Shadow Banking; Corporate Investment

Title: Human Capital Accumulation, Trade Openness, and Innovation in Chinese Manufacturing Enterprises

Authors: Zhang Liang, Qiu Bin, Wu Lamei, Peng Tingting

Abstract: Human capital is a crucial determinant of economic growth. This paper employs a difference-in-differences approach to identify the impact of human capital accumulation resulting from expansion of university enrollment on innovation in Chinese manufacturing enterprises. The study finds that human capital accumulation significantly promotes both the propensity and quality of innovation in enterprises. Moreover, trade openness serves as an important mechanism for fostering innovation in enterprises. The factor agglomeration effect resulting from import competition and the market expansion effect from learning effects in export markets are two important pathways through which trade openness promotes innovation in enterprises. This paper highlights the necessity of human capital accumulation and the importance of achieving innovation through trade openness.

Keywords: Human Capital; Trade Openness; Enterprise Innovation

Author Introduction

Ji Zhibin is an Associate Professor and Master's Supervisor at the School of Finance, Central University of Finance and Law. He is also the Director of the Department of Finance and Deputy Leader of the Master's Supervisor Group. He completed his postdoctoral research at the Institute of Quantitative Economics and Technical Economics, Chinese Academy of Social Sciences, and was a visiting scholar at the Department of Economics, Carleton University in Canada. Additionally, he serves as an independent director for a mining company and a group corporation. He has published over 30 academic papers in journals such as Economic Research and International Finance Research and authored the academic monograph Central Bank Communication and the Effectiveness of Monetary Policy. Ji Zhibin has participated in and led over 10 major projects funded by the Social Science Foundation and the Ministry of Education, several of which have received awards at the provincial and ministerial levels. He teaches courses such as Monetary Finance and International Finance to undergraduate students and Financial Theory and Policy to master's students. Furthermore, he serves as a lecturer at the MBA Center of Central University of Finance and Law, CCB Academy, and the Higher Education Training Center of Wuhan University.

Kong Dongmin is a specially-appointed professor and doctoral supervisor at the School of Finance of Zhongnan University of Economics and Law. He is also a member of the Financial Management Professional Committee of the China Society of Management Modernization. His main research interests include financial finance, behavioral finance, and the Chinese capital market. He has published multiple papers in academic journals such as Economic Research, Management World, Journal of Management Science, Financial Research, Economic Quarterly, Review of Finance, Contemporary Accounting Research, Journal of Environmental Economics and Management, Journal of Corporate Finance, and Journal of Banking and Finance. He has led several projects funded by the National Natural Science Foundation of China, the World Bank project of the Ministry of Finance, and joint research projects with the Shanghai Stock Exchange. Currently, he serves as an associate editor for China Finance Review International and editorial board member for journals such as Securities Market Herald, Accounting and Economic Research, Journal of Zhongnan University of Economics and Law, Luo Jia Management Review, Contemporary Accounting Review, and Jianghan Academic.

Wu Lamei is a faculty member in the Investment Department of the School of Finance at Zhongnan University of Economics and Law. Her primary research interests include international investment, international trade, and international finance. She has published multiple academic papers in journals such as Economic Research, World Economy, and China & World Economy.