喻园管理论坛2021年第41期(总第698期)
演讲主题: Gate Fees: Shell Values and Regulatory Risk in Chinese Equity Markets
中国股票市场中的壳价值与监管风险
主 讲 人: 沈 涛，清华大学经济管理学院金融系副教授
主 持 人: 李安泰，管理学院财务金融系讲师
活动时间: 2021年6月17日（周四）16:00-17:30
活动地点: 管理大楼119室
主讲人简介：
沈涛，清华大学经济管理学院金融系副教授。2013年获得美国明尼苏达大学卡尔森商学院金融学博士学位，同年加入清华大学经管学院。研究领域包括公司投资，资本结构，金融市场等。主持和参与多项国家自然科学基金项目，在国内外知名学术期刊发表多篇论文，包括：Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Banking and Finance, Financial Management,《管理世界》,《金融研究》,《会计研究》等。担任Review of Financial Studies, Management Science, Journal of Corporate Finance, Journal of Banking and Finance,《管理世界》,《金融研究》等国内外知名学术期刊审稿人。曾获得“中国金融学术年会-新结构金融学最佳论文奖”，“中国决策科学学术年会优秀论文”等荣誉。
活动简介：
This study investigates how IPO hurdles affect listing costs and distort stock prices in Chinese equity markets. Chinese unlisted firms pay an average of more than $500 million USD to listed firms as shell values in reverse merger (RM) transactions to bypass IPO constraints. We compute an expected shell probability (ESP) measure of listed firms and find that it predicts firms’ future major asset restructuring activities and lowers the sensitivity of firms’ valuation to corporate earnings. Consistent with our hypothesis, the stock prices of high and low ESP firms react differently to the IPO and RM policy shocks. ESP predicts cross-section stock returns after controlling for well-known factors and helps explain the notoriously large size premium in China.
