喻园管理论坛2023年第74期(总第897期)
演讲主题: China’s Increasing Global Financial Impact
主 讲 人: 周思力，澳门大学工商管理学院金融学副教授
主 持 人: 石冠群，财务金融系讲师
活动时间: 2023年9月16日（周六） 14:30-16:00
活动地点: 管理大楼409室
主讲人简介：
周思力目前在澳门大学工商管理学院担任金融学副教授。在加入澳门大学之前，周思力在复旦大学泛海国际金融学院和经济学院担任金融学助理教授，硕士生导师。主要研究领域包括国际金融、公司金融和中国金融市场等方面。他的论文发表在Journal of the European Economic Association, Journal of Corporate Finance, Emerging Markets Review 等国际顶级学术杂志，并被《华尔街日报》、《联合国工业发展组织》、《中国经济周刊》、《新冠经济学 (Covid Economics) 》、《VoxChina》、《美联储经济金融研究部Fed》、《芬兰央行博飞部门BOFIT》等国内外主流媒体和智库广泛报道。周思力于2017年获得新加坡管理大学金融学博士学位，2013年获得上海财经大学经济学硕士学位，并于2011年分别获得华中科技大学计算机科学学士学位和中南财经政法大学经济学学士学位。
活动简介：
Even without complete financial liberalization, China can exert an influence on global equity markets through its pivotal role in world markets for commodities, goods, and services. In this paper, we investigate the price impact of Chinese portfolio equity investments abroad on individual and country stock returns worldwide. We use granular stock holding data from 2007 to 2019 in the Qualified Domestic Institutional Investors (QDII) program, which provide identification as a source of exposure to a China-specific shock. As a conduit, we focus on Chinese monetary policy that correlates positively with global equity returns after 2007, when the QDII program was introduced. We find that the sensitivity to Chinese monetary policy changes of individual stock returns worldwide depends on the portfolio rebalancing of QDII funds. This sensitivity gets larger when the QDII funds increase their holdings of foreign stocks. We also find that Chinese QDII funds react to monetary policy easing by rebalancing from safe assets such as bank deposits to risky assets and particularly foreign equities. These results speak to a growing global financial impact of China and suggest that a more fully liberalized capital account could indeed have a significant impact on US and world equity markets.
