Time: 15:00-17:00, 14 May 2025
Speaker: Jinquan Chen is Distinguished Professor of Accounting and Finance and academic leader at Shanghai Business School. He previously served as the Leon Page Chair Professor of Finance and University Distinguished Professor with tenure at Western Kentucky University. He is a Chartered Financial Analyst and recipient of a U.S. Department of State Fulbright Scholar Award. He received his bachelor's degree in economics from the Chinese University of Hong Kong and his master's degrees in economics and finance and PhD in finance from the University of Alabama. His research interests include green finance, IPOs, corporate governance, analyst behavior, internal control, finance education, journal rankings, and measurement of intellectual contributions. In 2011, he was ranked among the world's top finance educators in a Managerial Finance study by Danielson and Heck. He has published more than 300 journal articles in accounting, finance, and management journals, including Management Science, Journal of International Business Studies, Accounting, Organizations and Society, Contemporary Accounting Research, European Accounting Review, Financial Management, Journal of Accounting, Auditing, and Finance, Journal of Banking and Finance, Journal of Business Ethics, Journal of Financial Markets, Journal of Empirical Finance, Journal of Futures Markets, and Journal of Corporate Finance. He serves as Associate Editor of Finance Research Letters, International Review of Economics and Finance, and Journal of Economic Surveys, and has completed more than 500 anonymous journal reviews. He was included in the 2024 Highly Cited Chinese Researchers list in applied economics.
Abstract:
By analyzing the phased pilot program of the electronic Chinese yuan (e-CNY) in China, this study examines whether and to what extent a central bank digital currency (CBDC) can promote corporate innovation. The e-CNY improves the availability, transparency, and traceability of government subsidies, alleviates agency problems within firms, and reduces financial constraints. Using a difference-in-differences research design, we find that, relative to control firms, the e-CNY significantly improves the quantity, quality, and efficiency of innovation among pilot firms, driven by increased R&D expenditures. These stimulated innovation activities enhance firms' productivity, product differentiation, growth capacity, and profitability, all of which indicate strengthened product market competitiveness. The findings highlight the positive role of CBDCs as fintech innovation in promoting innovative development in the real economy.
