近日，永利集团陈素云教授团队研究成果相继发表在国际知名SSCI期刊
Journal of Business Finance & Accounting（JBFA）和
International Review of Financial Analysis（IRFA）上。
2024年5月17日，陈素云教授、博士生李宗泽、德克萨斯大学埃尔帕索分校谢飞雪教授和北京工商大学许晓芳教授的研究成果发表于金融类国际权威期刊
International Review of Financial Analysis，论文题目为“The signaling effect of local government debt: Evidence from China”，陈素云教授为论文第一作者，博士生李宗泽为第二作者，河南农业大学为第一作者单位。
论文摘要：We conduct an empirical analysis of the influence of local government debt on the deleveraging behavior of listed firms in China between 2015 and 2021. In contrast to the findings in existing literature, we discover that the expansion of local government debt positively affects the growth of firm leverage ratios, which we term the signaling effect. The signaling effect is more pronounced in regions with high fiscal transparency, in firms that are not state-owned, not over-leveraged, less financially constrained, and non-real estate industry. We further explore the economic consequences of signaling effect on both firm performance and the local economy. We observe that in the short run, the signaling effect improves firm value and stimulates economic growth, but over the long term, its impact turns negative. Our main results are robust after addressing potential concerns related to endogeneity.
期刊介绍：
International Review of Financial Analysis系国际金融学领域权威期刊，旨在发表财务及金融领域的高质量理论与实证论文。该期刊影响因子（IF）8.2，在商业金融期刊领域排名4/111，是JCR一区、ABS三星、中科院经济学一区TOP期刊。
原文链接：
https://doi.org/10.1016/j.irfa.2024.103358
2024年3月2日，陈素云教授、博士生李宗泽、硕士褚玲玲和曹青子讲师的研究成果发表于会计与财务领域国际权威期刊
Journal of Business Finance & Accounting，论文题目为“Excess control of family board seats and corporate innovation”，陈素云教授为论文第一作者，博士生李宗泽为通讯作者，河南农业大学为第一作者单位。
论文摘要：We examine the impact of board-level control on corporate innovation in family firms. We find that excess control of family board seats (ECFBS) is negatively correlated with innovation investment, innovation output and innovation efficiency. Our findings suggest that ECFBS exacerbates type II agency problems. Mechanistic analyses show that ECFBS reduces firms’ risk-taking level, increases their financing constraints and damages channels for acquiring innovative professional knowledge. We also observe that effect of ECFBS on innovation is associated with family origin, familiarization time and family management characteristics. Our findings should be of interest to family firm manager investors and lenders who are interested in family governance mechanisms.
期刊介绍：
Journal of Business Finance & Accounting系会计与财务领域的权威学术期刊，旨在发表会计、财务、公司治理等领域的高质量理论与实证论文。该期刊是ABS三星及ABDC rank A*（最高等级）期刊，被国内多所院校认定为国际A级期刊。
原文链接：
https://doi.org/10.1111/jbfa.12793
