时间：2025年5月7日（周三）14:00-16:00
地点：浙大管院A423会议室
主题：Does the adoption of a central bank digital currency stimulate corporate innovation? Evidence from electronic Chinese yuan
主讲人：陈锦全教授，上海商学院会计与金融学特聘教授
主持人：董望教授，浙江大学管理学院
主持人简介：
陈锦全教授是上海商学院会计与金融学特聘教授,学科带头人。他曾担任美国西肯塔基大学Leon Page金融讲席教授和大学特聘教授（终身）。他是特许金融分析师（CFA），并获得美国国务院富布赖特学者奖。
他在香港中文大学获得经济学学士学位，在阿拉巴马大学获得经济学硕士、金融硕士和金融博士学位。他的研究趣包括绿色金融、首次公开募股、公司治理、分析师行为、内部控制、金融教育、期刊排名和智力贡献衡量。2011年，他在Danielson和Heck的Managerial Finance研究中被评为全球金融教育顶尖学者。他在会计、财务和管理期刊上发表了300多篇期刊文章, 包括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 (4篇); Journal of Business Ethics (5篇); Journal of Financial Markets (3篇); Journal of Empirical Finance (4篇); Journal of Futures Markets (4篇); Journal of Corporate Finance (16篇)。他担任Finance Research Letters, International Review of Economics and Finance, and Journal of Economic Surveys副主编及期刊匿名评审超过500次。入选2024年中国高被引学者”（Highly Cited Chinese Researchers）应用经济学学科领域年度榜单。
摘要：
We investigate whether and to what extent a central bank digital currency (CBDC) stimulates corporate innovation by exploiting the staggered pilot of e-CNY (electronic Chinese yuan) across China. E-CNY enhances the availability, transparency, and traceability of government subsidies, mitigates firm agency problems, and reduces firm financial constraints. Through a difference-in differences research design, we document that e-CNY significantly enhances the quantity, quality, and efficiency of innovation among treatment firms relative to control firms, driven by increased spending in research and development activities. These incentivized innovation activities contribute to improvements in firm productivity, product differentiation, growth, and profitability, all signaling increased product market competitiveness. Our findings highlight the positive role of a CBDC, as a financial technology innovation, in promoting innovation in the real economy
