From November 27th to 28th, 2021, with the strong support of Social Sciences Administration Department of Southeast University, the 2021 High-end Academic Forum on Financial Development and Security was successfully held. The forum was sponsored by the School of Economics and Management of Southeast University, undertaken by the Financial Security Big Data Laboratory of Southeast University, and co-organized by the Department of Finance of Southeast University and Market Research Institute of Jiangsu Province. Affected by COVID-19 pandemic, the forum adopted the approach of online meeting. Outstanding experts and scholars from more than 30 well-known universities in China, including Tsinghua University and Renmin University of China, jointly discussed the core issues in the field of financial development and financial security. The keynote speeches in the forum covered a wide range of topics such as financial technology, financial development, financial security, SME financing, financial innovation and high-quality economic development.
The opening ceremony of the forum was presided over by Prof. Liu Xiaoxing, Dean of the Department of Finance of Southeast University. Vice President Huang Dawei on behalf of Southeast University, Deputy Director Gan Feng on behalf of Social Sciences Administration Department of Southeast University, and Yuan Jianhong, Secretary of the Party Committee, on behalf of the School of Economics and Management of Southeast University delivered a speech.
After a brief opening ceremony, the conference entered the keynote speech segment. Prof. Fang Ying from Xiamen University took the theme of "Policy Effects of Monetary Policy and Macro-prudential Dual-pillar Regulation Framework: Based on the Perspective of Macroeconomic Policy Evaluation", and quantitatively evaluated the impact of China's monetary policy and macro-prudential dual-pillar regulation from 2007 to 2017 on economic growth, price stability and financial stability with Rubin's causal effect framework.
Prof. Fang Ying from Xiamen University giving a keynote speech
Prof. Li Jianjun, Dean of the School of Finance of Central University of Finance and Economics, delivered a keynote speech on the theme of "Development and Supervision of Token Economy". The report believes that the token is a tradable encrypted digital proof of rights and interests. Based on the large application of blockchain technology in virtual economy, it is worth to further study the essence, economic effects of the token and how to strengthen regulatory guidance and supervision in the future.
Prof. Li Jianjun from the School of Finance of Central University of Finance and Economics giving a keynote speech
Prof. Zhang Chengsi, Deputy Dean of the School of Finance of Renmin University of China, made an academic report based on "Layered Driving Mechanism of Financialization in China's Industrial Sector". The report includes the shadow banking assets held by real enterprises into the research scope of enterprise financialization and deduces the driving logic of the financialization of real enterprises at two different levels of traditional financial investment and shadow banking from the theoretical mechanism.
Prof. Zhang Chengsi, Deputy Dean of the School of Finance of Renmin University of China giving a keynote speech
Prof. Yang Zihui, Deputy Dean of the Institute of Advanced Finance of Sun Yat-sen University, delivered a speech on the theme of "Systemic Financial Risk Contagion in the Global Stock Market under Public Health Emergencies". Through the construction of a high-dimensional spillover network, the speech comprehensively investigates the systemic financial risk contagion relationship between global stock markets under the background of public health emergencies and conducts an in-depth study of the driving mechanism behind it.
Prof. Yang Zihui, Deputy Dean of the Institute of Advanced Finance of Sun Yat-sen University, giving a keynote speech
Prof. Liu Qingfu, Executive Dean of Fudan-Stanford Institute for China Financial Technology and Risk Analytics, gave a keynote speech on "The Impact of Trading Behavior Deviation on Market Liquidity under Different Fluctuations". Based on the 15 features of futures markets in China, the research deeply analyzed the impact of different types of traders' behavior on market liquidity under different volatility levels.
Prof. Liu Qingfu, Executive Dean ofFS-CFTRA, giving a keynote speech
Prof. Li Zhisheng from Zhongnan University of Economics and Law took the shareholding characteristics of the "national team" as an analytical perspective, and studied the impact of direct government intervention and insider trading on the financial market.
Prof. Li Zhisheng from Zhongnan University of Economics and Law giving a keynote speech
Prof. Xu Yonglin, Vice President of Shanghai University of International Business and Economics, gave a speech from the perspective of financial innovation and supervision. He believes that finance originated from the real economy, and the increasingly complex industries will deviate from the inherent logic of its initial relationship with the real economy, while the significant wealth redistribution function of financial activities reinforces this deviation.
Prof. Xu Yonglin, Vice President of Shanghai University of International Business and Economics, giving a keynote speech
Prof. Yi Xingjian, Vice President of Guangdong University of Finance, gave a keynote report on "Commercial Medical Insurance and Health Insurance, Precautionary Savings and Household Consumption Expenditure: Theoretical Analysis and Empirical Evidence Based on Micro Household Survey Data". It is found that household commercial medical insurance and health insurance premium expenditure will significantly reduce household savings rate and promote household consumption expenditure, and the impact on different types of consumption expenditure is significantly different.
Prof. Yi Xingjian, Vice President of Guangdong University of Finance, giving a keynote speech
Prof. Xiong Xiong from the Department of Management and Economics of Tianjin University shared the asymmetric response of stock price returns after information shocks in China's stock market with the theme of "Information Shock and Asymmetric Response of Stock Price Return".
Prof. Xiong Xiong from the Department of Management and Economics of Tianjin University giving a keynote speech
Prof. Zhuo Zhi, President and Deputy Secretary of the Party Committee of Southwestern University of Finance and Economics, took "Green Transformation and Development" as the research theme, shared the responsibilities of the insurance industry in the process of green transformation and development, and provided insurance companies with reference of business strategies and product design.
Prof. Zhuo Zhi, President and Deputy Secretary of the Party Committee of Southwestern University of Finance and Economics, giving a keynote speech
Prof. Wu Weixing, Vice President of the University of International Business and Economics, with the theme of "Mismatch between investor preferences and financial services/products", shared the preferences of different types of investors on the do-it-yourself (DIY) investment model during the investment process, and found that compared to automatic investing, DIY mode investors can obtain 5%-7% excess annual return.
Prof. Wu Weixing, Vice President of University of International Business and Economics, giving a keynote speech
Prof. Jiang Yongmu, Dean of the School of Economics of Sichuan University, took "Financial Poverty Alleviation" as the theme, and shared research results such as the significance and basic practices of financial poverty alleviation, and the research achievement of financial poverty alleviation in the post-poverty alleviation era.
Prof. Jiang Yongmu, Dean of the School of Economics of Sichuan University, giving a keynote speech
Prof. Yin Zhichao, Dean of the School of Finance of Capital University of Economics and Business, started from whether digital transformation of households can promote common prosperity. It is found that digital transformation can significantly promote common prosperity of the region. By promoting entrepreneurship and improving family employment structure, the positive effect of digital transformation is more prominent for communities with inconvenient transportation and weak financial infrastructure.
Prof. Jiang Yongmu, Dean of the School of Economics of Sichuan University, giving a keynote speech
Prof. Jiang Hai, Deputy Dean of the School of Economics of Jinan University, gave a keynote speech on the theme of "Counter-cyclical Factors, Exchange Rate Fluctuations and Systemic Risks in the Banking Industry". It is found that the countercyclical factor can significantly reduce the fluctuation of exchange rate in the short term, thereby stabilizing the exchange rate and reducing the systemic risk of the banking industry. However, the effect in the medium and long term is not as obvious as that in the short term.
Prof. Jiang Hai, Deputy Dean of the School of Economics of Jinan University, giving a keynote speech
Prof. Chen Haiqiang from The Wang Yanan Institute for Studies in Economic of Xiamen University, with the theme of "The Rationale behind the Bitcoin Trading during COVID-19 Crisis: Safe haven or Speculative trading", shared the purpose of different investors' Bitcoin trading under the influence of COVID-19 pandemic, and found that under the influence of COVID-19 pandemic, the trading volume of short-term speculative Bitcoin holders has increased significantly.
Prof. Chen Haiqiang from The Wang Yanan Institute for Studies in Economic of Xiamen University giving a keynote speech
With the theme of "New Infrastructure, Industry Dynamics and Competition: Evidence from Cloud Computing Development in China", Prof. Lu Yao, Deputy Dean of the Department of Finance, School of Economics and Management, Tsinghua University, evaluated the impact of new cloud computing infrastructure on china's industry dynamics and competition.
Prof. Lu Yao, Deputy Dean of the Department of Finance, School of Economics and Management, Tsinghua University, giving a keynote speech
From the perspective of financial decentralization and local government debt governance, Prof. Wu Wenfeng, Deputy Dean of Antai College of Economics and Management, Shanghai Jiao Tong University, found that local government implicit guarantees not only come from local fiscal revenue, but also depend on the financial resources held by local governments. The declining risk of local financial resources will also reduce market’s confidence in the solvency of local governments, leading to risk transmission from the financial sector to the fiscal sector.
Prof. Wu Wenfeng, Deputy Dean of Antai College of Economics and Management, Shanghai Jiao Tong University, delivering a keynote report
Prof. Wang Zhengwei, Deputy Dean of the PBC School of Finance and Deputy Secretary of the Party Committee of Tsinghua University, used the domestic Internet critical illness donation platform Shui Di Chou to design a field experiment to explore the peer effect of donation behavior on online social platforms. Research shows that both the personal characteristics of potential donors and the project characteristics of fundraising projects can influence peer effects.
Prof. Wang Zhengwei, Deputy Dean of the PBC School of Finance and Deputy Secretary of the Party Committee, Tsinghua University, giving a keynote speech
Prof. Hui Xiaofeng, Deputy Dean of the School of Economics and Management, Harbin Institute of Technology, took "Research on the Risk Dependency and Dynamic Evolution of Financial Sectors in China's A-Share Market" as the theme. By calculating the mutual information of the volatility index among various sectors, the risk dependency network of the financial sector is constructed and the maximum spanning tree is used to describe the core structure of the dependency.
Prof. Hui Xiaofeng, Deputy Dean of the School of Economics and Management, Harbin Institute of Technology, giving a keynote speech
Prof. Shi Yongdong, Dean of the School of Applied Finance and Behavioral Sciences of Dongbei University of Finance and Economics, discussed ESG investment, sustainable development and capital market efficiency. It is found that the investment strategy based on ESG index is conducive to the pricing efficiency of the capital market. More importantly, it is significant to guide the social investment concept to change from the impetuous mentality of short-term profit to a sustainable, responsible and harmonious developing view.
Prof. Shi Yongdong, Dean of the School of Applied Finance and Behavioral Sciences, Dongbei University of Finance and Economics, giving a keynote speech
Prof. Chen Rongda, Vice President of Jiaxing University, took the impact of investors' local preferences on the information efficiency of the stock market as a starting point, and found that investors' behavior of buying too much local stocks due to cognitive biases is difficult to incorporate more information on corporate characteristics into the stock price, and the stock price contains a lot of noise and deviates from its basic value.
Prof. Chen Rongda, Vice President of Jiaxing University, giving a keynote speech
Prof. Guo Ye, Dean of the Department of Finance, School of Economics, Xiamen University, with the theme of "Supply Chain Finance, Commercial Credit and SME Financing", shared the impact and mechanism of SMEs becoming major members of the listed company's supply chain on their financing capabilities from the perspective of supply chain.
Prof. Guo Ye, Dean of the Department of Finance, School of Economics, Xiamen University, giving a keynote speech
Prof. Zhong Ninghua, Dean of the Department of Economics and Finance, School of Economics and Management, Tongji University, pointed out that since a large number of explicit and implicit local debts are invested in infrastructure, China's local debtrisk is closely related to the efficiency of infrastructure use, especially the efficiency of transportation infrastructure. Besides, the importance of the efficiency of infrastructure projects in preventing the "gray rhino" of local hidden debt is discussed.
Prof. Zhong Ninghua, Dean of the Department of Economics and Finance, School of Economics and Management, Tongji University, giving a keynote speech
From the perspective of financial services to the real economy, Prof. Hu Jinyan, Secretary of the Party Committee of Qingdao University, discussed the five pillars of financial services for the real economy under the new development pattern of "dual circulation". The path and direction of financial services for the real economy are discussed from five aspects: the sentiment of inclusive finance, the direction of consumer finance, the concept of green finance, the vision of science and technology finance, and the vision of open finance.
Prof. Hu Jinyan, Secretary of the Party Committee of Qingdao University, giving a keynote speech
Prof. Liang Qi, Deputy Secretary of the Party Committee of Nankai University, from the perspective of green governance serving green development of commercial banks, shared its status, role and measures that commercial banks can take in green development, providing new ideas and directions for green governance of commercial banks.
Prof. Liang Qi, Deputy Secretary of the Party Committee of Nankai University, giving a keynote speech
Based on the perspective of the separation of money and credit, Prof. Wang Yizhong, Deputy Dean of the School of Economics of Zhejiang University, studies the degree of separation of money and credit from different dimensions, empirically tests the main reasons for the separation, and builds a theoretical model to simulate the effect of policy.
Prof. Wang Yizhong, Deputy Dean of School of Economics, Zhejiang University, giving a keynote speech
From the perspective of the new asset management regulations, Prof. Liu Liya, Secretary of the Party Committee of the School of Finance of Shanghai University of Finance and Economics, shared the functions of structural monetary policy in dredging the monetary policy transmission mechanism, improving the transmission efficiency of monetary policy, and effectively serving the real economy.
Prof. Liu Liya, Secretary of the Party Committee of the School of Finance, Shanghai University of Finance and Economics, giving a keynote speech
Prof. Wang Qing, Dean of the Institute of Chinese Financial Studies of Southwestern University of Finance and Economics, shared some thoughts on new finance, which combined with the current financial development trend, he put forward some exploratory thoughts and views on the connotation, forming factors, theoretical basis and practical paths of new finance.
Prof. Wang Qing, Dean of the Institute of Chinese Financial Studies of Southwestern University of Finance and Economics, giving a keynote speech
Prof. Ruan Qingsong, Deputy Dean and Deputy Secretary of the Party Committee of the School of Economics and Management of Tongji University, shared his views and opinions on the financial logic of China's economic dual cycle and the choice of breaking points from the perspective of economic "dual cycle".
Prof. Ruan Qingsong, Deputy Dean and Deputy Secretary of the Party Committee of the School of Economics and Management of Tongji University, giving a keynote speech
Prof. Zhou Wei, Deputy Dean of the School of Finance of Yunnan University of Finance and Economics, analyzed financial systemic risks from the perspective of spillover networks. The report pointed out that how to avoid the risk or even crisis of the entire financial and even economic system caused by an emergency in a financial related field makes further research on this topic even more important.
Prof. Zhou Wei, Deputy Dean of the School of Finance, Yunnan University of Finance and Economics, giving a keynote speech
Researcher Zhang Zhen, Deputy Editor of "Modern Economic Research" magazine, based on the perspective of Deputy Editor of the journal, shared his experience in the writing and publishing of academic papers from the perspective of academic paper publication.
Researcher Zhang Zhen, Deputy Editor of "Modern Economic Research" magazine, giving a keynote speech
With the theme of "Exchange rate co-movements and corporate foreign exchange exposures: a study on RMB", Prof. He Qing from the School of Finance of Renmin University of China shared the characteristics of time series fluctuations between China's bilateral exchange rate regimes from the perspective of the company level.
Prof. He Qing from the School of Finance, Renmin University of China, giving a keynote speech
More than 200 teachers and students from different colleges and universities attended the forum, and the participants had active interactions and exchanges with experts and scholars. The successful holding of this forum provided a good opportunity for scholars, young teachers and students to communicate, highlighted the importance of financial development and security issues, and aroused further attention and thinking of scholars and students in the financial field on key issues such as financial development and security.
翻译：罗娇英
审稿：王宣宇 甘若玮 李昭廷
