中国在全球股市的影响力 | 香港中文大学（深圳）经管学院

标题:	中国在全球股市的影响力
日期和时间:	2025年5月16日（周五） 10:00-11:30
地点	综合教学楼D904会议室
主讲人:	马畅教授复旦大学
摘要:	Chinese private portfolio equity outflows, though small, are growing rapidly because of capital account liberalization and capital flight. Using granular stock-holding data from QDII (Qualified Domestic Institutional Investor) mutual funds as a proxy for total private portfolio equity flows, we identify a nascent financial channel of international transmission for Chinese monetary policy shocks to world stock markets. Our event study analysis of monetary announcements reveals that contractionary Chinese monetary policy shocks depress returns on country indexes and individual stocks more exposed to QDII fund holdings. The results are robust to controlling for the real channels of transmission of Chinese monetary policy and other confounders and are driven by household portfolio rebalancing from more to less risky assets in response to the shocks. We further validated our findings through an event study of the Chinese Spring Festival, which found consistent results.
主讲人简介:	马畅是复旦大学国际金融学院（FISF）的金融学副教授。他于2018年获得美国约翰·霍普金斯大学博士学位。曾于2016年在国际货币基金组织（IMF）担任暑期实习生，并于2020年和2024年在芬兰银行，以及2022年在香港货币与金融研究局担任访问研究员。他的研究领域包括国际金融、宏观经济学和宏观审慎性政策。他的论文发表在Review of Financial Studies、Journal of International Economics、Journal of the European Economic Association等顶尖学术期刊上。他的研究成果被《华尔街日报》、联合国工业发展组织（UNIDO）、VoxEU、VoxChina等广泛报道。