團隊

從去年開始，在意識到傳統的金融市場發展會遇到一定瓶頸的情況下，香港便提出了發展Web3.0的戰略。Web3.0與Web2.0的主要區別之一在於使用者規模：目前Web3.0的用戶數量大約為1-2億，遠小於Web2. 0的用戶體量。 要實現Web3.0作為第三代互聯網的全面普及，使用者規模需起碼需要達到10億體量。但是要從1-2億增長到10億，中間還有很大的一個Gap。要解決這個Gap，一是傳統投資人能直接投Web3.0的資產；二是讓Web3.0上的投資人可以投資傳統資產；三是推動Web2.0與Web3.0的結合。

This paper studies how globalization affects the corporate tax policies of U.S. manufacturing firms. Using U.S.-granting China Permanent Normal Trade Relations as a quasi-natural experiment, we find a significant increase in tax reduction activities for firms facing higher exposure to Chinese imports. The effect is more pronounced for firms with higher managerial slack. We also find that the effect is stronger for firms in less diversified products market and faster changing industries. We also show that U.S. firms facing higher Chinese import competition are more likely to engage in other tax-motivated activities: acquisition of subsidiaries in low-tax regions and suspected transfer pricing. Furthermore, we explore the 2017 tax cut and the recent U.S.-China trade dispute and find that firms engage less in tax reduction activities after the 2017 tax cut and after the tariff increase for Chinese imports.

Does a bank’s dependence on different external funding sources shape its voluntary disclosure of information? We evaluate whether economic shocks that increase the supply of bank deposits alter the cost–benefit calculations of bank managers concerning voluntary information disclosure. We measure information disclosure using 10-K filings, 8-K filings, and earnings guidance. As for the funding shock, we use unanticipated technological innovations that triggered shale development and booms in bank deposits. Further analyses suggest that greater exposure to shale development reduced information disclosure by relaxing the incentives for managers to disclose information to attract funds from external capital markets.

Take the recent study by Chen Lin and Mingzhu Tai from the HKU Business School, conducted with collaborators from the University of California, Berkeley and the Chinese University of Hong Kong. Their paper addressed a fundamental worry for almost everyone during the pandemic: Money. Specifically, they examined how people in the U.S. saved money in response to COVID-19.

The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation of credit, we apply a fuzzy regression discontinuity design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is stronger for firms with fewer alternative sources of financing. We further look at firm exit probability and find that firms with access to FinTech credit are less likely to go bankrupt or exit the business in the future. Additional channel tests reveal that firms with FinTech credit invest more in advertising and product/sector diversification, particularly during business downturns, which serves as effective mechanisms through which credit access reduces firm volatility. Overall, our findings contribute to a better understanding of the role of FinTech credit in MSMEs.

中國在不同縣市實施的最低工資政策有所不同。此研究透過使用中國製造業企業的工業普查數據，探討最低工資政策如何影響資本投資。利用最低工資政策在縣市邊界的不連續性，我們發現最低工資政策會增加資本投資。企業的勞動密集度越高，技術提升空間越大，以及企業無法將勞動成本轉嫁予消費者時，其對於最低工資政策所作出的投資反應越大。研究中一項基於縣市管轄權變化的自然實驗進一步確定了最低工資與資本投資的因果關係。

我們透過分析舌蠅於前殖民地時期在不同地域的生存條件差異，來研究流行病對現代金融發展的影響。在非洲，舌蠅傳播一種對人類有害且導致牲畜死亡的流行病。利用新的地理參考數據，我們發現歷史上位於較容易受到流行病影響的地區的公司和家庭，現今獲得外源融資的機會較小。通過探索這些渠道，我們發現歷史上蟲害成災地區的居民較難信任他人和金融機構、共享資訊，以及學習和採用新的金融科技。

為什麼在疫情期間會有大量存款匯入銀行？我們發現，銀行分行若位於2019冠狀病毒病感染率較高的地區，它們的存款利率較位於感染率較低的地區的銀行分行（即便是隸屬同一家銀行集團）為低。信貸提取、國家政策（如薪資保護計劃）以及避險措施並非導致這些銀行分行之間出現存款利率變化的原因。證據顯示，2019冠狀病毒病感染率較高的地區與當地民眾對其就業前景和收入減少的焦慮有連帶關係，導致民眾減少支出和增加銀行存款。

2021中關村論壇於9月24至28日在中國北京舉辦。中關村論壇乃國家級平台，致力促進全球高科技創新交流合作。香港大學經管學院副院長林晨教授獲邀於 9月25日為金融科技平行論壇擔任主旨演講嘉賓，通過視頻就《科技信貸市場發展的一些思考》作重點分享。