The 27th Frontier Forum for Digital Technology and Finance

Abstract：

Based on the listed Chinese A-share firms spanning 2007 to 2021, this paper finds that the US governmental sanctions have seriously deteriorated their financing constraints. It is further shown that this adverse impact is more pronounced for those firms with greater risk exposure, while the following firm traits can alleviate this impact: high market position, strong innovation and research capabilities, and effective government support policies. Moreover, this impact is shown to be mainly due to reduced corporate performance, raised financing costs, worsened corporate risks, and reduced market expectations. Various robustness and endogeneity tests confirm our main conclusions.

Speaker Introduction:

Li Donghui, who once served as a tenured associate professor at the University of New South Wales in Australia, is now a professor and doctoral supervisor in the College of Economics at Shenzhen University. His main research focus is corporate finance and finance, and he has a high level of influence in the international academic community. His academic papers have been published in the following top-tier international finance and finance journals: Journal of Finance, Journal of International Business Studies, Journal of Financial and Quantitative Analysis, Journal of Risk and Insurance, and other high-level international finance and finance journals: Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Empirical Finance, etc. He has published multiple articles in Chinese authoritative academic journals such as "Economic Research" and "Management World". He serves as an anonymous reviewer for international renowned academic journals such as Journal of Banking and Finance and Journal of Risk and Insurance. He serves as a reviewer for national natural science fund projects and education ministry humanities and social science projects. He has chaired two national natural science fund projects and participated in one national natural science fund key project. He was recognized as a Shenzhen Overseas High-Level Talent with the "Peacock Plan" and serves as an independent director of several listed companies.