On December25, 2023, at 15:00 pm, the 27th Forum on Digital Technology and Economic Finance Frontiers was successfully held. The theme of this lecture was "US Governmental Sanctions and Financing Constraints of the Chinese Firms", and the guest speaker was Professor Donghui Li from Shenzhen University. The lecture was chaired by Minggui Yu, dean of the Finance School and co-director of the Innovation and Talent Base for Digital Technology and Finance. Yongbin Lv, deputy director of the Base, and researchers and graduate students from the School of Finance attended the lecture.
At the beginning of the lecture, Professor Minggui Yu briefly introduced relevant information of Professor Donghui Li to the participants and expressed his sincere gratitude for his availability to give a lecture at our college despite his busy schedule.

During the lecture, Professor Donghui Li first introduced the relevant information of the US sanctions in detail. Generally speaking, the US sanctions are divided into two types, namely trade sanctions and financial sanctions. Trade sanctions usually take the form of trade embargo, which prohibits the import or export of certain products and raw materials to a certain country. Financial sanctions are carried out through international settlement channels for international payment or directly through asset freezing, confiscation, etc., to supervise and restrict the sanctions target. Professor Li Donghui pointed out that the relevant departments of the United States involved in the two sanctions are different. Subsequently, Professor Li Donghui showed detailed data to illustrate the impact of US sanctions on Chinese enterprises with different characteristics.

Firstly, the US sanctions are more targeted, with more than 50% of the targeted manufacturing enterprises and more than 10% of the targeted high-tech enterprises. Secondly, Chinese enterprises with different characteristics are affected by the US sanctions in a heterogeneous manner. In general, the US government's sanctions will severely exacerbate the financing constraints of Chinese listed companies, and the greater the exposure to risk, the greater the financing constraints. The impact is mainly manifested in the decline in company performance, the increase in financing costs, the deterioration of company risks, and the decline in market expectations. However, the characteristics of enterprises such as high market position, strong innovation and research and development capabilities, and effective government support policies can alleviate their financing constraints.

Finally, the participants had an active academic exchange with Professor Donghui Li, and jointly conducted academic discussions on the theme of the lecture. Professor Donghui Li provided detailed answers to the questions and puzzles of the teachers and students. Professor Minggui Yu expressed his gratitude to Professor Donghui Li for his speech, and the forum came to a successful conclusion.

Speaker Introduction

Donghui Li, 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.

Frontier Forum for Digital Technology and Finance introduction

Recent years have witnessed a dramatic acceleration in a digital revolution in economic sectors and a rapid adoption of the new generation of information technologies, such as artificial intelligence, blockchain, cloud computing, big data, etc. These technologies effectively set off the digital economy. It has become a key driving force in creating global economic growth, improving the modernization level of governance capabilities, and promoting high-quality economic development in China. In particular, digital finance is the most important part of the digital economy. To explore the development direction of the cross-integration of digital technology and finance, the Innovation and Talent Base for Digital Technology and Finance is hosting the “Frontier Forum for Digital Technology and Finance”, in collaboration with the School of Finance, Wenlan School of Business, Economics School, School of Information and Safety Engineering, School of Statistics and Mathematics, School of Public Finance and Taxation of Zhongnan University of Economics and Law (ZUEL). This lecture series will invite the well-known scholars at home and abroad in digital technology, digital economy, digital finance, and other related fields as guest speakers, providing an open and cutting-edge academic exchange platform for interdisciplinary research on digital technology and finance.