第628期岭南学术论坛（金融学系列Seminar）

报告题目：Revolving Door at Financial Intermediaries: Evidence from Client Firms' Fraud

报 告 人：潘越（厦门大学经济学院 教授）

主 持 人：曾燕（中山大学岭南学院 教授）

时     间： 2022年12月9日（周五）14:30

语    言： 中文

腾讯会议号：714-404-620

摘要:

We investigate whether the revolving door at financial intermediaries affects client firms’ fraud using data from the Chinese market. We find that corporate fraud is less prevalent in client firms sponsored by institutions with former CSRC regulators as board members or top management. Mechanism tests show that such an effect is attributable to a lower probability of fraud being detected rather than a lower propensity of committing fraud. We further document that the effect of the revolving door is more pronounced: when former regulators worked at the CSRC head office or departments closely related to fraud detection, or had longer work experience at the CSRC; for sponsor institutions with former regulators as their chairman or CEO, or without political connection; and for client firms with failed IPO history or poor internal control quality. Additionally, we show that sponsor institutions and former regulators benefit from the revolving door. Our paper extends the settings of the revolving door and helps evaluate the revolving door between securities regulatory agencies and financial intermediaries.

报告人介绍：

       潘越，管理学博士，中国注册会计师（非执业），现任厦门大学经济学院金融系主任，教授，博士生导师。中国金融学会理事，中国总会计师协会财务管理分会专业委员，《中国经济问题》副主编。中组部国家万人计划之“青年拔尖人才”，教育部“新世纪优秀人才”，福建省“高校领军人才”，福建省“五四青年奖章”获得者，第十三届全国人大代表。目前主要研究方向为文化金融、法金融、数字金融、碳金融等交叉学科领域。近年来在Management Science、Journal of Accounting and Economics、《经济研究》《管理世界》等境内外顶尖刊物上发表论文60余篇。先后连续承担多项国家自然科学基金，研究成果多次获省部级社科优秀成果奖。

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        中山大学岭南学术论坛分经济学和金融学两大系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。