| 杨金强 | |
| 职 称: | 终身正教授;博士生导师 | |
| 职 位: | 院长 | |
| 研究兴趣: | 动态公司金融,资产定价 | |
| 教授课程 | ||
| 时间序列与随机过程,随机过程,连续时间金融,对冲基金及投资策略 | ||
| 科研成果 | ||
发表/接受待发表的学术论文:(注:英文期刊论文均按国际惯例姓氏排名) [1]“Rare Disasters, Financial Development,and Sovereign Debt,” Sergio Rebelo , Neng Wang and Jinqiang Yang, Journal of Finance, Accepted(国际顶尖金融学期刊,SSCI) [2]“Earnings Growth and the Wealth Distribution,” Thomas J. Sargent, Neng Wang and Jinqiang Yang, Proceedings of the National Academy of Sciences(PNAS), 2021, 118 (15)e2025368118 (国际顶尖综合类期刊) [3]“Implications of Stochastic Transmission Rates for Managing Pandemic Risks,” Harrison Hong, Neng Wang and Jinqiang Yang, Review of Financial Studies, Forthcoming, https://doi.org/10.1093/rfs/hhaa132(国际顶尖金融学期刊,SSCI) [4]“Investment under uncertainty with financial constraints,” Patrick Bolton, Neng Wang and Jinqiang Yang, Journal of Economic Theory,2019, 184: 1-58, #104912(国际一流经济学期刊,SSCI) [5]“Optimal consumption with time-inconsistent preferences,” Liya Liu, Yingjie Niu, Yuanping Wang and Jinqiang Yang, Economic Theory, Forthcoming (理论经济学一流期刊,ABS三星) [6]“Heterogeneous Preferences, Investment, and Asset Pricing,” Bo Liu, Lei Lu, Congming Mu and Jinqiang Yang, Financial Management, Forthcoming (SSCI,ABS三星) [7]“Robust Contracts with One-Sided Commitment,” Yingjie Niu, Jinqiang Yang and Zhentao Zou, Journal of Economic Dynamics and Control, Forthcoming (SSCI,ABS三星) [8]“Compensation and risk: a perspective from the lake wobegon effect,” Jiangyuan Li, Jinqiang Yang and Zhentao Zou, Journal of Banking & Finance,2019, 108: 1-9, #105626 (SSCI,ABS四星) [9]“Dynamic financing and hedging under model uncertainty,” Bo Liu, Hongli Wang and Jinqiang Yang, European Journal of Finance, Forthcoming (SSCI,ABS三星) [10]“Corporate investment and financing with uncertain growth opportunities,” Biao Chen, Jinqiang Yang, and Chuanqian Zhang, International Review of Finance,Forthcoming (SSCI) [11]“Dynamic Agency and Investment Theory under Model Uncertainty,” Yingjie Niu, Jinqiang Yang and Zhentao Zou, International Review of Finance, Forthcoming (SSCI) [12]“Dynamic optimal investment policy under incomplete information,” Wenli Huang, Bo Liu, Hongli Wang and Jinqiang Yang, The North American Journal of Economics and Finance, Forthcoming (SSCI,ABS二星) [13]“Robust consumption and portfolio choices with habit formation,” Tongtong Li, Shibo Wang and Jinqiang Yang, Economic Modelling, Forthcoming (SSCI,ABS二星) [14]“The impact of debt restructuring on firm investment: Evidence from China,” Jinglu Jiang, Bo Liu and Jinqiang Yang, Economic Modelling, Forthcoming (SSCI,ABS二星) [15]“Robust stimulus of private investment: tax rate cut or investment subsidy?” Yingjie Niu, Jinqiang Yang and Siqi Zhao, International Journal of Economic Theory, Forthcoming (SSCI) [16]“Investment and capital structure decisions under strategic debt service with positive externalities,” YingxianTan, Pengfei Luo, Jinqiang Yang and Aifan Ling, Finance Research Letters, Forthcoming (SSCI,JCR一区) [17]“A Sino-US comparative analysis of the hi-tech entrepreneurial model,” Huihong, Shi, Congming Mu, Wenli Huang and Jinqiang Yang, Economic Modelling, 2021, 94, 953-966(SSCI,ABS二星) [18]“Hedge fund’s dynamic leverage decisions under time-inconsistent preferences,” Jiangyuan Li, Bo Liu, Jinqiang Yang and Zhentao Zou, European Journal of Operational Research, 2020, 284(2): 779-791 (SSCI,ABS四星) [19]“Leverage and valuation of hedge funds under model uncertainty,” Yuxiang Bian, Xiong Xiong and Jinqiang Yang, European Journal of Finance, 2020,26(17):1798-1816 (SSCI,ABS三星) [20]“Time-Varying Risk of Rare Disasters, Investment and Asset Pricing,” Bo Liu, Yingjie Niu, Jinqiang Yang and Zhentao Zou, Financial Review, 2020, 55(3): 503-524 (ABS三星) [21]“Investment Timing with Information-processing constraints,” Congming Mu, Jinqiang Yang andYuhua Zhang, Finance Research Letters, 2020,32:2-6 (SSCI,ABS二星) [22]“Optimal investment and financing with a bank-tax-interaction,” Biao Chen, and Jinqiang Yang, Finance Research Letters, 2020, 35: 1-17#101282 (SSCI,JCR一区) [23]“Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital,” Patrick Bolton, Neng Wang and Jinqiang Yang, Journal of Finance, 2019, 74(3): 1363-1429 (国际顶尖金融学期刊,SSCI) [24]“Real options maximizing survival probability under incomplete markets,” Jinglu Jiang, Congming Mu, Juan Peng, Jinqiang Yang, Quantitative Finance, 2019, 19(11): 1921-1931 (SSCI,ABS三星) [25]“Portfolio Choice with Skewness Preference and Wealth-Dependent Risk Aversion” Congming Mu, Weidong Tian and Jinqiang Yang, Quantitative Finance, 2019, 19(11): 1905-1919(SSCI,ABS三星) [26]“Real options under a double exponential jump-diffusion model with regime switching and partial information,” Pengfei Luo, Xiong Xie, Jinqiang Yang and Zhaojun Yang, Quantitative Finance, 2019, 19(6): 1061-1073 (SSCI,ABS三星) [27]“Investment-based optimal capital structure,” Jinglu Jiang, Xin Xia, and Jinqiang Yang, Applied Economics, 2019, 51(9): 972-981(SSCI,ABS二星) [28]“Investment, Tobin's q, and interest rates,” Xiaoji Lin, Chong,Wang, Neng Wang and Jinqiang Yang,Journal of Financial Economics, 2018,130: 620-640 (国际顶尖金融学期刊,SSCI) [29]“Ambiguity sharing and the lack of relative performance evaluation,” Yaoyao Wu, Jinqiang Yang and Zhentao Zou, Economic Theory, 2018, 66: 141–157 (理论经济学一流期刊,ABS三星) [30]“Investment timing and optimal capital structure under liquidity risk,” Huamao Wang, Qing Xu and Jinqiang Yang, European Journal of Finance, 2018, 11: 889–908 (SSCI,ABS三星) [31]“Optimal Ownership Structure in Private Equity,” Bo Liu, Yang Liu and Jinqiang Yang, European Financial Management, 2018, 24: 113-135 (SSCI,ABS三星) [32]“Optimal consumption-portfolio rules with biased beliefs,” Shehong Hou, Yingjie Niu, and Jinqiang Yang, Economics Letters, 2018,173: 152-157 (SSCI,ABS三星) [33]“Investment and Exit under Uncertainty with Utility from Anticipation,” Jianjun Du, Jinqiang Yang and Zhentao Zou, International Review of Finance, 2018, 18(3): 359–377 (SSCI) [34]“Optimal capital structure and credit spread under incomplete information,” Bo Liu, Yang Liu, Juan Peng and Jinqiang Yang, International Review of Economics and Finance, 2017,49, 596-611 (SSCI, JCR一区) [35]“Dynamic corporate investment and liquidity management under model uncertainty,” Yaoyao Wu, Jinqiang Yang and Zhentao Zou, Economics Letters, 2017, 155, 9-13 (SSCI,ABS三星) [36]“Idiosyncratic risk, the private benefits of control and investment timing,” Chunhui Wen, Xin Xia and Jinqiang Yang, Economics Letters, 2017, 153, 65-71(SSCI,ABS三星) [37]“Liquidity default, liquidity management and smooth dividends policy,” Bo Liu, Qing Xu, Jinqiang Yang and Shunchen Zhang, Applied Economics, 2017, 56(49), 5728-5739 (SSCI) [38]“Real option with liquidity constraints under secondary debt illiquidity risk market,” Qing Xu and Jinqiang Yang, Finance Research Letters, 2017, 21, 57-65(SSCI) [39]“Dynamic agency and investment theory with time-inconsistent preferences,” Bo Liu, Congming Mu and Jinqiang Yang, Finance Research Letters, 2017, 20, 88-95(SSCI) [40]“Financing constraints and the use of performance-sensitive debt,” Bo Liu, Xin Xia and Jinqiang Yang, The North American Journal of Economics and Finance, 2017, 40, 73–84(SSCI) [41]“Optimal capital structure with moral hazard,” Congming Mu, Anxing Wang and Jinqiang Yang, International Review of Economics and Finance, 2017, 48, 326-338(SSCI, JCR一区) [42]“Optimal consumption and savings with stochastic income and recursive utility,” Wang Chong, Neng Wang and Jinqiang Yang, Journal of Economic Theory, 2016, 165, 292–331(国际一流经济学期刊,SSCI) [43]“Time-inconsistent preferences, investment and asset pricing,” Bo Liu, Lei Lu, Congming Mu and Jinqiang Yang, Economics Letters, 2016, 148, 48-52(SSCI,ABS三星) [44]“Optimal contract theory with time-inconsistent preferences,” Hong li, Congming Mu and Jinqiang Yang, Economic Modelling, 2016, 52, 519–530(SSCI) [45]“Dynamic investment, capital structure, and debt overhang,” Suresh Sundaresan, Neng Wang and Jinqiang Yang, Review of Corporate Finance Studies, 2015, 4, 1-42, Editor's Choice (lead article) (国际一流金融学期刊,RFS子刊) [46]“Optimal Investment of Private Equity,” Yang Liu and Jinqiang Yang, Finance Research Letters, 2015, 14, 76–86(SSCI) [47]“Valuing private equity,” Morten Sorensen, Neng Wang and Jinqiang Yang, Review of Financial Studies, 2014, 27(7), 1977-2021(国际顶尖金融学期刊,SSCI) [48]“The economics of hedge funds,” Yingcong Lan, Neng Wang and Jinqiang Yang, Journal of Financial Economics, 2013, 110(2), 300-323(国际顶尖金融学期刊,SSCI) [49]“Arbitrage-free interval and dynamic hedging in an illiquid market,” Jinqiang Yang and Zhaojun Yang, Quantitative Finance, 2013, 13(7), 1029-1039(SSCI,ABS三星) [50]“High-water marks and hedge fund management contracts with partial information,” Dandan Song, Jinqiang Yang and Zhaojun Yang, Computational Economics, 2013, 42(3), 327-350(SSCI) [51]“A unified model of entrepreneurship dynamics,” Chong Wang, Neng Wang and Jinqiang Yang, Journal of Financial Economics, 2012, 106(1), 1-23 (lead article) (国际顶尖金融学期刊,SSCI) [52]“Consumption utility-based pricing and timing of the option to invest with partial information,” Jinqiang Yang and Zhaojun Yang, Computational Economics, 2012, 39(2), 195-217(SSCI) [53]“全要素生产率、产能利用率与企业金融资源配置——基于中国上市企业委托贷款公告数据的经验分析”公衍磊,邓辛,杨金强,金融研究, 2020, 481(7):57-74 [54]“基于过度外推的资产定价”彭涓,母从明,朱小能,杨金强,管理科学学报, 2020, 23(8):19-32 [55]“融资约束下或有可转债对企业投资的影响,” 夏鑫,杨金强,管理科学学报, 23(5):13-23 [56]“股权收购(Buyouts)的债务估值和违约决策,”母从明, 刘洋, 周元祺, 杨金强, 中国管理科学 ,2020, 28(2): 25-36 [57]“高能耗企业绿色转型技术的实物期权选择路线,” 周远祺,杨金强,刘洋,系统工程理论与实践, 2019, 39(1): 19-35 [58]“竞争之于银行信贷结构调整是双刃剑吗?” 余晶晶,刘莉亚,杨金强, 朱小能,经济研究,2017, 5, 131-145 [59]“非完备市场下控制权私利和公司资本结构,” 夏鑫, 杨金强, 中国管理科学, 2017, 25(10), 31-41 [60]“现金流不确定性与企业创新,” 刘波, 李志生, 王泓力, 杨金强, 经济研究, 2017, 3, 166-180 [61]“基于过度外推的最优投资与消费策略,” 彭涓, 靳玉英, 杨金强, 管理科学学报, 2017, 3, 56-62 [62]“生产率与企业并购:基于中国宏观层面的分析,” 刘莉亚, 何彦林, 杨金强. 经济研究,2016, 3, 123-136 [63]“中国银行业净息差与非利息收入的关系研究,”刘莉亚, 李明辉, 孙莎, 杨金强, 经济研究,2014, 7: 110-124 [64]“最优消费投资与破产保护,” 杨金强,杨招军, 系统工程理论与实践, 2013, 33(4), 853-860 [65]“资本管制能够影响国际资本流动吗?”刘莉亚, 程天笑, 关益众, 杨金强, 经济研究, 2013, 5, 33-46 [66]“排污约束下企业的投资与定价,” 范定祥,廖进中,杨金强, 系统工程理论与实践, 2012, 32(4), 860-866 [67]“部分信息下实物期权的定价和风险对冲,” 杨金强, 杨招军, 中国管理科学, 2011, 19(4), 9-16 [68]“最大化生存概率的投资策略,” 罗琰, 杨招军, 杨金强, 中国管理科学, 2009, 17(4), 46-52 | ||
| 研究领域 | ||
| 动态公司金融,资产定价 | ||
| 奖励、荣誉称号 | ||
[1]“A unified model of entrepreneurship dynamics,”北美华人金融协会(TCFA)“全球金融市场”最佳论文奖 [2]中国管理学青年奖 [3]科学中国人年度人物奖 [4]霍英东高校青年教师奖 [5]中国金融博物馆第三届青年金融学者奖 [6]“Investment under uncertainty and the value of real and financial flexibility,” 第十二届中国金融学年会一等奖 [7]上海市“领军人才” [8]上海市“曙光计划” [9]申万宏源奖教金优秀奖 [10]上海市社科新人 [11]“生产率与企业并购:基于中国宏观层面的分析,” 上海市第十四届哲学社会科学优秀成果二等奖 [12]“竞争之于银行信贷结构调整是双刃剑吗?” 上海市第十四届哲学社会科学优秀成果二等奖 [13]“Valuing private equity,” 上海市第十三届哲学社会科学优秀成果二等奖 [14]“中国银行业净息差与非利息收入的关系研究,” 上海市第十三届哲学社会科学优秀成果二等奖 [15]申万宏源奖教金特等奖 [16]“非完备市场下企业家的投资与消费问题,” 湖南省优秀博士论文奖 [17]上海财经大学“党员先锋岗” [18]上海财经大学“英贤学者” [19]“A unified model of entrepreneurship dynamics,” 上海财经大学第十九届中振科研基金优秀论文奖 [20]“The economics of hedge funds,” 上海财经大学第二十届中振科研基金优秀论文奖 [21]“Valuing private equity,” 上海财经大学第二十一届中振科研基金优秀论文奖 [22]“中外并蓄,培养中国特色金融投资人才,”上海财经大学教学成果奖一等奖 [23]第三届上海财经大学学术奖 | ||
| 主要研究项目 | ||
[1]国家优秀青年科学基金项目,71522008,动态投融资与资产定价,2016.01-2018.12:已结项(基金委绩效评估“优秀”)。 [2]霍英东教育基金会第十五届高等院校青年教师基金,151086,2016.01-2018.12。 [3]国家自然科学基金面上项目,72072108,理性疏忽下的动态公司金融理论研究,2021.01-2024.12:在研。 [4]国家自然科学基金面上项目,71772112,融资约束下的动态公司金融理论研究,2018.01-2021.12:在研。 [5]国家自然科学基金青年项目,71202007,非完全市场下创业企业的投融资、定价与风险管理,2013.01-2015.12:已结项(基金委绩效评估“特优”)。 [6]教育部“新世纪优秀人才支持计划”,NCET-13-0895,2014.01-2016.12:已结项。 [7]上海市教委科研创新项目,13ZS050,非完全市场下控股股东的动态投资和公司定价,2012.07-2014.12:已结项。 [8]上海市“晨光计划”,12CG44,部分信息下企业投融资决策与定价研究,2013.01-2015.12:已结项。 | ||
| 教育背景 | ||
2009/7 - 2011/2,哥伦比亚大学,金融学,联合培养博士 2008/9 - 2011/6,湖南大学,数量经济学,博士 2006/9 - 2008/6,硕士,应用数学 2002/9 - 2006/6,湖南大学,信息与计算科学,学士 | ||
| Email:yang.jinqiang@mail.shufe.edu.cn | ||

