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The Global Change in Corporate Production Function
主讲人：李学楠（长江商学院）
主持老师：（北大经院）王熙
参与老师：（太阳集团）王一鸣、王法、刘蕴霆
时间：2024年12月6日（周五） 10:00-11:30
地点（线下）：太阳集团tcy8722301会议室
报告摘要：
The assumption of a concave production function has long been a cornerstone in economics literature. However, by applying Bayesian Markov Chain Monte Carlo (MCMC) to estimate the structural break, we uncover that since the 1980s, the corporate production function has evolved into a sigmoidal (convex-concave) form, with the convex portion becoming increasingly prominent over time. This structural change, evident across a wide range of countries and industries, quantitatively accounts for the rising share of firms with negative net earnings. Finally, we highlight the welfare implications of this transformation, including the impact of intensified competition and the potential advantages of shifting the tax base from net earnings to gross profits.
主讲人简介：
李学楠教授为长江商学院金融学教授、中国产业政策研究中心主任。李学楠教授的研究领域主要集中在资本结构、资产定价和宏观经济学领域。她的研究论文探讨了资产定价以及公司治理领域的前沿问题，提出了许多兼具创新性和实用性的理论观点和实践建议。研究论文多次发表在Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, Management Science等顶级学术杂志上，这些论文不仅具有很高的学术价值，同时也为金融行业的实践提供了重要的理论支持。李学楠教授于2017年和2023年两度获得长江商学院杰出研究奖。李学楠教授目前担任Journal of Empirical Finance, International Review of Finance 和Quarterly Journal of Economics and Management 学术期刊的副主编。
