文澜学术系列讲座 第八十八期 江西师范大学国际金融研究院陈昌志教授:“Innovation, Human Capital, and Leverage”
日期:2017-06-19             信息来源:文澜学院

主题 / TopicInnovation, Human Capital, and Leverage

时间 / Time620号(周二)|June 20 (Tuesday), 1400- 1530

地点 / Venue文澜108会议室|108WENLAN


主讲/ Speaker

陈昌志博士,江西师范大学国际金融研究院教授,博士毕业于台湾中山大学。主要研究方向为公司金融优化、衍生性金融商品与金融工程、保险金融、财务经济、风险管理等。在知名期刊如:Economic ModelingAfrican Journal of Business ManagementJournal of Financial Studies 等发表多篇文章


研究领域/ Research Interests 

公司金融优化、衍生性金融商品与金融工程、保险金融、财务经济、风险管理


摘要/ Abstract

We study the endogenous interaction among corporate leverage, innovations driven by R&D, and human cost in a unified theoretical framework. We build the model on new empirical finding that debt use hinders a firm’s acquisition of inventive human capital. The model captures several hard-to-explain leverage cross-sectional features: the debt aversion anomaly; an ambiguous leverage-wage relation; a negative leverage-growth relation; a complex leverage-competition relation; a negative leverage-R&D relation; and asymmetry in the leverage-tax sensitivity. The implications of innovation failure tolerance, of human capital risk arising from inventor mobility, and of the related risk management for leverage use are also captured.