【本期主题】¬Why Do U.S. Firms Invest Less Over Time?

Capital expenditure of U.S. public firms, as a ratio to total assets, decreases by more than a half from 1980 to 2012. The decline is pervasive across industries and firms of different characteristics. The decline is not explained by time variations in industry composition in the economy, corporate lifecycle, or public listing cohorts. It is related to the increasing importance of intangible capital and the economic globalization that have changed the technology of firm production. Over time, firm production demands less investment in fixed assets and more investment in intangibles such as knowledge capital and organizational capital. The sensitivity of capital expenditure to investment opportunity reduces, as firms build up more intangible capital. International evidence shows that firms in countries with the level of economic development similar to the U.S. (G7 and OECD countries) have also incurred significant declines in capital investment while those in emerging economies (such as BRICS) have not.

【报告人】黄生           新加坡管理大学金融学助理教授    

【时   间】11月20日    上午10:00

【地   点】明德主楼0509室

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报告人简介：

黄生博士是新加坡管理大学金融学的助理教授，博士毕业于华盛顿大学-圣路易斯，在剑桥大学取得硕士学位，在北京大学取得经济学和历史学本科学位。他的研究领域主要是：公司金融、公司治理和金融中介等。他的研究成果在国际顶级会议如American Finance Association (AFA) annual meetings 和 Financial Intermediation Research Society (FIRS)上汇报，在第七届Annual Conference on Asia-Pacific Financial Markets (CAFM)获得最佳论文奖。他的论文发表在国际顶级期刊上如Review of Financial Studies,Management Science, and Journal of Financial Intermediation等。

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