喻园管理论坛2024年第50期(总第982期)

演讲主题: No Good Deed Goes Unpunished: Unintended Effects of Commodity Futures on Corporate Innovation

主 讲 人: 周  彤，上海科技大学创业与威尼斯欢乐娱人城·首页助理教授

主 持 人: 甘  煦，计算金融系讲师

活动时间: 2024年5月31日（周五）10:30-12:00

活动地点: 管院大楼107室

主讲人简介：

周彤博士现任上海科技大学创业与威尼斯欢乐娱人城·首页助理教授。此前，他于2017年从香港大学获得金融学哲学博士学位，于2012年和2010年从中山大学分别获得金融学硕士学位和经济学学士。他的研究论文主要关注科技创新和金融创新的相互作用关系，部分成果已发表在Management Science、Research Policy、Journal of Economic Behavior and Organization、统计研究、会计研究、中国管理科学等中英文权威期刊，得到Bloomberg等国际知名媒体的报道，并获得国家自然科学基金和上海市人才计划立项资助。

活动简介：

Commodity futures, a type of financial innovation that has been widely traded in the real sector since the 19th century, have long been deemed as tools to improve risk management and enhance operation performance. In this paper, I unveil a dark side of commodity futures: they impede corporate technology innovation performance. Specifically, utilizing the staggered nature of commodity futures listings across industries and a comprehensive sample of medium- and large-sized Chinese manufacturers from 1998 to 2013, I find that the listings of commodity futures decrease the quantity of patent outputs, lower the frequencies that these patents are cited, and weaken firms’ efforts in inventing general technologies and exploring new technology fields. These findings are robust to alternative difference-in-differences designs. Further tests suggest that such dark side plays a role because commodity futures, rather than induce corporate myopia, stimulate financial speculation and intensify product competition.