“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！

2024年春季学期 “正午阳光——青年学者论坛”第七期活动安排如下：

讲座题目：Crowding out? Real Estate and Long-Term Investments of Chinese Firms

主讲人：余子良

南开大学金融学院长任副教授。研究领域：房地产，金融经济学，国际经济与金融，大宗商品。

点评人：张潇

中央财经大学中国金融发展研究院副教授。研究领域：公司金融，资产定价。

讲座时间：2024年11月28日（周四）12:00-13:30

讲座地点：金融学院116教室

内容摘要：

Utilizing the new accounting standard that distinguishes investment property from other nonreal estate assets, we examine the impact of holding investment property on firms’ long-term investments in China from 2008 to 2020. We find a significantly positive effect via the collateral channel. Nevertheless, our finding does not exclude the existence of the crowding-out effect, as the positive effect of holding investment property is typically significant for privately owned, medium-size, or manufacturing firms in the eastern coastal area or for firms with an increased position in real estate investments. Further investigation shows that the value increase in previously obtained investment property has no positive effect, and holding investment property does not change firms’ real estate versus nonreal estate investments.