Name: Mingshan Zhou
Department: Financial Engineering
E-mail: z0000022@zuel.edu.cn
Professional title: Professor,Master Supervisor,PhD Supervisor
Research direction:Corporate Finance and Corporate Governance;Enterprise Innovation;China's Financial Reform

Courses Taught:

Undergraduate: Money and Banking, Corporate Finance, Financial Risk Management

Master's: Corporate Finance, Empirical Asset Pricing

Doctoral: Advanced Topics in Corporate Finance and Capital Markets

Current Position:

Vice President, Zhongnan University of Economics and Law

Professional Affiliations:

Council Member, Financial Management Committee of the Chinese Academy of Management; 

Council Member, China Academic Degrees & Graduate Education Association; 

Council Member, Chengdu Federation of Social Sciences Associations

Personal profile：

Zhou Mingshan is a Professor and Doctoral Supervisor at the School of Finance, Zhongnan University of Economics and Law. He currently serves as a Member of the Standing Committee of the University Party Committee and Vice President of the university. Professor Zhou has long been engaged in research on enterprise innovation, corporate finance, capital markets, and financial system reform. He has successively led over 20 major vertical and horizontal research projects as Chief Expert, including a Major Project of the National Social Science Fund of China, and projects funded by the National Natural Science Foundation of China, the China National Intellectual Property Administration, and the Sichuan Provincial Development and Reform Commission. He has published more than 60 research papers in prominent domestic and international academic journals, such as Journal of Financial Studies, Management World , Journal of Management Sciences in China, China Industrial Economics , Journal of Financial Research , Frontiers of Economics in China, Nankai Business Review , Economic Perspectives, Journal of Financial Markets, Financial Management, Journal of Banking and Finance, Financial Review, Journal of Empirical Finance, Accounting and Finance, and Economic Modelling. Actively responding to the call to "conduct impactful research grounded in the nation's needs and apply scientific achievements in the great cause of modernization," Professor Zhou has frequently provided decision-making consulting services to government departments. Addressing critical contemporary economic and financial issues, he has undertaken numerous provincial/ministerial-level decision-making consulting projects and produced research reports in areas including deepening financial reform to advance national innovation capacity, innovation in investment and financing for major local infrastructure, intellectual property finance serving national innovation, blockchain finance supporting cultural and creative industries, and capital markets serving poverty alleviation.

Education and Training

Education: 

Sep 2006– Jul 2010: Ph.D. Candidate in Finance, Guanghua School of Management, Peking University; 

Sep 1999– Jul 2002: Master's Candidate, School of Insurance, Southwestern University of Finance and Economics;

Sep 1994– Jul 1998: Undergraduate Student, Department of Resource and Environmental Engineering, Guilin University of Technology

Major Training: 

May 2017:Philosophy and Social Science Backbone Faculty Seminar, jointly organized by six ministries including the Organization Department of the CPC Central Committee, the Publicity Department of the CPC Central Committee, and the Ministry of Education;

May 2015:Teaching Management Training for Undergraduate Talent Cultivation, Waseda University, Japan;

Dec 2013:Higher Education Management Capacity Enhancement Training, University of Oxford, UK

Work Experience

Academic Appointments: Aug 2022– present: Professor, Department of Finance, School of Finance, Zhongnan University of Economics and Law;

Dec 2016– Jul 2022: Professor, Department of Finance, School of Finance, Southwestern University of Finance and Economics;

Dec 2012– Dec 2016: Associate Professor, Department of Finance, School of Finance, Southwestern University of Finance and Economics;

Sep 2010– Dec 2012: Lecturer, Department of Finance, School of Finance, Southwestern University of Finance and Economics

Concurrent Administrative Roles:

Jul 2022– present: Member, Standing Committee of the CPC Committee & Vice President, Zhongnan University of Economics and Law (Since Jul 2023, serving as a counterpart aid cadre at Xinjiang University of Finance & Economics, holding the positions of Member, Standing Committee of the CPC Committee & Vice President);

Nov 2021– Jul 2022: Dean, Graduate School, Southwestern University of Finance and Economics;

Jul 2020– Oct 2021: Dean, Graduate School & Director, Office of Research Administration, Southwestern University of Finance and Economics;

Mar 2017– Jun 2020: Director, Office of Research Administration, Southwestern University of Finance and Economics;

Jul 2013– Feb 2017: Vice Dean, School of Finance, Southwestern University of Finance and Economics

Honors and Awards

Has been awarded the Sichuan Provincial Outstanding Teaching Achievement Award twice, and the Sichuan Provincial Outstanding Achievement Award in Philosophy and Social Sciences once.

Academic achievements:papers

The research outputs focus primarily on corporate finance, corporate innovation, and corporate governance, partially involving macro-finance and empirical asset pricing. Selected publications include:

[1] Mingshan Zhou, Qianqian Zhang, Dan Yang. Innovation Input and Market Performance of GEM Listed Companies: Based on Internal and External Perspectives of the Firm. Economic Research Journal. 2017, (11).

[2] Mingshan Zhou, Qianqian Zhang. "Window Dressing" or "Real Competence"? Research on Innovation in State-owned Listed Companies under Political Promotion Incentives. Management World. 2016, (12).

[3] Mingshan Zhou, Huizhong Lu. Venture Capital Background and Corporate Innovation Information Disclosure: Talking the Talk or Walking the Walk?. Journal of Management Sciences in China. 2021, (11).

[4] Jing Lin, Mingshan Zhou (Corresponding Author), Zhiyong Dong. Does Social Security Promote Household Stock Market Participation? Theory and Evidence from China. Journal of Management Sciences in China. 2017, (2).

[5] Mingshan Zhou, Jing Lin, Nianxing Xv. Analyst Coverage and Stock Price Synchronicity: Evidence from Overreaction. Journal of Management Sciences in China. 2016, (6).

[6] Mingshan Zhou, Siguang Li, Jing Lin. Conflicts of Interest, Reputation Incentives, and the Effectiveness of Price Discovery (Analyst). Journal of Management Sciences in China. 2015, (12).

[7] Qianqian Zhang, Mingshan Zhou (Corresponding Author), Zhiyong DONG. Does R&D Cost Capitalization Signal Firm Value to the Market?. Journal of Financial Research. 2017, (6).

[8] Mingshan Zhou, She Sun, Yuzhen Liu. Social Interaction, Relative Wealth Concern, and Stock Market Participation. Journal of Financial Research. 2011, (2).

[9] Mingshan Zhou, Zhiyong Dong, Xuzi Fang. Can the Pricing Efficiency of China's Convertible Bonds Be Improved? Based on the Perspective of Arbitrage Transaction Costs. China Economic Quarterly. 2013, Vol. 12, No. 4.

[10] Chengliang Yan, Mingshan Zhou, Liutang Gong. Knowledge Production, Innovation and R&D Returns. China Economic Quarterly. 2009, Vol. 8, No. 3.

[11] Siwei Tuo, Mingshan Zhou. Population Structure, Labor Force Participation Rate and the Evolution of Long-term Real Interest Rates: A Study from the Perspective of Female Labor Culture. China Industrial Economics. 2020, (12).

[12] Mingshan Zhou, Ge Zhang, Yuzhen Liu. Research Progress on Information Content in Security Prices and Measurement Methods. Economic Perspectives. 2010, (1).

[13] Yuanhai Fu, Mingshan Zhou. Building a National Innovation System. Economic Perspectives. 2019, (6).

[14] Jianhua Ye, Mingshan Zhou. Can Limits to Arbitrage Explain the Asset Growth Anomaly in China's Listed Companies?. Nankai Business Review. 2013, (1).

[15] Jianhua Ye, Mingshan Zhou. Asset Growth, Investor Cognitive Bias, and Stock Returns. Nankai Business Review. 2014, (1).

[16] Mingshan Zhou, Donghao Zhang. Building an Inclusive Financial System with Chinese Characteristics. PKU Financial Review. 2022, (3).

[17] Mingshan Zhou, Chunwei Wang, Shihai Huang. Efficiency of Control Rights Transfer in State-owned Listed Companies: A Study Based on the Relationship between Investment Expenditure and Stock Returns. Studies of International Finance. 2013, (10).

[18] Mingshan Zhou, Zhe Ren, Tao Li. Nature of Property Rights, Financing Constraints, and Corporate Cash Holding Adjustment: Also on the Effectiveness of Monetary Policy. Studies of International Finance. 2012, (6).

[19] Gongjun Pan, Shifeng Wu, Mingshan Zhou. Is Currency Over-issuance the Central Bank's Fault? Reflections on and Interpretation of Recent Literature. Studies of International Finance. 2015, (9).

[20] Bo Jiang, Mingshan Zhou. Fund-affiliated Shareholding and Analyst Optimism. Journal of Finance and Economics. 2015, (1).

[21] Mingshan Zhou, Xuzi Fang, Liang Lin, Kaiguo Zhou. Effectiveness of Moving Average Strategies in the A-Share Market and Random Characteristics of Stock Returns. Securities Market Herald. 2013, (1).

[22] Kaiguo Zhou, Mingshan Zhou. Can Cross-listing Reduce Information Asymmetry? An Empirical Analysis Based on A-H Shares. Securities Market Herald. 2014, (12).

[23] Zhiyong Dong, Mai Huang, Mingshan Zhou. Measurement and Cause Analysis of the Regional Effects of Monetary Policy in China. Economic Theory and Business Management. 2010, (10): 34-40.Selected Publications:

[24] Xuyun Fang, Zhiqian Jiang, Baixiao Liu, John J. McConnell, Mingshan Zhou. 2021. Ease-of-processing heuristics and asset prices: Evidence from the exchange-traded repo market in China, Journal of Financial Markets. (SSCI)

[25] Zhou Mingshan, Lin jin, An Yunbi. 2017. Star Analyst, Market Over-reaction and Stock Price Synchronicity, Evidence from China and US, Financial Management (SSCI), p797-832, Volume 46, Issue 3, Fall.

[26] Jing Lin,Fang Li, Steven Zheng, Mingshan Zhou. 2022. Minority shareholder voting and dividend policy. Journal of Banking and Finance.(SSCI)

[27] Li R , Wang T , Mingshan Zhou . 2020.Entrepreneurship and household portfolio choice: Evidence from the China Household Finance Survey. Journal of Empirical Finance, 60:1-15.(SSCI)

[28] Jing Lin, Steven Zheng, Mingshan Zhou. 2020. Wealth transfer through private placements: Evidence from China. Financial Review(ABS Three-Star Journals).

[29] Zhou Mingshan, Xiao Dacheng., Chan, K. C., & Hung-Gay, F., 2019. The impact of pre-IPO performance pressure on research and development investments of an IPO firm: evidence from china. Economic Modelling (SSCI), 78(C), 40-46.

[30] Xunan Feng, Mingshan Zhou, Kam C. Chan.2014. Smart Money or Dumb Money? A Study on the Selection Ability of Mutual Fund Investors in China，North American Journal of Economics and Finance (SSCI)30 ,154-170.

[31] Mingshan Zhou, Chih-Hsiang Chang, Kam C. Chan.2015. A retrospective evaluation of North American Journal of Economics and Finance (1990-2014), North American Journal of Economics and Finance (SSCI)32 ,1-11.

[32] Li Rui, Xu jia, Mingshan Zhou, Wang tianyu. 2018. Advance or Face: Which Makes Chinese Entrepreneurial Households Spend More on Education? Chinese Management Studies (SSCI)12,620-633.

[33] Jing Lin, Leng Ling, Mingshan Zhou. 2019. Unobserved ties between corporate executives and mutual fund managers. Accounting & Finance (SSCI). 10.11.

Publications: Books and Teaching Materials

(1) Enterprise Financing Planning, textbook by the Training Department of the National Development and Reform Commission, Economic Science Press, 2013, Executive Editor.

(2) Case Studies on Capital Markets Serving Poverty Alleviation, China Financial Publishing House, 2020, Contributing Author (Chapter 5: "Agricultural 'Insurance + Futures' Assisting Poverty Alleviation").

(3) Chengdu Cultural and Creative Industries Development Report 2020, Social Sciences Academic Press, 2020, Contributing Author (Chapter: "Blockchain Supply Chain Finance and Innovative Paths for Financing Models of Cultural and Creative Industry Clusters").