Publications

Convertible bond maturity and debt overhang

Gan Liu, Xia Xin, Xu Wenyang, Zhang Hai

International Review of Financial Analysis Vol 95 (2024)

https://doi.org/10.1016/j.irfa.2024.103410

Option compensation, dynamic investment and capital structure

Gan Liu, Xia Xin, Zhang Hai

European Financial Management Vol 30, pp. 2422-2445 (2024)

https://doi.org/10.1111/eufm.12478

SME investment and financing under asymmetric information

Wang Yao, Zhang Hai, Zhao Zhiming

European Financial Management Vol 28, pp. 1347-1375 (2022)

https://doi.org/10.1111/eufm.12342

Debt structure and debt overhang

Gan Liu, Xia Xin, Zhang Hai

Journal of Corporate Finance Vol 74, pp. 1-46 (2022)

https://doi.org/10.1016/j.jcorpfin.2022.102200

Innovative credit guarantee schemes with equity-for-guarantee swaps

Song Pengcheng, Zhang Hai, Zhao Qin

International Review of Financial Analysis Vol 77 (2021)

https://doi.org/10.1016/j.irfa.2021.101809

Hedge inflation risk of specific purpose guarantee funds

Chen Ze, Chen Bingzheng, Hu Yi, Zhang Hai

European Financial Management Vol 28, pp. 1104-1136 (2021)

https://doi.org/10.1111/eufm.12338

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Professional Activities

2024 EFMA annual conference

Participant

27/6/2024

International Review of Economics and Finance (Journal)

Peer reviewer

3/2020

European Journal of Finance (Journal)

Peer reviewer

2020

Energies (Journal)

Peer reviewer

2020

Economic Modelling (Journal)

Peer reviewer

2020

2019 Paris Financial Management Conference

Participant

16/12/2019

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Projects

Research on investment and financing of small and medium-sized enterprises based on enterprise asset securitization

Zhang, Hai (Co-investigator) Zhang, Yong (Principal Investigator) Fang, Donghui (Co-investigator)

As one of the important financial instruments of direct financing in the capital market, Enterprise’s asset securitization plays an important role in optimizing enterprise financing structure, invigorating assets, improving liquidity and reducing financing cost, etc. It is an effective measure to solve the problem of "difficult financing and expensive financing" of small and medium-sized enterprises (SMEs). This project focuses on the design, pricing, and influence of securitization products of SMEs on their investment and financing decisions. First, based on the classical real-options theory, this project constructs a model of the optimal risk retention ratio of the asset securitization of SMEs and the investment and financing decisions of SMEs. Second, This project builds a model on asset securitization of SMEs and financial policies by game theory. Last, the project incorporates an incomplete market into the model and then explores the impact of the risk aversion of entrepreneurs on the pricing of asset securitization and financial decisions. This project is originated from the practical financial problems in China, and it has a great theoretical contribution to expanding and enriching the financial research of SMEs. At the same time, it also provides theoretical reference and practical guidance for SMEs and financial institutions to implement asset securitization to solve financing difficulties.

01-Jan-2021 - 31-Jan-2024

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