程飞阳

基本信息

教育背景

2021.07-2023.08 澳大利亚Macquarie University Applied Finance

2019.09-2023.05 天津大学管理与经济学部 管理科学与工程

2017.09-2019.11 天津大学管理与经济学部 应用经济学

2013.09-2017.07 安徽财经大学金融学院 金融学

工作经历

研究方向

• 金融学
• 公司金融
• 证券投资

招生专业

• 应用经济学硕士
• 金融硕士

科研项目

国家自然科学基金青年基金项目, “中国信用债市场政府隐性支持与债券价格行为研究：测度、影响机制与经济溢出”, 30万元（主持）, 在研（2025~2027）

国家自然科学基金面上项目, “Knight不确定性, 投资者行为与市场崩溃”, 48万元（主要参与人）, 已结项

国家自然科学基金面上项目, “泡沫演变过程中的资产价格行为与投资组合管理研究”, 49.3万元（主要参与人）, 已结项

教学工作

金融学，本科课程

金融学文献研读，应用经济学（金融学方向）学术型硕士研究生课程

财富管理，金融硕士课程

论文/期刊

程飞阳,姚守宇*,王春峰,高学鑫.地区酒文化与股价崩盘风险：来自A股市场的经验证据[J].系统管理学报,2023,32(05):1086-1102.

刘贯春,程飞阳*,姚守宇,张军.地方政府债务治理与企业投融资期限错配改善[J].管理世界,2022,38(11):71-89.

王春峰*,梁超伟,姚守宇,程飞阳,房振明.民营企业党组织嵌入与盈余管理——基于A股市场的实证研究[J].运筹与管理,2023,32(08):200-206.

王春峰,路羚,姚守宇,王子伟*,程飞阳.极端不确定性与金融市场稳定——来自股价崩盘风险的证据[J].运筹与管理,2024,33(12):143-150.

王春峰,姚守宇,程飞阳*,房振明.企业的“脱实向虚”具有同群效应吗?[J].管理科学学报,2022,25(10):96-113.

王春峰,姚守宇,程飞阳,房振明.地方政府融资平台债务及治理：回顾与展望[J].清华金融评论,2023,(10):33-36.

郑世林,崔欣*,姚守宇,程飞阳.目标驱动创新: 来自地方政府工作报告的微观证据[J].世界经济,2023,46(08):55-79.

Boubaker, S., Cheng, F.*, Liao, J., & Yue, S. (2024). Environmental tax incentives and corporate environmental behaviour: An unintended consequence from a natural experiment in China. European Financial Management, 30(2), 800-838.

Cheng, F., Chiao, C., Fang, Z., Wang, C., & Yao, S.* (2020). Raising short-term debt for long-term investment and stock price crash risk: Evidence from China. Finance Research Letters, 33, 101200.

Cheng, F., Chiao, C., Wang, C., Fang, Z., & Yao, S.* (2021). Does retail investor attention improve stock liquidity? A dynamic perspective. Economic Modelling, 94, 170-183.

Cheng, F., Gao, H., Pan, X., Qian, M., & Zhou, Q. C.* (2025). China's debt market: Evolution, regulation, and global integration. Pacific-Basin Finance Journal, 102751.

Cheng, F., Liao, J., Liu, X., Sensoy, A., & Yao, S.* (2023). Local happiness and corporate financial misconduct: Does happiness reduce organizational opportunistic behavior? Journal of Accounting and Public Policy, 42(6), 107157.

Cheng, F., Wang, C., Chiao, C., Yao, S.*, & Fang, Z.* (2021). Retail attention, retail trades, and stock price crash risk. Emerging Markets Review, 49, 100821.

Cheng, F., Wang, C., Cui, X.*, Wu, J., & He, F.* (2021). Economic policy uncertainty exposure and stock price bubbles: Evidence from China. International Review of Financial Analysis, 78, 101961.

Cheng, F., Yao, S.*, Sensoy, A., & Nguyen, D. K. (2025). Does rollover restriction of short-term loans exacerbate market instability? Evidence from a natural experiment in China. Journal of Accounting Literature, forthcoming.

Cui, X., Wang, C., Liao, J., Fang, Z., & Cheng, F.* (2021). Economic policy uncertainty exposure and corporate innovation investment: Evidence from China. Pacific-Basin Finance Journal, 67, 101533.

Fang, Z., Kong, X., Sensoy, A., Cui, X.*, & Cheng, F.* (2021). Government's awareness of environmental protection and corporate green innovation: A natural experiment from the new environmental protection law in China. Economic Analysis and Policy, 70, 294-312.

Shu, A., Cheng, F., Han, J., Liang, Z.*, & Pan, Z. (2023). Arbitrage across different Bitcoin exchange venues: Perspectives from investor base and market related events. Accounting & Finance, 63(5), 5183-5210.

Xing, H., Wang, H., Cheng, F., & Yao, S.* (2023). Mispricing: failure to capture the risk preferences dependent on market states. Annals of Operations Research, 330(1), 1-26.

Yao, S., Guo, X., Sensoy, A., Goodell, J. W., & Cheng, F.* (2024). Collusion or governance? Common ownership and corporate risk-taking. Corporate Governance: An International Review, 32(4), 645-669.

Yao, S., Kong, X., Sensoy, A., Akyildirim, E., & Cheng, F.* (2024). Investor attention and idiosyncratic risk in cryptocurrency markets. The European Journal of Finance, 30(16), 1932-1950.

Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., & Cheng, F.* (2021). Green credit policy and firm performance: What we learn from China. Energy Economics, 101, 105415.

Yao, S., Pan, Y., Wang, L., Sensoy, A., & Cheng, F.* (2023). Building eco-friendly corporations: The role of minority shareholders. Journal of Business Ethics, 182(4), 933-966.

Yao, S., Qin, Y., Cheng, F.*, Wu, J. G., & Goodell, J. W. (2022). Missing momentum in China: considering individual investor preference. Finance Research Letters, 49, 103110.

Yao, S., Wang, Z., Sun, M., Liao, J., & Cheng, F.* (2020). Top executives' early-life experience and financial disclosure quality: impact from the Great Chinese Famine. Accounting & Finance, 60(5), 4757-4793.

Yao, S., Xie, X., Boubaker, S., Sensoy, A., & Cheng, F.* (2024). Unknown unknowns: Knightian uncertainty and corporate opportunistic earnings management. British Journal of Management, 35(1), 137-155.

Yao, S., Zhao, W., Sensoy, A., Cheng, F.*, & Goodell, J. W. (2021). The dark side of marital leadership: Evidence from China. International Review of Financial Analysis, 77, 101844.

Zhang, M., Sensoy, A., Nguyen, D. K., & Cheng, F.* (2025). Can bilateral RMB swap reduce monetary policy spillovers from the United States to China? Journal of International Financial Markets, Institutions and Money, 101, 102157.

专著/译著

专利

软件著作权

获奖与荣誉

博士研究生国家奖学金（2020-2021学年）, 中华人民共和国教育部

博士研究生国家奖学金（2021-2022学年）, 中华人民共和国教育部

天津大学管理与经济学部2021年度“经管创新榜样”, 2022.04

天津大学三好学生（2017-2018学年, 2018-2019学年, 2019-2020学年, 2020-2021学年; 2021-2022学年）

天津大学科技创新先进个人, 2019.12

第六届中国财务与会计学术年会兴业证券优秀论文奖, 2022.11, 西南财经大学（在线会议）

中国会计学会金融会计专业委员会2022年学术年会论文二等奖, 2022.07, 广东财经大学（在线会议）

第19届金融系统工程与风险管理国际年会优秀论文奖, 2022.04, 湖南师范大学, 长沙（在线会议）

第九届“中国投资学年会”优秀论文三等奖, 2021.10, 对外经济贸易大学, 北京（在线会议）

社会兼职

担任China Finance Review International（《中国金融评论》）青年编委，担任British Journal of Management、The British Accounting Review、Journal of Accounting and Public Policy、Journal of Financial Research、European Accounting Review、Accounting & Finance、Annuals of Operations Research等多本期刊匿名审稿人