Chen Zhiwu

Chen Zhiwu

Chen Zhiwu was born in July 1962. He is a famous Chinese economist, a lifelong professor of finance at Yale University and a chair professor of economics at the University of Hong Kong. He won a Merton Miller scholarship. In his early years, he specialized in stocks, bonds, futures and options markets, and macro-economy. Later, he focused on economic history and Chinese economic research.

He is currently employed by the school of economics and management of the University of Hong Kong.

Biography of characters

In 1979, he was admitted to Central South University of mining and Metallurgy (the predecessor of Central South University).

In 1983, he received a Bachelor of Science degree from Central South University.

In 1986, he received a master's degree from the University of Defense Science and technology.

In 1990, he received a doctorate in finance from Yale University.

1990-1995, assistant professor, University of Wisconsin Madison, USA;

1995-1997, assistant professor, Ohio State University, USA;

From 1997 to 1999, he was an associate professor of finance at Ohio State University.

In 1999, he became professor of finance at Yale University.

(according to U.S. News and world report, Yale University ranked third and finance 14th in the United States in 2011.)

At present, he is a tenured professor of Finance in the school of management of Yale University and a distinguished professor in the school of economics and management of Tsinghua University.

On November 18, 2010, he was appointed as an independent non-executive director by Bank of communications of China.

He is the founder of American value engine company, one of the three major shareholders and chief investment manager of zebra hedge fund company.

In 2014, he applied for employment in school of economics, Peking University.

In 2016, he joined the school of economics and management of the University of Hong Kong as a chair professor of economics and director of the Asian Economic Research Institute.

Character honor

On December 21, 2017, Chen Zhiwu was selected into the "list of 50 Chinese students studying abroad in 2017".

Early experience

Chen Zhiwu's parents are farmers. His childhood and youth were spent in the fields and mountains of Chaling, Hunan Province. The whole enlightenment stage was during the "Cultural Revolution" period, and did not have a good lesson. "The teachers were all from the village and town, and no one had ever been to university. They could not give enlightening education, but according to the textbooks, they were very boring."

It was not until 1979, when he was admitted to Central South University of mining and Metallurgy (now the predecessor of Central South University), that he left his hometown in Chaling County for the first time and came to Changsha, a big city. There are many students from the city in the class, "only by comparing with them can we know the difference between their living conditions, the influence of their parents' family and themselves."

When he was a graduate student at National Defense University of science and technology, Chen Zhiwu often went to Hunan Provincial Library to borrow books. One of the most impressive books was the very influential series towards the future in the 1980s, as well as a series of translations published by the commercial press to introduce the classic works of western thinkers and political scientists. "Freedman's" free choice "had the greatest impact on me."

At this time, he became acquainted with Cui Zhiyuan, the person who influenced him to embark on the academic road. At that time, Cui Zhiyuan was only a freshman in the Department of mathematics. He had read a lot of books. When he was in high school, he published articles on literature, history and philosophy in university journals and had contacts with people like Li Zehou. Chen Zhiwu's initial interest in social science and philosophy was influenced by Cui Zhiyuan.

In 1986, Chen Zhiwu was retained as a teacher by the University of Defense Science and technology.

In the mid-1980s, the wind of studying abroad also came to this corner. Chen Zhiwu began to apply to some universities in the United States. He wrote to an old professor at Yale University, asking about the possibility of applying for a doctorate. "I didn't take the TOEFL and GRE because at that time, the Chinese students were

foreign exchange

It's very tight. It costs 32 dollars to take these exams, and I can't find a dollar. So I wrote to the Yale professor in charge of admissions to explain why. After I explained to them, they promised to exempt me from TOEFL and GRE. "

At Cui Zhiyuan's suggestion, Chen Zhiwu chose finance. "At that time, I didn't even know what the word finance meant. He showed me some books at that time, but I still didn't make it clear. " Four months later, a letter of acceptance from Yale changed his fate. With dozens of dollars, he boarded the plane to the United States.

In 1990, Chen received his doctorate in economics from Yale. He has taught at Wisconsin Madison University and Ohio State University in the United States. He was promoted to associate professor of Finance in 1997 and professor of Finance in 1999, and returned to Yale for tenure.

More and more of his research results have been published in mainstream journals such as American economic review, economic theory and financial economics. In the financial and economic circles of the United States, Europe, Japan and Hong Kong, more and more people know the name of Chen Zhiwu.

In July 2001, on the plane flying from Shanghai to New York, Chen Zhiwu turned to the magazine Caijing of that month. "I read it from beginning to end, and I was very surprised. It's no different from business week in the United States. It doesn't have the kind of ideological official tone that domestic magazines usually have."

Since then, Chen Zhiwu began to focus on China's domestic economic phenomena and problems. 2001 is the turning point of China's A-share market. At that time, Caijing successively exposed a series of insider trading scandals such as Shenzhen shijixinyuan and Yinguangxia.

Wu Jinglian

Thus, the "stock market gambling theory" is thrown out. A few months later, the stock index fell all the way from 2245 to 998, and China's stock market entered a long bear market for more than four years. In the media, the governance of listed companies has become an important topic.

From 2001 to 2002, Chen Zhiwu set up a special column in new fortune to introduce the U.S. Securities Act, regulatory rules, laws, litigation cases and insider trading.

In 2006, the Wall Street telegraph published a list of the top ten Chinese economists. This eye-catching list takes academic influence as the most important evaluation index, followed by economic influence and social influence. Chen Zhiwu was one of them. He has published 24 wealth lessons, the logic of Finance and Chen Zhiwu's talk about China's economy. Among them, "the logic of finance" connects history, social culture and modern finance, and describes the boring and professional financial problems in a popular and interesting way, trying to answer the reasons for the backwardness of modern China from another possibility. In particular, the use of financial analysis of Chinese traditional Confucian ethics has aroused great interest and heated discussion.

Research direction

Main research directions: market supervision, capital market, securities investment management, corporate governance, corporate finance and organizational strategy, stock pricing, etc. Professor Chen Zhiwu is an expert in financial economics, financial theory, securities pricing, emerging capital markets and China's economy and capital markets. Professor Chen has published research papers in a large number of first-class financial journals, ranging from stock pricing and option pricing theory to research on foreign exchange, capital market development, fund management and investment strategy. In recent years, Professor Chen Zhiwu's research mainly focuses on the market development and the establishment of institutional mechanisms in the process of China's transformation, as well as other emerging capital market issues. Professor Chen's works are often quoted by the Wall Street Journal, the New York Times, the Far East Economic Review, the Boston Globe and Barron's, and also published in many newspapers and magazines in Hong Kong and Mainland China. In addition, he is one of the three partners of zebra capital management, as well as a columnist and academic consultant of new fortune magazine.

According to the European Economic Association's "serious research project" published in 1990-2000. Professor Chen Zhiwu's ranking is 853, ranking 21 out of all the Chinese economists selected. His professional fields are stock, bond, futures and options market and macro economy.

Academic works

How big is our government?

Yu Jianrong talks with Chen Zhiwu: returning land to farmers the hope of China's future lies in private enterprises

It's time for democracy in China

Financial imbalance needs policy adjustment urgently

Market economy is the only way to individual liberation

What makes the problems of agriculture, rural areas and farmers worse?

Why does state ownership restrain private consumption and investment?

The rise of the West does not depend on plunder

Commercial development will continue to transform Chinese Society

The right and wrong of real estate market regulation

After the transition from relying on family and friendship to relying on the market, China's money is certainly more

Hong Kong's past and future in the 10th anniversary of China's return to China

The institutional roots of China's financial crisis

Why does China need democracy?

There is a lot of money now

165 years of reform and opening up

The miracle of capital globalization

The rise of great powers: China facing the world

The result of rural land privatization will not be worse than now

Can state ownership and government regulation really promote balanced development?

Where is India better than China?

What is the core spirit of American capitalism?

Reflection on usury and private finance

Understanding the current situation of economics in China -- how does economics and media develop interactively?

Private property rights cannot be taken in the name of real estate regulation

Why can't China's economic prospects be separated from freedom of the press?

China's choice under Globalization: unipolar or multipolar order?

On the legal dilemma of media speech from litigation cases

Further privatization can help