EDUCATION

PhD           Sun Yat-Sen University (year 2002 to year 2005) 
Master       Sun Yat-Sen University (year 1999 to year 2002)
Bachelor    Sichuan University(year 1995 to year 1999) 

EXPERIENCE

Academic
06/2014-present      Professor of School of Business, Sun Yat-Sen University

12/2008- 05/2014        Associate Professor of School of Business, Sun Yat-Sen University
01/2008-12/2008         Lecturer of School of Business, Sun Yat-Sen University
11/2005-11/2007         Postdoctoral of Harbin Institute of Technology

Visiting Scholar

2012/8/29-2013/8/28   Canada, University of British Columbia, Visiting Scholar

2014/7/2-2014/8/18     United State, Westminster College, Short-term Visiting Scholar

2015/7/31-2015/ 8/29  the United Kingdom, King’s College London, Short-term Visiting Scholar

Nonacademic

Independent Director of Dongguan Development (Holdings) CO., Ltd, Guangdong Guangzhou Daily Media CO.,Ltd, WGTech (JiangXi) CO., Ltd  and Jiangxi JOVO Energy CO.,Ltd.

PUBLICATIONS

REFEREED JOURNAL ARTICLES (in the descending order of importance)

1. Shanmin Li, Yugang Chen. Study on Wealth Effects of M&A of Listed Companies (上市公司兼并与收购的财富效应)[J]. Economic Research Journal,2002,11:27-35+93. (In Chinese)
2. Yugang Chen, Shanmin Li. The Predictability of Acquiring Companies in M&A: Based on the Perspective of Transaction Cost(并购中主并公司的可预测性——基于交易成本视角的研究)[J]. Economic Research Journal,2007,04:90-100. (In Chinese)
3. Shanmin Li, Tao Zhu, Yugang Chen, Zhaozao Zeng, Caiping Wang. How Does the Match of Acquiring Firms and Target Firms Affect Their Performance(收购公司与目标公司配对组合绩效的实证分析)[J]. Economic Research Journal,2004,06:96-104. (In Chinese)
4. Yugang Chen, Wenting Chen, Shanmin Li. Could Acquisitions Reduce the Tunneling Behavior of Target Companies? (并购能降低目标公司的掏空行为吗?)[J]. Journal of Management Sciences in China, 2013, 12:57-67. (In Chinese)
5. Yugang Chen, Jinhua Xu, Shanmin Li. Does Mandatory Provision of Cumulative System Work? (对累积投票制的强制性规定有效吗?)[J]. Journal of Management Sciences in China,2016,03:34-47. (In Chinese)
6. Shanmin Li, Caiping Wang, Zhaozao Zeng, Yugang Chen, Tao Zhu. The Long Term Performance of Asset Restructuring of Chinese Listed Companies (中国上市公司资产重组长期绩效研究)[J]. Management World,2004,09:131-13 (In Chinese)
7. Shanmin Li, Yugang Chen, Yu Xin. The International Conference on M&A Value Creation, Industrial Restructuring and Economic Security (并购的价值创造、产业重组与经济安全国际会议综述)[J]. Management World,2010,01:157-161. (In Chinese)
8. Chen Yugang, Li W J, Lin J R. Cumulative Voting: Investor Protection or Antitakeover? Evidence from Family Firms in China[J]. Corporate Governance: An International Review, 2015, 23(3):234–24 (SSCI, In English)
9. Wang M.Z, Chen Y.G. Does Voluntary Corporate Social Performance Attract Institutional Investment？Evidence from China[J]. Corporate Governance: An International Review,2017,25:338-357(SSCI, In English)
10. Yugang Chen, Liu Yu, Li Mingsheng, Do Funds Selected by Managers’ Skills Perform Better? [J].Research in International Business and Finance, 2021,56:101368 (SSCI, In English)
11. Yugang Chen, Liu Yu, Yasir Shahab, Zhou Yuan, Do Staggered Board Elections Affect Firms’ Financing Costs? Evidence from China[J]. International Journal of Finance & Economics,2021,26(2):2118-2133 (SSCI, In English)
12. Xiao Jun, Li M.S, Chen Y.G. Catering to Behavioral Demand for Dividends and its Potential Agency Issue[J]. Pacific-Basin Finance Journal,2017,46:269-291 (SSCI, In English)
13. Shahab, Yasir., Ntim, Collins., G., Yugang, Chen., Ullah, Farid., Hai-Xia, Li., & Zhiwei, Ye. Chief Executive Officer Attributes, Sustainable Performance, Environmental Performance, and Environmental Reporting: New Insights from Upper Echelons Perspective [J]. Business Strategy and the Environment ,2020, 29(1):1-16. (SSCI, In English)
14. Shahab, Yasir., Ntim, Collins., G., Ullah,Farid., Yugang, Chen., Ye, Zhiwei, CEO Power and Stock Price Crash Risk in China: Do Female Directors’ Critical Mass and Ownership Structure Matter?[J].International Review of Financial Analysis, 2020,68: 1-19(SSCI, In English)
15. Xi C, Chen Y.G. Does Cumulative Voting Matter? The Case of China: An Empirical Assessment[J]. European Business Organization Law Review, 2014, 15(4):585-613. (SSCI, In English)
16. Yugang Chen, Fang Shi. Anti-takeover Provisions, Takeover Probability and Firm Value (反收购条款、并购概率与公司价值)[J]. Accounting Research,2014,02:34-40+94. (In Chinese)
17. Yugang Chen, Haibin Cai, Zijian Liu, Yu Cheng. Cross-board M&A and Technological Innovation: Evidence from Chinese Listed Companies(外资并购促进了科技创新吗?)[J]. Accounting Research,2015,09:68-73+97. (In Chinese)
18. Yugang Chen. Infra-Marginal Analysis and Empirical Study about the Effects of Market Uncertainty on M&A(市场不确定性影响并购的超边际分析与实证研究)[A]. Chinese Journal of Management Science,2006:14:556-559(In Chinese)
19. Yugang Chen, Shanmin Li. How can Divesture Cease to Destroy Enterprise Value？——An Empirical Study based on Value-driven Indicators(资产剥离如何不再毁损公司价值?——基于价值驱动指标的实证研究)[J]. Management Review,2010,01:105-114. (In Chinese)
20. Jinhua Xu, Shanmin Li, Dong Zhang, Yugang Chen. Anti-takeover Provisions and Investor Protection: Theoretical Model and Empirical Research (反收购条款与投资者保护:理论模型与实证检验)[J]. Management Review,2018,07:191-206. (In Chinese)
21. Shanmin Li, Jun Zhao, Naikang Gu, Yugang Chen. Analysis of the Current Demand for Enterprise Management Education——A Survey on the Questionnaire of Enterprise Managers in the Pearl River Delta in 2000 (当前企业管理教育的需求状况分析——2000年珠江三角洲企业管理者抽样问卷调查报告)[J]. Management World,2001,06:155-159. (In Chinese)
22. Shanmin Li, Heng Li, Caiping Wang, Yugang Chen, Deyou Wang. A Performance Evaluation System for Assets Restructuring of China’s Public Listed Companies(我国上市公司资产重组绩效评估体系)[J]. Management Review,2003,01:45-48+64. (In Chinese)
23. Shanmin Li,Jinhua Xu,Dong Zhang,Yugang Chen. Do Anti-takeover Provisions Protect the Rights of Minority Investors? Evidence from China’s A Type-share Listed Companies(公司章程设立的反收购条款能保护中小投资者利益吗？——基于我国A股上市公司的经验证据)[J].Nankai Business Review,2016,04:49-62. (In Chinese)
24. Yugang Chen,Yuanjun Yang,Yu Liu. Does Staggered Board Election Increase Company’s Agency Cost? (董事轮换制增加了公司的代理成本吗? ) [J]. Securities Market Herald,2018,04:35-41. (In Chinese)
25. Yugang Chen,Wenting Chen, Jingrong Lin. The Effects of Corporate Control Market’s Reform and Corporate Governance and M&A Performance(控制权市场制度变革与公司治理和并购绩效研究)[J]. Securities Market Herald,2017,02:37-46. (In Chinese)
26. Shanmin Li,Yugang Chen. Merger: The Preliminary Study Based on the Relative Transaction Cost(企业并购:基于相对交易成本视角的初步研究)[J]. Journal of Sun Yat-sen University (Social Science Edition),2004,06:233-238+269. (In Chinese)
27. Yugang Chen. Cumulative Voting System, Tunneling and Corporate Performance (累积投票制、利益侵占与公司绩效) [J]. Finance and Trade Research, 2015,01:134-142. (In Chinese)
28. Yugang Chen, Biao Liu. Information Asymmetry, Earn-out and Acquirer’s Gain(信息不对称、对赌支付与收购方收益)[J]. Finance and Trade Research,2018,07:99-111. (In Chinese)
29. Yugang Chen, Hao Fu. Does Controlling Shareholders Affect the Function of Market for Corporate Control?(控股股东影响了控制权市场的作用吗?)[J]. Journal of Finance and Economics, 2012,04:80-90. (In Chinese)
30. Shanmin Li, Zhaozao Zeng, Caiping Wang, Tao Zhu, Yugang Chen. M&A Performance and Influencing Factors of Listed Companies (上市公司并购绩效及其影响因素研究)[J]. The Journal of World Economy,2004,09:60-67. (In Chinese)
31. Yugang Chen,Wenting Chen,Shanmin Li. Research on the Influence of Control Rights Replacement to the Bad Bid in M&A(控制权易主对改善价值毁损状况的影响研究)[J]. Soft Science,2012,12:117-121. (In Chinese)
32. Yugang Chen, Zhendong Sun, Jingpan Liu. Empirical Research on the Impact of Foreign Strategic Investors on the Efficiency and Governance of Commercial Banks(境外战略投资者对商业银行效率与治理影响的实证研究)[J]. Soft Science,2011,06:92-96+102. (In Chinese)
33. Yugang Chen, Xiajun Mo. Struggle between the Corporate Control Power and Private Benefits during the Post-equity Division Period: A Case Study of Wuhan Department Store Group Co.,Ltd(后股权分置时期公司控制权及其私有收益之争——基于鄂武商的案例研究)[J]. Journal of Audit & Economics, 2013,04:104-112. (In Chinese)
34. Yugang Chen, Sushegn Wang. Empirical Study of IPO Pricing and Exit Performance of Venture Investment(创业投资IPO偏低定价与退出绩效实证研究)[J]. Securities Market Herald,2007,10:60-64. (In Chinese)
35. Yugang Chen, Yajun Li. Do Institutional Investors Affect the Transfer of Corporate Control and Performance? Analysis Based on the Endogenous(机构投资者影响了控制权的转移和公司绩效吗?——基于内生性的分析)[J]. Quarterly Journal of Management,2014,03:56-72. (In Chinese)
36. Yugang Chen,Wenting Chen. Investor Protection System, Control Market and Inferior M&A(投资者保护制度、控制权市场与劣质并购)[J]. Journal of Sun Yat-sen University (Social Science Edition),2011,06:200-210. (In Chinese)
37. Yugang Chen, Zhendong Sun, Jingpan Liu. The Effects of Ratios of Overseas Strategic Investors’ Equity Rights on Chinese Commercial Banks(境外战略投资者持股比例对中国商业银行绩效影响研究)[J]. South China Finance,2010,10:15-19+11. (In Chinese)
38. Yugang Chen, Meimei Lai. The Information Quality of the Rating System of Open-end Funds(我国开放式基金评级信息质量研究)[J]. Quarterly Journal of Management,2010,02:48-63. (In Chinese)
39. Yugang Chen,Shanmin Li. An Empirical Study on the Source of Value in M&A(有关并购中价值来源的一项实证研究)[J]. Academic Research,2007,09:91-94. (In Chinese)
40. Yugang Chen, Qian Dou, Hang Liu. IPOs in SME Board: M&A or Internal Growth(中小板上市公司IPO:并购扩张还是内部成长?)[J]. Securities Market Herald,2012,04:55-63. (In Chinese)
41. Zhaozao Zeng, Shanmin Li, Yugang Chen. An Empirical Study on Investor Protection and Corporate Control Transfer in Chinese Securities Market(我国控制权转移与投资者保护关系的实证研究)[J]. Chinese Journal of Management,2012,07:960-967. (In Chinese)
42. Shanmin Li, Yugang Chen, Tao Zhu, Zhaozao Zeng, Caiping Wang. The Forecast Model of Market Response to Assets Restructuring(资产重组的市场反应预测模型)[J]. Management Review, 2004, 07:3-10+63. (In Chinese)
43. Xiaochun Zhou, Yugang Chen. Research on the Driving Factors of Value Creation in M&A——Evidence from Chinese Listed Companies (兼并收购中价值创造的驱动因素研究——来自中国上市公司的证据)[J]. Contemporary Finance & Economics, 2011, 05:76-83. (In Chinese)
44. Yugang Chen. M&A Pricing: Based on Strategy——Case analysis of Zhongshan Public Merging Foshan Xinghua(并购定价:以战略为本——中山公用并购佛山兴华案例分析)[J]. Business Management Journal,2004,02:89-92. (In Chinese)
45. Yugang Chen, Weizhou Wang. Asset Sell-off of Open-ended Funds and Stock Discount Arbitrage(开放式基金的资产抛售与股票折价套利)[J]. Shanghai Finance,2012,05:77-81+118. (In Chinese)
46. Yugang Chen. Problems and Countermeasures in the Development of Online Insurance in China(我国网上保险发展中存在的问题及对策)[J]. South China Finance,2001,12:57-58. (In Chinese)
47. Shanmin Li,Yugang Chen. The Leading Role of Government on the Lack of Enterprise Credit and Governance(企业信用缺失及其治理中的政府主导作用)[J]. Academic Research,2002,10:39-42. (In Chinese)
48. Yugang Chen. A Comparative Study on Restructuring Performance of Listed Companies in Guangdong, Shanghai and Shenzhen(粤沪深上市公司重组业绩比较)[J]. Capital Markets,2004,09:47- (In Chinese)
49. Yugang Chen,Shanmin Li. Infra-Marginal Analysis of the Influence of Asset Specificity on M&A(资产专用性影响并购的超边际分析)[J]. Journal of Sun Yat-sen University(Social Science Edition),2009,01:204-208. (In Chinese)
50. Yugang Chen, Susheng Wang, Xiaohui Sun. The Summary of Research on Venture Capital’s Exit Choices and Influencing Factors(创业投资退出方式的选择及影响因素研究综述)[J]. Journal of Technology Economics,2007,03:45-48. (In Chinese)
51. Yugang Chen, Susheng Wang. Characteristics Identification of Acquiring Companies in Chinese Listed Companies(中国上市公司中主并公司的特征识别)[J]. Journal of Shanxi University of Finance and Economics,2007,05:61-65. (In Chinese)
52. Shaobin Shi, Yugang Chen. Diversification Type and Performance of the Listed State-owned Enterprises in China(国有企业多元化方式及其经营绩效研究)[J]. Journal of Xi'an Jiaotong University(Social Sciences) ,2014,04:29-37. (In Chinese)
53. Yugang Chen,Yu Liu. ValueGo Valuation Robot: Financial Technology Enabling Investors in the Era of Big Data (ValueGo估值机器人:大数据时代给投资者赋能的金融科技)[J]. FinTech Time,2018,03:12-14(In Chinese)

BOOKS

1. Yugang Chen, Yishi Chen. Big Data and the Valuation of Internet Companies II: Selected Case Analysis(大数据与互联网公司估值II：精选案例分析), Dongbei University of Finance & Economics Press,2020. (In Chinese)
2. Yugang Chen, Yu Liu, Xin Mo. Big Data and the Valuation of Internet Companies: Selected Case Analysis(大数据与互联网公司估值：精选案例分析), Dongbei University of Finance & Economics Press,2019. (In Chinese)
3. Yugang Chen, Feng Tian, Zijian Liu.The Impact of Cumulative Voting System and Director Rotation System on Corporate Investment Behavior(累积投票制和董事轮换制对公司投资行为的影响研究), Economic Science Press,2018. (In Chinese)
4. Yugang Chen, Fang Shi, Yu Cheng, Ziting Zhao. The Motivation and Economic Consequences of the Adoption of Anti-takeover Provisions in the Articles of Association(公司章程中反收购条款的采用动机与经济后果研究), Economic Science Press, 2017. (In Chinese)
5. Yugang Chen, Jing Sun, Yang Zhang, Shuangjun Xu. Selected M&A and Valuation Case Analysis(并购与估值：精选案例分析), Dongbei University of Finance & Economics Press,2017. (In Chinese)
6. Yugang Chen, Dazhong Wang, Xinxiang Shi. Professional Competence of Corporate Financial Planner(公司理财师专业能力), China Machine Press, 2017. (In Chinese)
7. Yugang Chen. The Red Book of Family Financial Planning(家庭理财红宝书), China Machine Press, 2015. (In Chinese)
8. Yugang Chen. Towards Happiness, Play Family Financial Investment Skills(向幸福进发,玩转家庭理财投资时针转盘技法), Dongbei University of Finance & Economics Press, 2015. (In Chinese)
9. Yugang Chen. Personal Finance: Theory and Practical Case(个人理财：理论、实务与案例), Peking University Press, 2012. (In Chinese)
10. Yugang Chen. Value-driven Index System in M&A(并购中的价值驱动指标体系), Economic Science Press, 2011. (In Chinese)
11. Susheng Wang, Yugang Chen and Jing Xiang. Private Equity Funds: Theory and Practice(私募股权基金:理论与实务), Tsinghua University Press, 2010. (In Chinese)
12. Yugang Chen. Predictability of Acquisitions and Stripping – Research Based on The Perspective of Transaction Cost(并购与剥离的可预测性——基于交易成本视角的研究), Economic Science Press, 2007. (In Chinese)
13. Shanmin Li, Yugang Chen, Zhaozao Zeng, Heng Li and Caiping Wang. Empirical Study of M&A and Restructuring of Listed Companies in China(中国上市公司并购与重组的实证研究), China Financial and Economic Publishing House, 2003. (In Chinese)

 

RANK AND AWARDS

“Study on Wealth Effects of M&A of Listed Companies” which is awarded as an excellent essay in the 9th Global Financial Annual Meeting (2002), won a first prize of The Third Guangdong Financial Institute Competition of Outstanding Achievement on Financial Research (2003), also won a second prize of The First Competition of Excellent Achievement on Philosophy and Social Science in Guangdong Area (2005).

 

A Case Study on Acquisition Pricing Based on Strategic Development won the award of encouragement of 12th An Zijie International Trade Research Award (2004).

 

“Infra-Marginal Analysis and Empirical Study about the Effects of Market Uncertainty on M&A” which is awarded as an excellent essay in the 8th annual Academic Meeting of Chinese Journal of Management Science (2006).

 

“How Does the Match of Acquiring Firms and Target Firms Affect Their Performance” won a third prize of The Competition of Excellent Achievement on Philosophy and Social Science in Guangdong Area (2007).

 

“The Predictability of Acquiring Companies in M&A: Based on the Perspective of Transaction Cost” won a second prize of excellent essay in the 6th Excellent Financial Research Achievements in Guangdong Province (2009).

 

“Effects of Corporate Governance, Financial Characteristics and the Market for Corporate Control” won a second prize of International Meeting Excellent Essay on “Value Creation in M&A, Industrial Restructuring and Economic Security” (2009).

 

“IPOs in SME Board: M&A or Internal Growth” won a third prize of excellent essay in the First Academic Forum of Securities Market Herald (2011).

 

“Effects of Anti-takeover Clauses on the Value of Listed Companies” won a second prize of excellent essay in the 5th International Symposium on M&A (2013).

 

“Cross-board M&A and Technological Innovation: Evidence from Chinese Listed Companies” won a third prize of excellent essay in the 6th International Symposium on M&A (2014).

 

“Does Mandatory Provision of Cumulative Voting System Work?” won a second prize of the 10th Excellent Financial Research Achievements in Guangdong Province (2018).

 

An Excellent Award supported by He's Educational fund of Instructional Work of SUN YAT-SEN UNIVERSITY SCHOOL OF BUSINESS (2008).

 

“Outstanding Class Teacher” of SUN YAT-SEN UNIVERSITY SCHOOL OF BUSINESS (2008).

 

An Excellent Award supported by He's Educational fund of Instructional Work of SUN YAT-SEN UNIVERITY SCHOOL OF BUSINESS (2019).

 

An Excellent Teaching Achievement Prize of SUN YAT-SEN UNIVERSITY (2019).

PROFESSIONAL

Research Funding

Project supported by the National Science Foundation：Research on the Mechanism and Economic Consequences of Investor Attention Impact on M&A Based on Big Data. funds：0.48millionRMB, principal, 2019.1-2022.12.

Project supported by the National Science Foundation ：Study on the Role and Economic Consequence of Investor Protection Provisions in the Corporate Charter. funds：0.57million RMB, principal, 2014.1-2017.12.

Project supported by the National Science Foundation for Distinguished Young Scholars of China ：Study on the disciplinary power of the market for corporate control，institutional environment and Tunneling Behavior. funds：0.21millionRMB, principal, 2011.1-2013.12.

Project supported by Foundation of Humanities and social science From Ministry of Education Department: Study on mechanism of internal corporate governance and Efficiency of the Controlling Right Transfer，funds：70thousand RMB，principal, 2010.1-2012.12.
  
Project supported by Foundation of Guangdong Province Philosophy and Social Sciences: A study on Effects of corporate governance ，financial characteristics and the market for corporate control,30thousand , principal, 2010.1-2011.12.

Foundation for Distinguished Young Talents in Higher Education of Guangdong, China （Breeding Project）, Research of internal governance mechanisms and transfer efficiency of control, 15 thousand , principal, 2010.1-2011.12

Eleventh Five Year Plan projects of Philosophy and Social Sciences of Guangzhou, China, Cost Research of redemption pressure for open-end funds, 8 thousand, principal, 2010.6-2011.6

Postdoctoral Science Foundation of China, System study of value-driven indicators in M&A activities, 30 thousand, 2006.1-2007.12, conclude

 

Panel Speaker and Session Chairs (major conferences and multiple times)

The 3rd Conference on Big data, AI and Fintech , Sun Yat-sen University, 2020 , Chair

The 2nd Conference on Big data, AI and Fintech , Sun Yat-sen University, 2019 , Chair

The 1st Conference on Big data, AI and Fintech , Sun Yat-sen University, 2018 , Chair

The 5th International Symposium of Corporate Governance, Nankai University, 2009

International Conference on M&A’s Value Creation, Industry Restructure and Economic Safety, 2009

Corporate Finance and Capital Markets of Emerging Economies Seminar, Xiamen University, 2010

 

Teaching (since 2006)

Financial Management (undergraduate-2020)

Financial Statement Analysis and Security Pricing (graduate-2020)

Wealth Management (MBA-2020)

Financial Management (undergraduate-2019)

Financial Statement Analysis and Security Pricing (graduate-2019)

Wealth Management (MBA-2019)

Financial Management (undergraduate-2018)

Financial Statement Analysis and Security Pricing (graduate-2018)

Wealth Management (MBA-2018)

Financial Management (undergraduate-2017)

Financial Statement Analysis and Security Pricing (graduate-2017)

Mergers and acquisitions (MBA-2017)

Financial Management (undergraduate-2016)

Financial Statement Analysis and Security Pricing (graduate-2016)

Mergers and acquisitions (MBA-2016)

Financial Management (undergraduate-2015)

Financial Statement Analysis and Security Pricing (graduate-2015)

Mergers and acquisitions (MBA-2015)

Financial Management (undergraduate-2014)

Financial Statement Analysis and Security Pricing (graduate-2014)

Mergers and acquisitions (MBA-2014)

Financial Management (undergraduate-2013)

Financial Statement Analysis and Security Pricing (graduate-2013)

Mergers and acquisitions (MBA-2013)

Financial Management (undergraduate-2011)

Financial Statement Analysis and Security Pricing (graduate-2011)

Mergers and acquisitions (MBA-2011)

Financial Management (undergraduate-2010)

Financial Statement Analysis and Security Pricing (graduate-2010)

Mergers and acquisitions (MBA-2010)

Financial Management (undergraduate-2009)

Financial Statement Analysis and Security Pricing (graduate-2009)

Mergers and acquisitions (MBA-2009)

Financial Management (undergraduate-2008)

Principles and Practices of Personal Financial Planning (undergraduate-2008)

Financial Statement Analysis and Security Pricing (graduate-2008)

Mergers and acquisitions (MBA-2008)

Corporate Finance (undergraduate-2007)

Corporate Finance (graduate-2007)