讲座系列：开放型经济理论与政策系列讲座第24场（学科发展系列讲座总期第117场）

讲座人：杨子砚（厦门大学）

时间：2026年5月21日（周四）15:00-16:30 

地点：博学楼1220

主持人：包歌（对外经贸大学国际经济贸易学院国际贸易学系副教授）

讲座题目：One Signal, Two Clienteles: Decoding Regulatory Stance from Refined-Oil Price Announcements

讲座摘要：We study how foreign and domestic clienteles decode regulatory stance using high-frequency announcements of refined-oil price ceilings in China. We construct a regulatory-stance shock as the signed gap between the announced ceiling and a formula-implied benchmark, purged of public macro-energy information. Using EPFR data over March 2015 to March 2026, permissive shocks attract foreign equity capital but repel domestic capital, with domestic flows reacting on impact and foreign flows building momentum over longer windows. Latent announcement factors load with opposite signs across clienteles. Evidence from A/H dual-listed firms shows that permissive shocks compress the A-H return wedge, most strongly for central state-owned enterprises. A two-block segmented-market model rationalizes the divergence: foreign clienteles capitalize permissive shocks as stronger rule-based commitment, while domestic clienteles read them as weaker implicit guarantees. The same regulatory signal is decoded differently across segmented clienteles.

主讲人简介：

杨子砚，马里兰大学农业与资源经济博士，厦门大学经济学博士生导师。研究领域为制度经济学，研究成果发表于《管理世界》、Journal of Economic Behavior and Organization等国内外学术期刊,多次荣获省社科优秀成果奖。主持国家自然科学基金面上项目、青年项目、教育部人文社科青年项目和福建省社科规划马工程重点项目。独立撰写的政策建议曾多次获省部级领导肯定性批示。主持国家一流本科课程建设项目，曾荣获国家级教学成果奖一等奖、全国高校教师教学创新大赛三等奖和福建省高校教师教学创新大赛一等奖。