田轩
田轩，现任清华大学五道口金融学院副院长、清华大学国家金融研究院院长、金融学讲席教授、教育部“长江学者”特聘教授、第十四届全国人大代表、国家杰出青年基金获得者，卓越青年科学家获得者，博士生导师。
田轩的主要研究领域包括公司金融、企业创新和风险投资。成果多次发表在Journal of Finance，Journal of Financial Economics 和 Review of Financial Studies 等国际顶级学术期刊上。主持国家中华人民共和国国家自然科学基金委员会重大项目课题，获2016中国管理学青年奖、2020中国青年经济学家奖。论文两次获得了金融学顶级期刊JFE詹森最佳论文奖，多篇论文累计70余次位列全球前1%高影响力论文，谷歌学术引用过万。
加入清华大学以来，田轩两次获得清华大学“良师益友”奖，2018年获“青年教师教学优秀奖”，2020年入选“中国商学院十大最受欢迎教授”，主讲的《公司金融》2019年和2022年入选清华大学研究生“精品课程”。
人物经历
教育背景
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工作经历
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教学经历
教授
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客座教授
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博士后（出站去向）
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博士学位论文委员会联合主席（毕业去向）
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博士论文开题审查委员会外部成员
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教学助理
社会活动
担任职务
期刊主编
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社会职务
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两会建言
2025年两会期间，田轩建议，明确并稳步提高中长期资金投资A股的比例，如对公募基金、商业保险资金、养老金等提出具体的投资比例要求；加大税收优惠力度，有效调整税率安排，激励长期资本投资；加强各部门协同配合，确保政策的一致性和连贯性，形成合力，推动各项措施真正落地。
研究领域
主要涉及公司金融、风险投资及私募资本、企业创新、股利政策、并购重组等领域。
学术论文
英文论文
“The Causes and Consequences of Venture Capital Stage Financing,” 2011, Journal of Financial Economics, Vol. 101 (1), 132-159.
· Winner of Jensen Prizes (2nd prize) of Journal of Financial Economics
“The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms,” 2012, Review of Finance, Vol. 16 (1), 245-283.
“Preparing the 股权 Market for Adverse Corporate Events: A Theoretical Analysis of Firms Cutting Dividends,” (with Thomas Chemmanur), 2012, Journal of Financial and Quantitative Analysis, Vol. 47 (5), 993-972.
“The Dark Side of Analyst Coverage: The Case of Innovation,” (with Jie He), 2013, Journal of Financial Economics, Vol. 109 (3), 856-878.
“Tolerance for Failure and Corporate Innovation,” (with Tracy Wang), 2014, Review of Financial Studies, Vol. 27 (1), 211-255.
“Financial Development and Innovation: Cross Country Evidence,” (with Po-Hsuan Hsu and Yan Xu), 2014, Journal of Financial Economics, Vol. 112 (1), 116-135.
“Communicating Private Information to the 股权 Market before a Dividend Cut: An Empirical Analysis,” (with Thomas Chemmanur), 2014, Journal of Financial and Quantitative Analysis, Vol. 49 (5-6), 1167-1199.
“Corporate Venture Capital, Value Creation, and Innovation,” (with Thomas Chemmanur and Elena Loutskina), 2014, Review of Financial Studies, Vol. 27 (8), 2434-2473.
“Does Stock Liquidity Enhance or Impede Firm Innovation?” (with Vivian Fang and Sheri Tice), 2014, Journal of Finance, Vol. 69 (5), 2085–2125.
“Does Banking Competition Affect Innovation?” (with Jess Cornaggia, Yifei Mao, and Brian Wolfe), 2015, Journal of Financial Economics, Vol. 115 (1), 189-209.
“Locations, Proximity, and M\u0026A Transactions,” (with Ye Cai and Han Xia), 2016, Journal of Economics \u0026 Management Strategy, Vol. 25 (3), 688-719.
“Disciplining Delegated Monitors: When Venture Capitalists Fail to Prevent Fraud by Their IPO Firms,” (with Gregory Udell and Xiaoyun Yu), 2016, Journal of Accounting and Economics, Vol. 61 (2-3), 526-544.
“Do Unions Affect Innovation?” (with Daniel Bradley and Incheol Kim), 2017, Management Science, Vol. 63 (7), 2251-2271.
“How do Foreign Institutional Investors Enhance Firm Innovation?” (with Luong Hoang Luong, Fariborz Moshirian, Lily Nguyen, and Bohui Zhang), 2017, Journal of Financial and Quantitative Analysis, Vol. 52 (4), 1449-1490.
“What Affects Innovation More: Policy or Policy Uncertainty?” (with Utpal Bhattacharya, Po-Hsuan Hsu, and Yan Xu), 2017, Journal of Financial and Quantitative Analysis, Vol. 52 (5), 1861-1901.
“Bank Interventions and Firm Innovation: Evidence from Debt Covenant Violations,” (with Yuqi Gu and Connie Mao), 2017, Journal of Law and Economics, V奥林匹克里昂足球俱乐部 60 (4), 637-671
“Accessibility and Materialization of Firm Innovation,” (with Ning Jia), 2018, Journal of Corporate Finance, Vol. 48 (1), 515-541.
“Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis,” (with Thomas Chemmanur), 2018, Journal of Financial and Quantitative Analysis, Vol. 53 (3), 1163-1194.
“How Does Hedge Fund Activism Reshape Corporate Innovation?” (with Alon Brav, Wei Jiang, and Song Ma), 2018, Journal of Financial Economics, Vol. 130 (2), 237-264
· Winner of Jensen Prizes (1st prize) of Journal of Financial Economics
“Corporate Innovation along the Supply Chain,” (with Yongqiang Chu and Wenyu Wang), 2019, Management Science, Vol. 65 (6), 2445-2466
“The Real Effect of Privatization: Evidence from China’s Split Share Structure Reform,” (with Yongxian Tan, Xinde Zhang, and Hailong Zhao), 2020, Journal of Corporate Finance, Vol. 64 (3), 1-23
“Asymmetric Cost Behavior and Dividend Policy,” (with Jie He, Huan Yang, and Luo Zuo), 2020, Journal of Accounting Research, Vol. 58 (4), 989-1021
“Peer Monitoring, Syndication, and the 动力学 of Venture Capital Interactions: Theory and Evidence,” (with Onur Bayar and Thomas Chemmanur), 2020 Journal of Financial and Quantitative Analysis, Vol. 55 (6), 1875-1914
“Financial Reporting 频率 and Corporate Innovation,” (with Renhui Fu, Arthur Kraft, Huai Zhang, and Luo Zuo), 2020, Journal of Law and Economics, 飞鱼座 63 (3), 501-530
“Stock Market Liberalization and Innovation,” (with Fariborz Moshirian, Bohui Zhang, Wenrui Zhang), 2021, Journal of Financial Economics, Vol. 139 (3), 985-1014.
“Hard Marriage with Heavy Burdens: Organized Labor as Takeover Deterrents,” (with Wenyu Wang), 2021, Review of Corporate Finance Studies, Vol. 10 (2), 306-346.
“Human-Robot Interaction: When Investors Adjust the Usage of Robo-Advisors in Peer-to-Peer Lending” (with Ruyi Ge, Li Liao, and Eric Zheng), 2021, Information Systems Research, Vol. 32 (3), 774-785.
“Does Customer-base Structure Influence Managerial Risk-taking Incentives?” (with Jie Chen, Xunhua Su, and Bin Xu), Journal of Financial Economics, Vol. 143 (1), 462-483.
“How Does Human Capital Matter? Evidence from Venture Capital,” (with Lifeng Gu, Ruidi Huang, and Yifei Mao), Journal of Financial and Quantitative Analysis, Vol. 57 (6), 2063-2094.
“Patent Quality, Firm Value, and Investor Underreaction: Evidence from Patent Examiner Busyness” (with Tao Shu and Xintong Zhan), Journal of Financial Economics, Vol. 143 (3), 1043-1069.
“Do Place-based Programs Affect Local Innovation and Entrepreneurship?” (with Jiajie Xu), Review of Finance, Vol. 26 (3), 595-635.
“Do Venture Capital Investors Learn from Public Markets?” (with Bibo Liu), Management Science, Vol. 68 (10), 7274-7297.
“Do Short Sellers Affect Corporate Innovation? Evidence from a Policy Experiment” (with Jie He and Xiao Ren), Review of Corporate Finance Studies, forthcoming.
综述论文
“Finance and Corporate Innovation: A Survey,” (with Jie He), 2018, Asia-Pacific Journal of Financial Studies, Vol. 47 (2), 165-212
“China’s Venture Capital Market,” (with Zhaojun Huang), 2020, in The Handbook of China’s Financial System, Edited by Marlene Amstad, Guofeng Sun, and Wei Xiong, Princeton Press
“Institutions and Innovation: A Review of Recent 文学,” (with Jie He), 2020, Annual Review of Financial Economics, Vol. 12(2), 377-398
“Stage Financing in Venture Capital,” (with Zhaojun Huang), 2023, in The Palgrave Encyclopedia of Private 股权, Edited by Douglas Cumming and Benjamin Hammer, Springer
中文论文
“股权激励计划能促进企业技术创新么?”(与孟清扬合作),2018, 南开管理评论(3),176-190.
“金融科技与分析师市场”(与丁娜、金婧合作),2020,经济研究(9),74-89.
“常态化防疫”阶段我国经济现状与基于科技的应对之策”(与陈卓、刘碧波合作)，2020.中国科学基金(6),724-732.
“互联网技术普及下的金融市场与创新：基于全球视角下的检验”(与黄兆君合作),2021.计量经济学报(3),541-559.
“中国高校创新成果转移及对创新的影响——以专利转让为例”（与刘春蕊合作），管理科学学报，录用待刊。
工作论文
“The Disciplinary Role of Corporate Customers” with Jie Chen, Xunhua Su, Bin Xu, and Luo Zuo R\u0026R, Journal of Accounting and Economics
“The Real Effects of Shadow Banking: Evidence from China” with Guoqian Tu and Yichu Wang R\u0026R, 管理学 Science
“Does Trading Spur Specialization? Evidence from Patenting” with Pengfei Han and Chunrui Liu R\u0026R, Management Science
· On the 2023 NBER Chinese Economy program
· On the 2022 AFA program
“Acquiring Innovation,” with Merih Sevilir and Che Zhang R\u0026R, Review of Corporate Finance Studies
· On the 2012 亚洲电影大奖 program
“Does Political Uncertainty Affect Venture Capital?” with Yichu Wang and Kailei Ye R\u0026R, Review of Corporate Finance Studies
“The Role of Human Capital: Evidence from Corporate Innovation” with Tong Liu and Yifei Mao R\u0026R, Journal of Empirical Finance
· On the 2018 AFA program
“Resurrecting Dead Capital: The Sharing Economy, Entrepreneurship, and Job Creation,” with Yifei Mao, Jiajie Xu, and Kailei Ye
· On the 2022 NBER Entrepreneurship program
参考资料
学术期刊评审
• American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, The Accounting Review, Review of Finance, Review of Corporate Finance Studies, Journal of Financial Intermediation, Journal of Economics \u0026 Management Strategy, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Venturing, China Economic Review, Economics Letters, Financial Management, Journal of Empirical Finance, Journal of Business Finance and Accounting, Finance Research Letters, European Economic Review, European Financial Management, Financial Review, Journal of Legal Studies, Journal of Economics and Business, Pacific-Basin Finance Journal, Financial Review, Quarterly Review of Economics and Finance, Corporate Governance: An International Review, International Business Review, China Finance Review
• 学术委员会成员: Western Finance Association Meetings (2018)
• 学术委员会成员: Financial Management Association Meetings (2018)
• 学术委员会成员和分会场主席: China International Conference in Finance (2018)
• 学术委员会成员: China Financial Research Conference (2018)
• 评审专家：Research Grant Council of Hong Kong (2018, 5 proposals)
• 评审专家：国家中华人民共和国国家自然科学基金委员会(2018, 14 proposals)
• 学术委员会成员: Summer Institute of Finance (2018)
• 学术委员会成员: 孙冶方金融创新奖(2018)
• 学术委员会成员：成思危基金奖(2018)
• 学术委员会成员: China Finance Review International Conference (2018)
• 学术委员会成员: Western Finance Association Meetings (2017)
• 学术委员会成员: European Finance Association Meetings (2017)
• 学术委员会成员: sfs Cavalcade Asia-Pacific Meetings (2017)
• 学术委员会成员: Summer Institute of Finance (2017)
• 学术委员会成员和分会场主席: China International Conference in Finance (2017)
• 联合主席: Summer Research Boot Camp on Financial Intermediation and Market (2017)
• 学术委员会成员: 麻省理工学院 Asia Conference in Accounting (2017)
• 学术委员会成员: Financial Management Association Meetings (2017)
• 学术委员会成员: Asian Financial Management Association Meetings (2017)
• 分会主席, Midwest Finance Association Meetings (2017)
• 学术委员会成员: European Finance Association Meetings (2017)
• 学术委员会成员: Western Finance Association Meetings (2017)
• 学术委员会成员: Financial Management Association Meetings (2017)
• 学术委员会成员: Asian Financial Management Association Meetings (2017)
• 学术委员会成员: China Financial Research Conference (2017)
• 共同主席: Summer Research Boot Camp on Entrepreneurial Finance and Financial Intermediation (2016)
• 学术委员会成员: Western Finance Association Meetings (2016)
• 学术委员会成员: European Finance Association Meetings (2016)
• 学术委员会成员: Conference on Financial Economics and Accounting (2016)
• 学术委员会成员: Financial Management Association Meetings (2016)
• 学术委员会成员 and session chair: China International Conference in Finance (2016)
• 学术委员会成员: Conference on Asia-Pacific Financial Markets (2016)
• 学术委员会成员: Asian Financial Management Association Meetings (2016)
• 学术委员会成员: China Financial Research Conference (2016)
• 评审委员会执委: 孙冶方金融创新奖(2016)
• 评审专家：Research Grant Council of Hong Kong (2016, 6 proposals)
• 共同主席, RFS-Sponsored Conference on Entrepreneurial Finance and Innovation Around the World (2015)
• 共同主席, China International Conference in Finance (2015)
• 评审委员会执委: 孙冶方金融创新奖(2015)
• 学术委员会成员: Western Finance Association Meetings (2015)
• 学术委员会成员: European Finance Association Meetings (2015)
• 学术委员会成员和分会场主席: China International Finance Conference (2015)
• 评审专家：Research Grant Council of Hong Kong (2015, 3 proposals)
• 学术委员会成员: Western Finance Association Meetings (2014)
• 学术委员会成员 and Session Chair: China International Finance Conference (2014)
• 评审专家：Research Grant Council of Hong Kong (2014, 3 proposals)
• 评审专家：Social Sciences and 人文科学概论 Research Council of Canada (2014)
• 学术委员会成员: Financial Management Association Meetings (2014)
• 学术委员会成员: Asian Financial Management Association Meetings (2014)
• 学术委员会成员: Financial Management Association Meetings (2013)
• 评审专家：Research Grant Council of Hong Kong (2013, 2 proposals)
• 评审专家：Social Sciences and 人文科学概论 Research Council of Canada (2013)
• 学术委员会成员: SFS Finance Cavalcade Conference (2012)
• 学术委员会成员: Financial Management Association Meetings (2012)
• 评审专家：Research Grant Council of Hong Kong (2012)
• 评审专家：“Entrepreneurial Finance” by Gary Gibbons, Robert Hisrich, and Carlos Silva, SAGE Publications (2012)
• 学术委员会成员: Conference on Financial Economics and Accounting (2011)
• 学术委员会成员: Financial Management Association Meetings (2011)
• External reviewer for Research Grant Council of Hong Kong (2011)
• 学术委员会成员: Financial Management Association Meetings (2010)
• External reviewer for Social Sciences and 人文科学概论 Research Council of Canada (2010)
• 学术委员会成员: Midwest Finance Association Meetings (2009)
• 学术委员会成员: Financial Management Association Meetings (2008)
• 学术委员会成员: Eastern Finance Association Meetings (2008)
• Book reviewer for “Venture Capital and Private 股权 Contracting: An International 透视,” by Douglas Cumming and Sophia Johan, Elsevier (2008)
• 学术委员会成员: Financial Management Association Meetings (2007)
• 学术委员会成员: Southern Finance Association Meetings (2007)
• 学术委员会成员: Eastern Finance Association Meetings (2007)
主要作品
出版图书
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专著译著
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会议演讲
荣誉奖项
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观点建议
2023年7月6日，在中共中央政治局常委、国务院总理李强主持召开的经济形势专家座谈会上，田轩对当前经济形势和做好经济工作发表了意见和建议，田轩认为当前及未来很长一段时间内，以全面实行注册制为引领，进行资本市场逻辑重构，通过提升直接融资比重，释放资本市场的资源配置潜能，成为提升金融拉动经济增长、真正服务于创新驱动发展的要义所在。
2023年8月14日，清华大学教授田轩围绕宏观经济形势、民营经济发展、财税政策空间、扩内需增收入等话题表示，促进民营经济发展壮大是应对挑战的重要举措。接下来，要鼓励民营企业在有高成长性的、高精尖的、硬科技的行业发挥优势、大显身手。
2023年9月，清华大学教授田轩在直播间表示，他不赞成调休，认为调休不如适当增加和延长假期。他说，虽然调休可以在享受假期的同时强化释放部分的购买力，但是这种调休方式也要合理。如果因为调休而给居民工作和生活带来不必要的困扰，那么这样的调休方式就是不可取的。
2024年3月8日，全国人大代表、清华大学五道口金融学院副院长、金融学讲席教授田轩建议，分阶段延长A股交易时间。目前A股交易时间是4个小时，相比于伦敦的8个半小时、纽交所的6个半小时，中国的4个小时是全世界最短的。田轩代表认为，这4个小时的交易时间，没有办法深度对接全球的交易市场；此外，也很难满足境外投资者参与A股市场的需求，没法适配市场的总体的体量。此外，田轩还就经济发展的供给与需求提出了建议。田轩建议把握“两端三点”：供给端，通过发展新质生产力、利用强大生产能力，增加有效供给；需求端，应以体制机制创新优化消费和投资环境，培育壮大数字消费、绿色消费、健康消费等新型消费，从而激发市场投资潜能。此外还要注意推动供需协同发力，不断打通供需两端的堵点卡点，不搞供给、需求“封闭运行”的自我小循环。12月26日，清华大学田轩就如何稳住股市给出8条建议：第一，加强超常规逆周期调节，实施更加积极的财政政策和适度宽松的货币政策；第二，适时降准降息，保持流动性充裕，降低企业融资成本；第三，放宽社保资金、险资、银行资金投资比例和范围限制，简化市场准入程序；第四，优化外资准入制度，简化跨境投资的审批流程，推进互联互通机制的持续扩容；第五，设立一定规模的金融稳定基金，非常时期可采取推出平准基金、暂停或取消征收印花税等手段；第六，督促上市公司加强市值管理、提升盈利水平、完善治理结构；第七，加大对异常交易行为的监控和打击力度，提高违法成本；第八，健全赔偿机制，为受损投资者提供及时有效的救济途径。
参考资料
清华大学五道口金融学院.清华大学五道口金融学院官网.2023-09-29
经济学家田轩：不断突破人生阈值的长期主义者.人文清华-今日头条.2023-09-29
牢固树立以投资者为本理念 代表委员建言从三方面提升A股投资价值.新华社-今日头条.2025-03-09
创新的资本逻辑(第2版).有赞.2023-09-29
清华五道口金融学院田轩：T+0很重要，但提质才是核心丨首席访谈⑫.南方周末-今日头条.2023-09-29
总理座谈会上的8位学者，都在关注什么领域？.每日经济新闻—今日头条.2023-09-29
经济大家谈｜田轩：要鼓励民营企业在高精尖领域大显身手.新华社-今日头条.2023-09-29
清华教授：调休不如适当增加和延长假期，释放快乐消费的活力.金融界-今日头条.2023-09-29
全国人大代表田轩：建议分阶段延长A股交易时间 提高资本活跃度与国际接轨.百家号-财联社.2024-03-08
政府工作报告再次强调这个核心问题！代表委员热议怎么让大家挣到钱又敢花钱？.今日头条.2024-03-10
如何进一步稳住股市，清华大学田轩给出“八个锦囊”.21世纪经济报道.2024-12-27