• CHANG, Chun

    Professor of Finance, Huifu Chair Professor

  • Email:

    cchang@saif.sjtu.edu.cn

  • 　　

    　　

  • Support Staff:

    Lucia Tong

  • Support Staff Email:

    ytong2@saif.sjtu.edu.cn

  • Research Interests

    Corporate Finance, Macro Finance, Economics of Organizations and Institutions.

Dr. Chun Chang is a Professor of Finance and Huifu Chair Professor at Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University. Professor Chang has an extensive academic career, serving as the Executive Dean of SAIF from 2010 to 2021. Prior to joining SAIF, he was the Associate Dean and Professor of Finance at China Europe International Business School (CEIBS), holding the ABN AMRO Chair in Risk Management from 2004 to 2010. Before returning to China, Professor Chang taught at the Carlson School of Management at the University of Minnesota for 17 years.

 

Professor Chang is recognized as the first scholar from the People's Republic of China to become a finance professor at an American university. Additionally, he is the first scholar to return to China on a full-time basis after becoming a tenured finance professor at an American university.

 

Professor Chang's research interests encompass corporate finance, macro finance, economics of organizations, and institutions with recent attention to the issues related to offshore RMB financial system, data factor/tokenomics, and global macroeconomic policy paradigm shifts. He has published over 30 high-standard international articles in prestigious journals such as the Journal of Finance, Review of Financial Studies, Review of Financial Studies, Journal of Economic Theory, Journal of Business, and Journal of Financial and Quantitative Analysis. He is the author of "Corporate Finance for Chinese Entrepreneurs" (2006) and "Corporate Finance" (2008). In 2009, he served as the team leader for the project "Supply Chain Finance," published by CEIBS and Shenzhen Development Bank.

 

Professor Chang received the Sun Yefang Financial Innovation Award in 2016 and the 8th Scientific Research Excellence Award of the Ministry of Education (Humanities and Social Sciences) in 2020. He has also presided over several key projects of the National Natural Science Foundation of China and received the SAIF Faculty Academic Research Award in 2018.

 

Professor Chang served as the President of the Chinese Economists Society and was the Executive Editor of the Chinese Economic Review, an authoritative international academic journal on China's economy, from 2004 to 2009.

 

At SAIF, Professor Chang offers courses on "Corporate Finance" and "Challenges of Corporate Finance and Management," blending theoretical knowledge with practical insights.


Journal Publications

1. 张春, 刘超, 董兵兵, 2026, 数据要素的形态特征、产权边界与效能增值, 经济问题.

2. 张春, 蒋一乐, 仲文娜, 董兵兵, 2026, 宏观经济政策范式的演变与重构——货币、财政与金融稳定政策的统一框架, 上海金融.

3. 张春, 蒋一乐, 2025, 对构建人民币离岸金融体系的再思考：一个决策分析框架, 国际金融.

4. 蒋一乐, 仲文娜, 董兵兵, 张春, 2025, 中国地方隐性债务风险化解的深层次挑战与对策完善——欧元区成员国债务风险化解的启示, 金融市场研究.

5. 张春, 2024, 日本的宽松货币政策还能走多远？, 金融博览.

6. 郭澄澄, 张春, 夏琦, 2022, 多层次资本市场对科技创新的作用机制研究——来自中国A股市场企业的经验数据, 华东经济管理.

7. 张春, 2022, 人民币离岸金融体系建设的发展思路, 金融博览.

8. 张春, 蒋一乐, 刘郭方, 2022, 中国资本账户开放和人民币国际化的新路径:境内人民币离岸金融体系建设, 国际经济评论.

9. 张春, 郭澄澄, 2021, “科创板”制度创新问题探讨, 理论探索.

10. 张春, 蒋一乐, 2021, 央行应该考虑离岸流动性操作以保证宏观政策自主性和金融稳定, 国际金融.

11. 郭澄澄, 张春, 2021, “双循环”新发展格局下我国三大经济圈金融业与实体产业融合的实证研究, 产经评论.

12. 张春, 2020, 资本账户开放与离岸金融中心建设, 中国金融.

13. Chang, Chun, Zheng Liu, Mark M. Spiegel, and Jingyi Zhang, 2019, Reserve requirements and optimal Chinese stabilization policy, Journal of Monetary Economics.

14. Chang, Chun, Yao Min Chiang, Yiming Qian, and Jay R. Ritter, 2017, Pre-market trading and IPO pricing, Review of Financial Studies.

15. 张春, 2016, “一次性贬值”有风险, 环球人物.

16. Chang, Chun, Kaiji Chen, Daniel F. Waggoner, and Tao Zha, 2016, Trends and Cycles in China's Macroeconomy, NBER Macroeconomics Annual.

17. 张春, 2016, 利用市场“打僵尸”, 环球人物.

18. 张春, 2015, 进入民营银行领域需谨慎, 经贸实践.

19. Chang, Chun, Zheng Liu, and Mark M. Spiegel, 2015, Capital controls and optimal Chinese monetary policy, Journal of Monetary Economics.

20. Chang, Chun, Xin Chen, and Guanmin Liao, 2014, What are the reliably important determinants of capital structure in china?, Pacific Basin Finance Journal.

21. Chang, Chun, Guanmin Liao, Xiaoyun Yu, and Zheng Ni, 2014, Information from Relationship Lending: Evidence from Loan Defaults in China, Journal of Money, Credit and Banking.

22. 张春, 2013, 解决对外经济失衡还需加快开放资本账户, 中国经济周刊.

23. Busaba, Walid Y., and Chun Chang, 2010, Bookbuilding vs. fixed price revisited: The effect of aftermarket trading, Journal of Corporate Finance.

24. 张春, 2010, 当人民币升值近在眼前, 社会观察.

25. Chang, Chun, and Xiaoyun Yu, 2010, Informational efficiency and liquidity premium as the determinants of capital structure, Journal of Financial and Quantitative Analysis.

26. Boyd, John H., Chun Chang, and Bruce D. Smith, 2004, Deposit insurance and bank regulation in a monetary economy: A general equilibrium exposition, Economic Theory.

27. Chang, Chun, and Xiaoyun Yu, 2004, Investment Opportunities, Liquidity Premium, and Conglomerate Mergers, Journal of Business.

28. Chang, Chun, Brian P. McCall, and Yijiang Wang, 2003, Incentive contracting versus ownership reforms: Evidence from China's township and village enterprises, Journal of Comparative Economics.

29. Boyd, John H., Chun Chang, and Bruce D. Smith, 2002, Deposit insurance: A reconsideration, Journal of Monetary Economics.

30. Chang, Chun, 2001, The Informational Requirement on Financial Systems at Different Stages of Economic Development: The Case of South Korea, China Economic Review.

31. Chang, Chun, and Yijiang Wang, 2000, Choosing between up-or-out and spot contracts: Human capital investment versus job-matching, Annals of Economics and Finance.

32. Chang, Chun, 1999, Capital structure as optimal contracts, North American Journal of Economics and Finance.

33. Boyd, John H., Chun Chang, and Bruce D. Smith, 1998, Moral hazard under commercial and universal banking, Journal of Money, Credit and Banking.

34. Wang, Yijiang, and Chun Chang, 1998, Economic transition under a semifederalist government: The experience of China, China Economic Review.

35. Chang, Chun, and Yijiang Wang, 1996, Human capital investment under asymmetric information: The Pigovian conjecture revisited, Journal of Labor Economics.

36. Chun, Chang, and Yijiang Wang, 1995, A framework for understanding differences in labor turnover and human capital investment, Journal of Economic Behavior and Organization.

37. Chang, Chun, and Yijiang Wang, 1994, The Nature of the Township-Village Enterprise, Journal of Comparative Economics.

38. Chang, Chun, 1993, Payout Policy, Capital Structure, and Compensation Contracts when Managers Value Control, Review of Financial Studies.

39. Chang, Chun, 1992, Capital Structure as an Optimal Contract Between Employees and Investors, Journal of Finance.

40. Chang, Chun, and Yijiang Wang, 1992, Optimal liquidation rule and debt in the principal-agent model, Economics Letters.

41. Chang, Chun, 1990, The dynamic structure of optimal debt contracts, Journal of Economic Theory.

Working Papers

1. Chun Chang and Yiyao Wang, 2025, Collaboration of Banking and Commerce and Unbundling of Data Property Rights.

2. 张春，蒋一乐，仲文娜，董兵兵, 2024, 货币和财政政策动态关系演变及深层次原因 ——非常规政策的一个新理论框架 revised.

3. 黄秋实，董兵兵，刘超，王怡晨，张溢恬，张春, 2024, 中国数据资产的识别和规模测算.

4. Chun Chang and Xiaoming Li, 2020, Universal Banking and Optimal Financial Structure.

5. Chang, Chun, and Sen Li, 2019, Contract Coordination and Uninformative Transfer Prices as the Benefit and Cost of Vertical Integration.

6. Chang, Chun, and Huiyan Qiu, 2019, On the Popularity of and a Comparison of Convertible Preferred and Participating Preferred Equities in Venture Financing.

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