Conference Program

The 9th (2017) International Conference on Financial Risk and

Corporate Finance Management (FRCFM2017)




Date: July 1~3, 2017

Location: Yushin Memorial Hall, Kagawa University, Takamatsu, Japan

Hosts: Faculty of Economics, Kagawa University

Faculty of Management and Economics, Dalian University of Technology

Sponsors: Takamatsu Convention and Visitors Bureau, Golden Education Corporation



July 1, 2017

Registration: 12:00-22:00¡¡JR Hotel Clement Takamatsu, Kagawa, Japan

Morning, July 2, 2017


Opening Address


Naoyuki Hara, Dean of Faculty of Economics, Kagawa University

Feng Yao, Director of Institute of Economics, Kagawa University

Yanxi Li, Director of Finance Programs, Dalian University of Technology




Keynote Session I (Special Lecture Hall)

Session Chair: Hui An, Professor, Dalian University of Technology


Yangru Wu

Rutgers University

Changes in Ownership Breadth and Anomaly Returns

Yangru Wu, Rutgers University

Weike Xu, Clemson University



Feng Yao

Kagawa University

Causal Analysis of Hong Kong Stock Exchange Market

Feng Yao, Kagawa University

Shugeng Dai, Xiamen University

Yao Li, Jilin University


Taking a Commemorative Photo & Tea Break

Keynote Session II (Special Lecture Hall)

Session Chair: Koichi Miyazaki, Associate Professor, Kagawa University


Day-Yang Liu

National Taiwan University of Science and Technology

The Operating Efficiency and Financial Openness in the China Financial Sector

Day-Yang Liu, National Taiwan University of Science and Technology


Wuchun Chi

National Chengchi University

The Effect of Engagement Partner Visibility and Fee Pressure on Audit Quality

Wuchun Chi, National Chengchi University

Ling L. Lisic, George Mason University

Linda A. Myers, University of Tennessee

Mikhail Pevzner, University of Baltimore

Timothy A. Seidel, Brigham Young University


Kunchih Chen

National Taiwan University

Exploring the Bright Side and Down Side of CEO Overconfidence on Firm Performance

Kunchih Chen, National Taiwan University




Afternoon, July 2, 2017




Keynote Session III (Special Lecture Hall)

Session Chair: Ravindra R. Ranade, Professor, Kagawa University


Jianxin Daniel Chi

University of Nevada, Las Vegas

Reward-Timing Uncertainty and R&D Investment

Jianxin Daniel Chi, University of Nevada, Las Vegas

Xunhua Su, Norwegian School of Economics

Yun Tang, Norwegian School of Economics

Bin Xu, Queen¡¯s University Management School


Yuanlue Fu

Xiamen University

One-belt-One-road and Collaborative Governance Framwork in Industry Value Chain

Yuanlue Fu, Xiamen University


Xuezhi Qin

Dalian University of Technology (DUT)

Contingent Convertible Bond after Converted: A Kind of Mixed Dual-Trigger Contingent Capital Instrument with Countercyclical Buffer Property Xuezhi Qin, Wenhua Wang, DUT


Tea Break

Keynote Session IV (Special Lecture Hall)

Session Chair: Feng Yao, Director of Institute of Economics, Kagawa University


Hui An


The External Liquidity Shock and Systematic Financial Risk--Based on BRICS Countries

Hui An, DUT


Yanxi Li


Can the Departure of Independent Directors who Are Formal Government Officials Improve Firm Performance?

Yanxi Li, Tingting Zhang, DUT


Brief Presentation Session (Special Lecture Hall)

Session Chair: Xuezhi Qin, Dalian University of Technology


Huiying Zhang

Tianjin University

Manufacturing FDI and Export Technical Complexity of Producer Services Trade --Based on the Intellectual Property Rights Protection Perspective

Huiying Zhang, Tianjin University



Yanjuan Cui

Dalian Polytechnic University

Financial Development, Financial Inclusion and Poverty Alleviation

Yanjuan Cui, Dalian Polytechnic University



Xiufeng Sun


The Effect of Enterprise Internal Characteristics on Financing Structure of Family Business among Different Life Stages

Xiufeng Sun, Shiping Zhang, Xuemei Wang, DUT



Lingling Gong

Golden Finance Education

Determination of Weights for Optimal Credit Rating Model Based on Default and Non-Default Distance Maximization

Lingling Gong, Golden Finance Education



Hui-Shan LEE

Universiti Tunku Abdul Rahman (UTAR)

Does Economic Freedom Stimulate Non-Life Insurance Industry in ASEAN-5 and China?

Hui-Shan LEE, Shyue-Chuan CHONG, Bik-Kai SIA, Wah-Wan CHEONG, UTAR



Zulfiqar Ali

Dongbei University of Finance and Economics (DUFE)

Impact of Volatility of Cash Flows on Leverage and Debt Maturity Structure: An Evidence from China

Zulfiqar Ali, Hashmat Ali, Muhammad Zubair Tauni, DUFE



Mulani Jameel Ahmad


Issues and Challenges to Small and Medium Enterprises in India

Mulani Jameel Ahmad, DUT



Close remarks by:

1.     Yangru Wu, Professor, Rutgers, the State University of New Jersey

2.     Feng Yao, Director of Institute of Economics, Kagawa University


Banquet (Takamatsu Hanajyukai Spring Hotel)



July 3, 2017

Poster Session (Yushin Memorial Hall, Meeting Room 3)

Session Chair: Xiaohong Zhang, Associate Professor, Kagawa University


Devi Swastika, Xiaoli Nan, DUT

Theory and Practice of Business Ethics of Millennium Development Goals and World Trade Organization


Baojun Feng, Jiakun Shen, Wenlong Zhang, DUT

Technical Inefficiency Factor Analysis Model Based on Multiple Non-negative Random Variables A Case Study of China¡¯s General Universities


Tao Jiang, Chongqing University of Technology

Yue Xu, Yunguo Liu,Sun Yat-sen University

The Heterogeneity in Accounting Information and Executive Compensation Evidence from China

Bin Liu, Xihao Wu, Hainan University

The Information Disclosure of Internal Control, Market Reaction, and Investor Return


Yanping Liu, Danni Wang, DUT

Empirical Research on Different Types of Institutional Investors¡¯ Effects on Market Efficiency


Yanwen Liu, Yeqing Yang, DUT

The Research of Household Asset Allocation Model Based on Life Cycle Theory

Qin Shang, Longxin Li, DUT

Pricing Extreme Mortality Bonds with Default Risk

Jinyan Shi, Tingting Chen, DUT

Executive Compensation, Mandatory turnover and Corporate Performance

Yun Wang, Yanxi Li, Chao He, DUT

Can Media Stimulate Corporate Environmental Investment

Haowen Wu, Si Liang, DUT

The Impact of Political Connections on Debt Restructuring

Baochen Yang,

Zijian Wu, Liping Fu, Tianjin University

The Interaction Between Liquidity and Credit Risk on the Spreads in China's Corporate Bond Market

Hong Yao, Yingixn Zhang, Qingqing Chen, DUT

Executive Compensation, Negative Market Reaction and Earnings Management

Qiluan Zhang, DUT

A Literature Review on Accounting Statements and Financial Risk

Yuemei Zhang, Qian Zhou, DUT

Research Hotspot and Trend of Enterprise Efficiency in China Based on Co-word Network

Wenjun Zhao, Haizhou Lu, DUT

The Influence of Institutional Investors on Listed Companies¡¯ SEO Decision

Zhaomin Zou, Shanghai International Studies University

The Rise of Land-induced Financialization in China: A Double-edged Sword for Economic Growth?

Panel Discussion

Session Chair: Shugeng Dai, Professor, Xiamen University



Yangru Wu, Rutgers University

Yanxi Li, Dalian University of Technology

Feng Yao, Kagawa University

Ravindra R. Ranade, Kagawa University

Jianxin Daniel Chi, University of Nevada, Las Vegas

Yuanlue Fu, Xiamen University



Visiting Campus




Go To Osaka


NOTE: (1) Time for each keynote presentation is 30 minutes.

 (2) Time for each brief presentation is 5 minutes.

(3) Discussion is welcome at the tea break time.