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Prof. Guangyou Zhou
Fudan Univeristy

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0 Financial Technology
0 Monetary Policy
0 Quantitative Finance
0 energy economy
0 mathematical finance

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Short Biography

GUANGYOU ZHOU received the Ph.D. degree in quantitative economics from Xi 'an Jiaotong University, Xi’an, China, in 2005. he is a professor at the School of Economics, Fudan University. He is director of the Digital Finance Research Center at Fudan University. His main research areas are quantitative finance, empirical finance and green finance.

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Journal article
Published: 26 May 2021 in Energy Economics
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The green credit policy is one of the key components of environmental policy. It has become an important issue to study how to implement the green credit policy and to evaluate its effect. From the perspective of environmental regulation, this paper attempts to construct a comprehensive score of commercial banks' competence by factor analysis, and constructs a quasi-natural experiment based on “Green Credit Guidelines” published in 2012 and uses Differences-in-Differences (DID) to test the impact of green credit implementation on commercial banks' core competence. The results show that green credit has a significant effect on the overall bank competence. Among them, the promotion effect of urban and rural commercial banks is higher than the industry average, and the promotion effect has weakened in the years after the policy was announced. Furthermore, from the dual perspectives of credit risk and reputation risk, the Difference-in-Difference-in-Difference (DDD) is used to test the impact mechanism of green credit on the core competence of banks. The results show that, compared with banks with lower credit risk and reputation risk, banks with higher credit risk and reputation risk experience greater enhancement in core competence by green credit.

ACS Style

Sumei Luo; Shenghui Yu; Guangyou Zhou. Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China. Energy Economics 2021, 100, 105335 .

AMA Style

Sumei Luo, Shenghui Yu, Guangyou Zhou. Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China. Energy Economics. 2021; 100 ():105335.

Chicago/Turabian Style

Sumei Luo; Shenghui Yu; Guangyou Zhou. 2021. "Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China." Energy Economics 100, no. : 105335.

Research article
Published: 02 May 2021 in Applied Economics
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Different from the existing literature which only studied the unilateral impact of the FDI or the ODI on economic growth, this paper took both the FDI and the ODI into the analysis framework of international capital flow on economic growth, and tried to introduce the mediating effect model to test the transmission mechanism and influence effect of international capital two-way flow on the economic growth. The results showed that both the FDI and the ODI can significantly improve the quality of economic growth, and the role of the FDI was stronger than that of the ODI. At the same time, the FDI and the ODI had obvious regional heterogeneity in promoting the quality of economic growth. International capital flow mainly requires three mediating effects to improve the quality of economic growth, which are the employment, the technology spillover as well as the output efficiency. The three effects of the FDI have a played significant role in promoting the quality of economic growth, while the ODI mainly plays a role through the improvement of output efficiency and technology reverse spillover. There are also significant regional differences in mediating effects.

ACS Style

Sumei Luo; Yixiang Shi; Yongkun Sun; Zhiqi Zhao; Guangyou Zhou. Can FDI and ODI two-way flows improve the quality of economic growth? Empirical Evidence from China. Applied Economics 2021, 53, 5028 -5050.

AMA Style

Sumei Luo, Yixiang Shi, Yongkun Sun, Zhiqi Zhao, Guangyou Zhou. Can FDI and ODI two-way flows improve the quality of economic growth? Empirical Evidence from China. Applied Economics. 2021; 53 (44):5028-5050.

Chicago/Turabian Style

Sumei Luo; Yixiang Shi; Yongkun Sun; Zhiqi Zhao; Guangyou Zhou. 2021. "Can FDI and ODI two-way flows improve the quality of economic growth? Empirical Evidence from China." Applied Economics 53, no. 44: 5028-5050.

Research papers
Published: 02 February 2021 in Quantitative Finance
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The Shanghai Stock Exchange changed its trading mechanism of the preceding three minutes to closing from continuous trading to call auction on August 20, 2018, while Shenzhen had already changed this in 2006. Taking all A-shared stocks’ data from 2017 to 2019 as our sample, we construct difference-in-difference models and find significant trading volume shifts from closing call to preceding continuous trading. We also see a significant increase in volatility in call preceding continuous trading, but a significant decrease in closing price deviation in a closing call. Market efficiency is found to be improved by these changes, perhaps due to less liquidity noise in the closing price. Our conclusions remain robust in various robustness checks. It suggests that the introduction of closing call auction would reduce manipulation and liquidity noise in the closing price, thus improving market efficiency in China.

ACS Style

Jiayi Li; Sumei Luo; Guangyou Zhou. Call auction, continuous trading and closing price formation. Quantitative Finance 2021, 21, 1037 -1065.

AMA Style

Jiayi Li, Sumei Luo, Guangyou Zhou. Call auction, continuous trading and closing price formation. Quantitative Finance. 2021; 21 (6):1037-1065.

Chicago/Turabian Style

Jiayi Li; Sumei Luo; Guangyou Zhou. 2021. "Call auction, continuous trading and closing price formation." Quantitative Finance 21, no. 6: 1037-1065.

Journal article
Published: 14 January 2021 in Mathematics
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From the perspective of the policy impact effect, this paper takes green enterprises as the treatment group and polluters as the control group. Firstly, the double difference method (DID) was adopted to study the effect of green credit policy on enterprises from two aspects, namely the amount of loans obtained by enterprises and the financing cost. The study found that in terms of loan volume, the launch of “Green Credit Guidelines” enabled green enterprises to obtain more credit resources than polluters. In terms of financing cost, green credit policy means green enterprises obtain lower financing cost than polluters. The triple difference method is further used to test the impact of green Credit Guidelines on the access to credit resources and financing costs of enterprises. The results show that for enterprises with different property rights, the effect of green credit policy on non-state-owned enterprises is more significant than that of state-owned enterprises. For enterprises in different regions, the policy effect of green credit policy on enterprises in regions with relatively backward economic development levels is more significant than that of enterprises in regions with relatively developed economic development level. From the empirical results, the policy basically realized the original intention of directing credit resources to green enterprises and realized the Pareto improvement of financial resource allocation.

ACS Style

Guangyou Zhou; Chen Liu; Sumei Luo. Resource Allocation Effect of Green Credit Policy: Based on DID Model. Mathematics 2021, 9, 159 .

AMA Style

Guangyou Zhou, Chen Liu, Sumei Luo. Resource Allocation Effect of Green Credit Policy: Based on DID Model. Mathematics. 2021; 9 (2):159.

Chicago/Turabian Style

Guangyou Zhou; Chen Liu; Sumei Luo. 2021. "Resource Allocation Effect of Green Credit Policy: Based on DID Model." Mathematics 9, no. 2: 159.

Journal article
Published: 27 October 2020 in IEEE Access
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Triangular mesh is a commonly used method for representing 3D models. With the continuous development of 3D modeling and scanning technologies, the complexity of the mesh is increasing. The greater the density of the mesh is, the higher the representation quality of the model. However, a higher mesh density also results in greater storage and time costs. Mesh simplification is a basic research topic in the fields of computer graphics and virtual reality. This paper implements a mesh simplification algorithm based on triangle collapse. The algorithm uses a half-edge data structure to record the mesh information, obtains the folding point by minimizing the sum of squares of the spatial distances from the folding point to all adjacent surfaces, and then calculates the folding cost and folding order. The algorithm iteratively folds the triangular faces with the smallest folding costs to achieve mesh simplification. By processing a large number of models, it is proven that the algorithm in this paper can retain the original model features during the simplification process.

ACS Style

Guangyou Zhou; Shangda Yuan; Sumei Luo. Mesh Simplification Algorithm Based on the Quadratic Error Metric and Triangle Collapse (August 2020). IEEE Access 2020, 8, 1 -1.

AMA Style

Guangyou Zhou, Shangda Yuan, Sumei Luo. Mesh Simplification Algorithm Based on the Quadratic Error Metric and Triangle Collapse (August 2020). IEEE Access. 2020; 8 ():1-1.

Chicago/Turabian Style

Guangyou Zhou; Shangda Yuan; Sumei Luo. 2020. "Mesh Simplification Algorithm Based on the Quadratic Error Metric and Triangle Collapse (August 2020)." IEEE Access 8, no. : 1-1.

Journal article
Published: 14 September 2020 in Journal of Environmental Management
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Fragile states index reflects a country's ability to maintain stability. The main objective of this study is to analyze how climate change influences fragile states index. Firstly, we aim to modify the fragile states index. We devise an index system of climate shocks (MCS), which measures not climate change but also governance capacity. Meanwhile, a three-class index system is formulated to measure fragility of states (MCFS). Afterwards, we utilize MCS to modify the initial index system based on multiplication model. Furthermore, the weights of MCS are obtained by Delphi method while the weights in the third level of MCFS are gotten by CRITIC Weighting Model. The weights in the second level of MCFS then are determined by Entropy Weighting Model and Group Making Method. Finally, the classification standard of measuring fragility of states is calculated through System Clustering Model. And then Bangladesh is chosen to show the variation tendency of fragility based on the data between 2000 and 2015. To further predict the fragility of Bangladesh, Cascaded Neural Network Model (CNN) is adopted to predict MCFS from 2016 to 2030. Eventually we determine and define tipping points into 2 types—amelioration tipping points and deterioration tipping points. The result show that Bangladesh reached the deterioration tipping points in 2016.

ACS Style

Guangyou Zhou; Jieyu Zhu; Sumei Luo; Zihao Wu; Yan Jiang. An evaluation method of fragile states index based on climate shock: A case of Bangladesh. Journal of Environmental Management 2020, 275, 111142 .

AMA Style

Guangyou Zhou, Jieyu Zhu, Sumei Luo, Zihao Wu, Yan Jiang. An evaluation method of fragile states index based on climate shock: A case of Bangladesh. Journal of Environmental Management. 2020; 275 ():111142.

Chicago/Turabian Style

Guangyou Zhou; Jieyu Zhu; Sumei Luo; Zihao Wu; Yan Jiang. 2020. "An evaluation method of fragile states index based on climate shock: A case of Bangladesh." Journal of Environmental Management 275, no. : 111142.

Article
Published: 07 June 2020 in Applied Economics Letters
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This paper investigates to what extent individuals’ risk aversion are correlated with the choice of occupation which differs from earnings risk by using 1996 PSID. Following Kimball et al. (2009), we first impute the individuals’ coefficient of relative risk aversion based on personal characteristics. Then, on the aggregate level, we find workers who are more risk averse will sort into occupations with low earnings risk. On the individual level, for one-unit increase in the coefficient of relative risk aversion, the probability of going to a more risky occupation decreases by 13.5%.

ACS Style

Zhiqi Zhao; Guangyou Zhou. Is risk aversion related to occupational choice: evidence from 1996 PSID. Applied Economics Letters 2020, 28, 850 -855.

AMA Style

Zhiqi Zhao, Guangyou Zhou. Is risk aversion related to occupational choice: evidence from 1996 PSID. Applied Economics Letters. 2020; 28 (10):850-855.

Chicago/Turabian Style

Zhiqi Zhao; Guangyou Zhou. 2020. "Is risk aversion related to occupational choice: evidence from 1996 PSID." Applied Economics Letters 28, no. 10: 850-855.

Journal article
Published: 07 September 2018 in Sustainability
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As a special financial institution, the financial company has a significant impact on the financial market and real economy. Therefore, further study of the efficiency of financial companies is of great practical significance. China’s financial company is equivalent to the “internal bank” of its affiliated group. Therefore, this paper refers to the quantitative analysis and evaluation method of the banking industry, combined with the data characteristics of the financial company’s industry. This paper carries out quantitative analysis and evaluation of the efficiency of 79 Chinese enterprise group finance companies from 2011 to 2016 through the DEA model and the Malmquist index model. The results are as follows: From the static point of view (based on the DEA model), the overall efficiency of Chinese financial companies is low and the efficiency is less affected by scale efficiency than that of pure technical efficiency; from the industry classification, the efficiency of oil processing, steel, and nonferrous metal financial companies is better than other industries. From the dynamic point of view (based on the Malquist index model), the overall efficiency of financial companies from 2011 to 2016 has been slightly improved and the efficiency is easily influenced by the change of scale efficiency; from the industry category, the changes of the efficiency, scale efficiency and pure technical efficiency of financial companies of military industry are fastest, and the technical progress of the auto industry financial companies is optimal.

ACS Style

Yanni Huang; Sumei Luo; Guohu Xu; Guanyou Zhou. Quantitative Analysis and Evaluation of Enterprise Group Financial Company Efficiency in China. Sustainability 2018, 10, 3210 .

AMA Style

Yanni Huang, Sumei Luo, Guohu Xu, Guanyou Zhou. Quantitative Analysis and Evaluation of Enterprise Group Financial Company Efficiency in China. Sustainability. 2018; 10 (9):3210.

Chicago/Turabian Style

Yanni Huang; Sumei Luo; Guohu Xu; Guanyou Zhou. 2018. "Quantitative Analysis and Evaluation of Enterprise Group Financial Company Efficiency in China." Sustainability 10, no. 9: 3210.

Journal article
Published: 25 July 2018 in Sustainability
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Based on the theoretical analysis of the relationship between China’s higher education input, technological innovation, and economic growth, this paper chooses the 1997–2015 sample data of China, and uses a vector auto regression (VAR) model to test the relationship between the three. The results show that educational input, technological innovation, and economic growth form an interaction mechanism featuring dynamic circulation. Higher education input and technological innovation are two important factors influencing economic growth. In the meantime, higher education input is an important source and driving force of technological innovation, and technological innovation will further promote economic growth. However, technological innovation has a delayed positive effect on economic growth, so higher education input demands a long-term view and thinking for quick success, and instant benefits should be avoided.

ACS Style

Guangyou Zhou; Sumei Luo. Higher Education Input, Technological Innovation, and Economic Growth in China. Sustainability 2018, 10, 2615 .

AMA Style

Guangyou Zhou, Sumei Luo. Higher Education Input, Technological Innovation, and Economic Growth in China. Sustainability. 2018; 10 (8):2615.

Chicago/Turabian Style

Guangyou Zhou; Sumei Luo. 2018. "Higher Education Input, Technological Innovation, and Economic Growth in China." Sustainability 10, no. 8: 2615.

Journal article
Published: 29 May 2018 in Sustainability
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The difficulty of financing for small- and medium-sized enterprises is an important problem that has plagued China’s economic development for a long time, so it is of great practical significance to explore how to solve the problem of financing difficulties for small- and medium-sized enterprises. From the perspective of financial structure, this paper introduces it to the analytical framework of the investment-cash flow sensitivity model, and establishes a two-way fixed effect model on the basis of the financial structure and other external financing conditions, so as to study the impact of the financial structure in China, especially the banking structure, on the financing constraints of small- and medium-sized enterprises. At the same time, the data of 161 listed companies on the Small and Medium Enterprise Board from 2009 to 2013 is used to carry out an empirical test on the correlation between the financial structure factors and the financing constraints of small- and medium-sized enterprises. The study shows that the promotion of the scale ratio of small- and medium-sized enterprises in the banking industry is able to significantly alleviate the financing constraints of small- and medium-sized enterprises. Meanwhile, the structure of the banking industry should adapt to the industrial structure, in order to achieve the sustained and stable development of the real economy.

ACS Style

Sumei Luo; Yuxi Zhang; Guangyou Zhou. Financial Structure and Financing Constraints: Evidence on Small- and Medium-Sized Enterprises in China. Sustainability 2018, 10, 1774 .

AMA Style

Sumei Luo, Yuxi Zhang, Guangyou Zhou. Financial Structure and Financing Constraints: Evidence on Small- and Medium-Sized Enterprises in China. Sustainability. 2018; 10 (6):1774.

Chicago/Turabian Style

Sumei Luo; Yuxi Zhang; Guangyou Zhou. 2018. "Financial Structure and Financing Constraints: Evidence on Small- and Medium-Sized Enterprises in China." Sustainability 10, no. 6: 1774.

Journal article
Published: 25 May 2018 in Sustainability
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The study of how foreign exchange reserves maintain financial security is of vital significance. This paper provides simulations and estimations of the optimal scale of foreign exchange reserves under the background of possible shocks to China’s economy due to the further opening of China’s financial market and the sudden stop of capital inflows. Focused on the perspective of financial security, this article tentatively constructs an optimal scale analysis framework that is based on a utility maximization of the foreign exchange reserve, and selects relevant data to simulate the optimal scale of China’s foreign exchange reserves. The results show that: (1) the main reason for the fast growth of the Chinese foreign exchange reserve scale is the structural trouble of its double international payment surplus, which creates long-term appreciation expectations for the exchange rate that make it difficult for international capital inflows and excess foreign exchange reserves to enter the real economic growth mechanism under the model of China’s export-driven economy growth; (2) the average optimal scale of the foreign exchange reserve in case of the sudden stop of capital inflows was calculated through parameter estimation and numerical simulation to be 13.53% of China’s gross domestic product (GDP) between 1994 and 2017; (3) with the function of the foreign exchange reserves changing from meeting basic transaction demands to meeting financial security demands, the effect of the foreign exchange reserve maintaining the state’s financial security is becoming more and more obvious. Therefore, the structure of foreign exchange reserve assets should be optimized in China, and we will give full play to the special role of foreign exchange reserve in safeguarding a country’s financial security.

ACS Style

Guangyou Zhou; Xiaoxuan Yan; Sumei Luo. Financial Security and Optimal Scale of Foreign Exchange Reserve in China. Sustainability 2018, 10, 1724 .

AMA Style

Guangyou Zhou, Xiaoxuan Yan, Sumei Luo. Financial Security and Optimal Scale of Foreign Exchange Reserve in China. Sustainability. 2018; 10 (6):1724.

Chicago/Turabian Style

Guangyou Zhou; Xiaoxuan Yan; Sumei Luo. 2018. "Financial Security and Optimal Scale of Foreign Exchange Reserve in China." Sustainability 10, no. 6: 1724.

Journal article
Published: 16 April 2018 in Sustainability
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Inclusive finance is an important financial development strategy in the world. The promoting effect of the human capital on economic growth has also gained theoretical and empirical support. This paper attempts to deeply examine the interaction among inclusive finance, human capital and regional economic growth as well as their mutual influence mechanism. To the end, data of 31 provinces and cities from 2005 to 2015 were chosen to build a corresponding panel data template. Meanwhile, the fixed effect model was adopted for an empirical test. Results suggest the following. (1) Inclusive finance and human capital can exert a significantly positive promoting effect on regional economic growth. The influence of inclusive finance on regional economic growth is more obvious, while the nonlinear influence of human capital is more significant; (2) Inclusive finance is observed to have a significantly negative influence on economic growth of China’s central region (mainly referring to eight provinces, including Shanxi). The positive promoting effect of inclusive finance on economic growth of China’s west region (mainly referring to 12 provinces and cities, including Chongqing) is found to be the most significant. Differently, human capital exerts the most significantly promoting effect on China’s central region. The economic development level differs in different regions of China. As an increasing number of talent resources gather in the central and western region of China and the financial system is built in the two regions, resource optimization has become a necessity, which is the linchpin to China’s sustainable economic development.

ACS Style

Guangyou Zhou; Kuangxiong Gong; Sumei Luo; Guohu Xu. Inclusive Finance, Human Capital and Regional Economic Growth in China. Sustainability 2018, 10, 1194 .

AMA Style

Guangyou Zhou, Kuangxiong Gong, Sumei Luo, Guohu Xu. Inclusive Finance, Human Capital and Regional Economic Growth in China. Sustainability. 2018; 10 (4):1194.

Chicago/Turabian Style

Guangyou Zhou; Kuangxiong Gong; Sumei Luo; Guohu Xu. 2018. "Inclusive Finance, Human Capital and Regional Economic Growth in China." Sustainability 10, no. 4: 1194.

Journal article
Published: 29 March 2018 in Sustainability
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Peer-to-peer (P2P) network lending is a new mode of internet finance that still holds credit risk as its main risk. According to the internal rating method of the New Basel Accord, in addition to the probability of default, loss given default is also one of the important indicators of evaluation credit risks. Proceeding from the perspective of loss given default (LGD), this paper conducts an empirical study on the probability distribution of LGDs of P2P as well as its influencing factors with the transaction data of Lending Club. The results show that: (1) the LGDs of P2P loans presents an obvious unimodal distribution, the peak value is relatively high and tends to concentrate with the decrease of the borrower’s credit rating, indicating that the distribution of LGDs of P2P lending is similar to that of unsecured bonds; (2) The total asset of the borrower has no significant impact on LGD, the credit rating and the debt-to-income ratio exert a significant negative impact, while the term and amount of the loan produce a relatively strong positive impact. Therefore, when evaluating the borrower’s repayment ability, it is required to pay more attention to its assets structure rather than the size of its total assets. When carrying out risk control for the P2P platform, it is necessary to give priority to the control of default rate.

ACS Style

Guangyou Zhou; Yijia Zhang; Sumei Luo. P2P Network Lending, Loss Given Default and Credit Risks. Sustainability 2018, 10, 1010 .

AMA Style

Guangyou Zhou, Yijia Zhang, Sumei Luo. P2P Network Lending, Loss Given Default and Credit Risks. Sustainability. 2018; 10 (4):1010.

Chicago/Turabian Style

Guangyou Zhou; Yijia Zhang; Sumei Luo. 2018. "P2P Network Lending, Loss Given Default and Credit Risks." Sustainability 10, no. 4: 1010.