讲座主题：Securities class action is coming to “town”: the effect of a milestone lawsuit in China

报告人：赵刚  杭州电子科技大学特聘教授

时间：2026年9月18日（星期五）14:00-17:00

地点：商学院大楼207教室

邀请部门：会计学系、公司财务研究所

报告简介：This paper explores the impact of the Kangmei case, the first-ever securities class action in China, on shareholder wealth, director turnover, and firm behavior. Around the ruling, we find that China’s A-share firms experience higher market returns relative to comparable firms in the United States and Hong Kong. This rise in shareholder wealth is moderated for firms that are likely to experience greater increases in investor compensation and frivolous lawsuits and firms with prior misconduct. We also find increased director resignations among firms with prior misconduct, suggesting a disciplinary effect of litigation risk. Furthermore, boards enhance their protection by increasing insurance coverage, director compensation, and monitoring efforts. Meanwhile, firms reduce rent-seeking, including related-party transactions and insider trading, improve accounting quality, and incur fewer securities violations and penalties. These results are consistent with increased shareholder wealth and reduced agency conflicts in the aftermath of the Kangmei case.

报告人简介：

赵刚，杭州电子科技大学特聘教授，南京大学管理学（会计学方向）博士，美国纽约州立大学Stony Brook University商学院访问学者。浙江省财政厅、发改委、科技厅以及国资委评审专家；中国会计学会会员，国际内部审计师协会会员，浙江省总会计师协会会员，上市公司独立董事。主要从事低碳可持续发展、公司治理与会计信息披露相关问题的研究。在《Review of Accounting Studies》、《Journal of Banking & Finance》、《会计研究》、《中国工业经济》、《审计研究》等国际顶级会计学期刊和国内权威期刊发表论文多篇；主持完成国家社科基金一般项目2项，省部级课题6项。主笔起草的多篇研究报告被省级部门采用。担任多项基金、期刊的评阅和审稿人。