On October 28th, Faculty of Finance, the City University of Macau held a “Joint Academic Workshop for Doctoral Students” with the Department of Economics, Faculty of Social Sciences, University of Macau at the Cultural Center Exhibition Hall on the Taipa campus. Guests included Assistant Professor Yubo Tao, PhD Programme Coordinator in Economics from the University of Macau, Associate Professor Yibo Yang, Associate Professor Lawrence Choo and Assistant Professor Feng Guan, Professor Felix Chan from Curtin University, Professor Adrian Cheung, Dean of the Faculty of Finance,  City University of Macau, Professor Zhou Yonghong, Director of the PhD Program, Professors Markus Leibrecht, Meng Li, Lin Deng, Le Li, Yu Bai, Fangzhi Wang, Xiaochuan Pang, Jingying Zhao, and doctoral students from both universities. The workshop was hosted by Professors Yonghong Zhou and Yubo Tao. Doctoral students Alex Yechang Yin, Haixian Li, and Wei Song from the University of Macau, and Haiyan Li and Michael Zhenmin Li from the City University of Macau Faculty of Finance gave thematic presentations.

First, Professor Adrian Cheung, Dean of the Faculty of Finance at the City University of Macau, delivered a welcome speech, expressing hopes that the workshop would enhance students’ academic levels and presentation skills. Assistant Professor Yubo Tao, PhD Programme Coordinator in Economics at the University of Macau, thanked the Faculty of Finance for the invitation and expressed a desire to continue deepening the cooperation between the two institutions.

The first presentation was by Wei Song, a doctoral student from the University of Macau, on the topic “Dynamically Optimal Fertility Subsidy: A Policy to Escape from the Empty Planet.” The paper discussed how dynamic fertility policies can serve as timely interventions to prevent negative population growth. Theoretical analysis indicated that implementing optimal fertility subsidies as soon as possible is crucial to avoid an “empty planet” scenario. Additionally, achieving a stable state of positive population and economic growth requires fertility subsidies that change over time. Using comprehensive data from Japan, it was found that current fertility subsidy rates are insufficient to reverse the trend of negative population growth. Numerical analysis outlined the trajectory of optimal fertility subsidies and showed that the welfare loss from adopting long-term optimal fertility subsidies instead of dynamic first-best subsidies depends on the distance between the economy and the target steady state.

Next, Haiyan Li, a doctoral student from the City University of Macau, presented on “Public Welfare-Oriented Media Promotion and Corporate Donations: Evidence from Touching China.” The study suggested that mass media plays a broad role in raising public awareness. Using a difference-in-differences model and a natural experiment from the Touching China program, the study examined the impact of public welfare-oriented media promotion on corporate donations. Corporate donations in cities where Touching China figures were born increased by 17.6%. This effect was driven by increased public attention and enhanced social trust. Additionally, media promotion had significant effects on donations from diversified boards, non-polluting companies, state-owned enterprises, and growth-oriented companies. The study provided a new perspective on the link between media promotion and corporate social responsibility.

The third presentation was by Haixian Li, a doctoral student from the University of Macau, on “Industrial Production Efficiency Analysis of the Chinese Greater Bay Area of Guangdong, Hong Kong, and Macao”. The paper analyzed the evolution of industrial efficiency in the eastern and western urban clusters of the Greater Bay Area. Based on macroeconomic panel data from 2000-2019, empirical results obtained through stochastic frontier analysis and meta-frontier methods indicated that: (1) the overall technical efficiency (GTE) of the GBA industry from 2010-2019 was lower than from 2000-2009; (2) the industrial GTE and meta-technical efficiency (MTE) of eastern cities were higher than those of western cities; (3) according to the technology gap ratio (TGR), the frontier of western cities was closer to the meta-frontier than that of eastern cities; (4) industrialization significantly improved the GTE of eastern cities, while openness had a more significant impact on western cities; (5) improving the level of green development and innovation capacity of industries could bring the specific frontiers of urban clusters closer to the meta-frontier. These conclusions revealed different characteristics of industrial efficiency in the eastern and western urban clusters of the Greater Bay Area, providing new ideas for industrial transformation and upgrading and guiding policy formulation.

The fourth presentation was by Michael Zhenmin Li, a doctoral student from the City University of Macau, on “Organization Capital and Investment Efficiency.” The study found that organizational capital can promote investment efficiency by enhancing corporate transparency and reducing the cost of equity and the cost of debt. The results further indicated that financial constraints and ownership negatively moderated the relationship between organizational capital and investment efficiency. These findings were robust across a series of tests, including 2SLS, GMM, and LIML methods to test the main results, and propensity score matching (PSM) to mitigate selection bias.

The final presentation was by Alex Yechang Yin, a doctoral student from the University of Macau, on “Government Arrears Repayment and Corporate Innovation.” Using the 2016 special inspection action for government arrears repayment in China as a quasi-natural experiment, the study examined the impact of government arrears repayment on the innovation performance of private enterprises. The results showed that repaying government arrears significantly improved corporate innovation levels. Further analysis indicated that the “special inspection action” improved innovation performance by reducing government-related accounts receivable, alleviating liquidity constraints, and improving internal talent structures. Cross-sectional tests showed that these positive effects were more pronounced in companies without political connections, those facing strong financial constraints, and those located in regions with lower levels of marketization. Overall, the findings highlighted the importance of government arrears repayment in enhancing the innovation performance of the private sector.

The joint academic workshop for doctoral students was rich in content, with students providing in-depth analyses on various topics. Professors present offered deep commentary on the students’ presentations, sparking further thought and discussion. The workshop served as a platform for students to exchange ideas and gain insights, with attendees expressing that they benefited greatly and broadened their academic horizons. At the same time, it deepened the friendship between the faculties of the two universities and effectively strengthened the connections and cooperation among higher education institutions in Macao.