HE Ping

Department of Finance    Professor

Deputy Dean,School of Economics and Management, Tsinghua University

Phone:(86) (10) 62795754

Office:B308 Lihua Building

Office Hours:Wed.15:00-17:00

Educational Background

1998-2004     Ph.D. in Economics (2004), University of Pennsylvania

           MA in Economics (2002), University of Pennsylvania


1992-1997    Bachelor of Economics, Tsinghua University



Work Experience

2017-         Professor School of Economics and Management, Tsinghua University, Beijing, China

2008-2016      Associate Professor School of Economics and Management, Tsinghua University, Beijing, China


2004- 2006     Assistant Professor University of Illinois at Chicago, Finance Department




Financial institutions, international finance, corporate finance theory, macroeconomic and financial analysis, China's monetary policy


Research Areas

Banking and financial institutions, monetary policy, macro-finance



1. Ping He, “Entrepreneurship in the New Era”, China Discipline and Supervision Newspaper, Vol.7, No., pp.2, 2020

2. Zehao Liu and Ping He, “Real Liquidity and Banking”, Journal of Financial Intermediation, in press, 2020

3. Ping He, Lin Ma, Kun Wang and Xing Xiao, “IPO Pricing Deregulation and Ownership Structure of Chinese Public Firms”, Journal of Banking and Finance, Vol 107, 2019

4. Li, Yinan, Yang, Wentao, Ping He, Chen, Chang, Wang, Xiaonan, "Design and management of a distributed hybrid energy system through smart contract and blockchain", Applied Energy, 248No., pp.390-405, 2019


5. Ping He, On the Functions of Government in the Capital. Market: Goals, Positioning and the Boundary, Frontiers, No.2, pp22-29, 2018


6. Ping He, Zehao Liu, Zhiwei Fang, Shadow Banking, Liquidity and the Scale of Financing of the Economy, China Economic Quarterly, No.1, pp45-72, 2018


7. Feng Gao, AlexXi He, Ping He, "A theory of intermediated investment with hyperbolic discounting investors", Journal of Economic Theory, Vol.177, No.9, pp.70-100, 2018


8. Ping He, Empirical test of the influence of treasury futures trading on interest rate volatility, Journal of Tsinghua University(Science and Technology), No.5, pp544-549, 2017


9. Lin Ma, Ping He, Kun Wang, "Ultimate Control, Government Interference and Industry Structure", Financial Science, No.1, pp173-187, 2017


10. Ruipeng Li, Ping He, Jie Zhu, Lending Rate Deregulation and the Efficiency of Commercial Bank Lending, China Journal of Economics, Vol.1, No.3, pp239-259, 2016


11. Ping He, Kun Wang, Xing Xiao, "Does Government Control Always Reduce Firm Value? Theory and Evidence from China. Vol. 17, The Political Economy of Chinese Finance", 2016


12. Ping He, Lixin Huang and Randall Wright, Money and Banking in Search Equilibrium, International Economic Review, Vol 46(2), 637-670, May 2005


13. Ping He, A Theory of IPO Waves, Review of Financial Studies, Vol 20, No. 4, 983-1020, July 2007, Lead Article


14. Gary Gorton and Ping He, Bank Credit Cycles, Review of Economic Studies, Vol 75, 1181–1214, October 2008


15. Ping He, Lixin Huang and Randall Wright, Money, Banking, and Monetary Policy, Journal of Monetary Economics, Vol 55, 1013–1024, September 2008, Lead Article


16. (In Chinese) Ping He and Meng Jin, “The Effect of Credit Rating in Chinese Bond Market”, Jin Rong Yan Jiu (Journal of Financial Research), 2010 (4), 15-28


17. (In Chinese) Yao Lu, Ping He and Bian Wu, “Non-Controlling Shareholding, Investment Efficiency and Firm Performance, Journal of Tsinghua University (Science and Technology), 2011(4), 513-520


18. Gary Gorton, Ping He and Lixin Huang, Security Price Informativeness with Delegated Traders, American Economic Journal—Microeconomics, November 2010, 2(4), 137-170


19. Ping He and Xiaoqing Hu: Household Investment—the Horizon Effect, Review of Behavioral Finance, November 2010, 2(2), 81-105


20. (In Chinese) Junxin Feng, Hefei Wang, Ping He, Daokui Li: Western academia’s Postcrisis reflections on macroeconomics, Dynamics of Economics, 2011(11),11-18

21. Ping He, Gunagyu Nie, Guanglong Wang, Xiang Zhang: Optimal Monetary Policy in China,China & World Economy,2011(1)

22. (In Chinese) Guanglong Wang, Ping He, Hong Ma, Qiushi Li: The research on fair value and stock price synchronicity, China’s import and export industry exchange rate flexibility and the influence of capital intensity, Journal of Tsinghua University, 2012(6)

23. (In Chinese) Chengbo Xie, Haiyan Zhang and Ping He, Fair Value Accounting Rule and Comovement of Equity Price—Analysis at the Aggregate and Individual Level, China Accounting Review, 2012, 10(3), 233-254

24. (In Chinese) Ping He, Ruipeng Li, Bian Wu: Do Institutional investors inquiry system under the lead underwriter reputation help the company reduce IPO underpricing? Review of Investment Studies, 2014(3)

25. Gary Gorton,Ping He,Lixin Huang:Agency Based Asset Pricing,Journal of Economic Theory,2014,311-349

26. (In Chinese) Xiang Zhang, Ping He, Jingyun Ma: The RMB exchange rate flexibility and the effect of monetary policy of China, Journal of Financial Research, 2014

27. (In Chinese) “More Information Disclosure or Higher Systemic Risk? A Research on the Dual Impact of the Mark-to-market Accounting Rule on Chinese Capital Market, ” with Chengbo Xie and Haiyan Zhang, Quarterly Journal of Finance, 8(2), 24-48, 2014

28. (In Chinese) Ping He, Tian Wu, Lei Jiang, Liangjie Wu: The microscopic examination of the relationship between investor sentiment and individual stocks volatility, Journal of Tsinghua University, 54(5), 655-663, 2014(5)

29. (In Chinese) Lin Ma, Ping He, Qie Yin: China's A-share market short-term and long-term pricing efficiency research, China Soft Science, 2015(3), 182-192

30. (In Chinese) Ruipeng Li, Ping He, Jie Zhu: Lending Rate Deregulation and the Efficiency of Commercial Bank Lending, China Journal of Economics, 3(1), 52-82, 2016