HUANG Zhangkai

Department of Finance    Associate Professor


Office:B320 Lihua Building

Office Hours:Wed.10:00

Educational Background

PhD Finance, University of Oxford,2 003

MSc Finance, University of Essex, 1999

BA International Business, Guangdong University of Foreign Studies, 1998


Work Experience

Associate Professor of Finance, School of Economics and Management, Tsinghua University

Assistant Professor of Finance, Guanghua School of Management, Peking University, 2003~2009

Lecturer of Finance, Lancaster University, 2002~2003



MBA: Corporate Finance

PhD Course: Empirical Corporate Finance

MoF Course: Chinese Macroeconomy and Finance

Undergraduate Course: China and the World: a historical perspective


Research Areas

Chinese Capital Market, Corporate Finance, Political Economy, Economic History



1. “The Reversal of Privatization in China: A Political Economy Perspective”, Journal of Corporate Finance, 2021

2. “Distance, Transportation and Underpricing of IPOs”, with Jinyu Liu and Guangrong Ma, Review of Quantitative Finance and Accounting, 2019,52,991-1009.

3. “Hayek, Local Information and Commanding Heights: Decentralizing China’s State-Owned Enterprises”, with Lixing Li, Guangrong Ma and Lixin Xu, American Economic Review, 2017,107(8), 2455-2478

4. “Ultimate Privatization and Change in Firm Performance”, with Kun Wang, China Economic Review, 22, 2011, 121-132.

5. “Marketability, Control, and the Pricing of Block Shares”, with Xinzhong Xu, Journal of Banking and Finance, 33, 2009, 88-97.

6. “Non-Credible Privatization”, Applied Economics Letters, 13, 2006, 957-959.

7. “Evidence of a Bank Lending Channel in the UK”, Journal of Banking and Finance, 27, 2003, 491-510.

8. “不平等条约?——我国对赌协议的风险因素分析”, 《金融研究》, 2017年第8期,126-137。王茵田、黄张凯、陈梦

9. “我国城投债券发行利率影响因素的实证分析”,《财政研究》2014年第6期。同生辉、黄张凯

10. “限售股解禁的价格效应研究”,《金融研究》,2010年第9期, 123-143。黄张凯、赵龙凯、祖国鹏

11. “中国上市公司配股后增加分红的实证研究”,《公司治理评论》,2010年第1期,24-40。黄张凯、郭琳

12. “股权分置改革的盈余质量效应”,《会计研究》,2009年第8期,40-48。申慧慧、黄张凯、吴联生

13. “可转换债券首日折价水平研究”,《财贸经济》,2008年第7期,69-72。 陈智罡、贾春新、黄张凯

14. “银行分支机构、国有银行竞争与经济增长”,《管理世界》2008年第2期, 7-14。贾春新、夏武勇、黄张凯

15. “中国上市公司董事会结构分析”,《管理世界》,2006年第11期, 128-134。黄张凯、徐信忠、岳云霞

16. “金融中介:文献综述和最新发展”,《管理世界》,2006年第2期, 163-169。黄张凯

17. “金融研究:回顾与展望系列概述”,《管理世界》,2005年第12期, 162-165。黄张凯、徐信忠、于鹏