CICC’s Dr. Huang Haizhou Receives the 19th Sun Yefang Economic Science Award

2022-01-12Corporate News

(Beijing, January 12, 2022) Dr. Huang Haizhou, Managing Director, a member of the Management Committee and Head of the Equity Business Department of CICC, together with Patrick Bolton, Professor of Economics and Finance at Columbia University, have received the 19th Sun Yefang Prize for Economic Science at a ceremony held at the Chinese Academy of Social Sciences. The award was conferred for their publication "The Capital Structure of Nations" [1].

The paper applies the theory of corporate finance to analyze nations’ capital structures. Comparing the capital structures of China, the United States, Japan and the United Kingdom, the paper argues that state-issued currency and treasury bonds issued in local currency are considered equity in the capital structure of the state, whereas treasury bonds issued in foreign currency are debt. 

The jury of the Sun Yefang Economic Science Award commended the publication for providing a fresh perspective to understanding the monetary and fiscal policies in major economies. This paper also won the Pagano/Zechner Best Paper Award of the European Finance Association 2018.

The Sun Yefang Economic Science Award, named in memory of the eponymous Chinese economist, is one of the most prestigious awards in the economic field in China. Founded in 1984, the award is given out biennially to honor economists who have made significant contributions. 

This year, the committee evaluated 115 books and 195 papers, ultimately awarding three of the books and four of the papers. More about the Sun Yefang Award for Economic Sciences can be found at: 


Note[1]: The full paper can be found in Review of Finance, Volume 22, Issue 1, February 2018, Published by Oxford University Press on behalf of the European Finance Association.