“Operating Mechanism of China's Capital Market and Reflectionof Stock Market Crash Academic Seminar”, hosted by the School of Finance of theCentral University of Finance and Economics and undertaken by the CUFE’s AssetManagement Academy of China, was held in Room 604 Academic Hall of the CityCampus of CUFE on August 12th, 2018. Six scholars from famous universities inChina were invited to present their research papers and six teachers wereinvited to give comments.

Xiong XIONG of Tianjin University presented the paper “How to Reduce ExcessVolatility in Stock Prices?” which reproduces the causes of excessivevolatility in the stock market, and speculates on the “national team” tradingideas to reduce excessive volatility. Then Rui CHEN, Associate Professor fromCentral University of Finance and Economics, made a brilliant comment.

Zhisheng LI of Zhongnan University of Economics and Law represented the paper “'NationalTeam' Shareholding and Tail Systemic Risk - Based on the Study of ExtremeCorrelation of A-Share Market during the Stock Market Crash”. The study foundthat the “national team” shareholding effectively reduced the tail system riskof stock prices, and was conducive to stabilizing the stock market in the crisisperiod. After the speech, Assistant Professor Ying WANG of CUFE made a wonderfulcomment.

Qianqian ZHANG of Southwestern University of Finance and Economics represented the paper“Homogeneous Market Expectation, Continuous Innovation and Company Stock PricePerformance”. From the perspective of dynamic decision-making of innovationinvestment, this paper analyses the information transmission of continuousinnovation investment and its impact on company value. Later, Fuwei JIANG, AssociateProfessor from CUFE, made a great comment.

BoLIU from the University of Electronic Science and Technology of China presenteda paper entitled “Is There Information Production in Auctioned IPOs withUniform Price?” which studied IPO from the perspective of auction and enrichedthe research of IPO. Subsequently, Haoyu GAO of the Central University ofFinance and Economics made a brilliant comment.

Weixing WU from the University of International Business and Economics presented apaper, entitled “IPO or Back Door Listing: What Influences the Listing Choiceof Chinese Enterprises?” Then, Yuqin HUANG, Associate Professor from CUFE, gavea wonderful comment.

Professor Xueyong ZHANG of CUFE presented a paper entitled “Supplier Concentration andStock Price Crash Risk”, which studied the relationship between supplierconcentration and stock price collapse. After the speech, Assistant Professor KaiWU of CUFE made wonderful comments on the paper and put forward somesuggestions.