Yifei ZHANG
Dr. Yifei ZHANG
經濟學
Senior Lecturer
BEcon/BEcon & Fin Deputy Programme Director and Admissions Tutor

3910 3102

KK 1332

Academic & Professional Qualification
  • Ph.D. in Economics, The Chinese University of Hong Kong
  • M.A. in Economics, The State University of New York at Albany
  • B.Sc. (Honors) in Applied Mathematics, Hong Kong Baptist University
Biography

Dr. Yifei Zhang is a senior lecturer at the HKU Business School. Prior to joining the University of Hong Kong, he taught at the Hong Kong Polytechnic University and Beijing Normal University-Hong Kong Baptist University United International College.

Dr. Zhang’s research interests include Chinese Economy, Development Economics, and Political Economy. Upon graduation, he did Ph.D. internship at the Hong Kong Institute for Monetary Research (HKIMR) and worked at the Chinese University of Hong Kong as a postdoctoral fellow. His works appear in peer-reviewed journals such as Journal of Comparative Economics, Economics Letters, Small Business Economics, China Economic Review, etc.

Dr. Zhang has experience teaching various economics courses, such as Chinese Economy, Econometrics, Game Theory, etc. He also has a passion for supervising and collaborating with his students. The co-authored works have been published in academic journals such as: Journal of Comparative Economics, Economics Letters, Small Business Economics, Applied Economics, International Review of Economics & Finance, and International Studies of Economics.

Research Interest
  • Chinese Economy
  • Development Economics
  • International Finance
  • Political Economy
Selected Publications

Selected Working Papers

  • Zhang, Q. & Zhang, Y. “Competitive Borrowings in Squeezing Marriages.”
  • Bu, J., Du, J., & Zhang, Y. “Host-State-Friendly BIT Reforms and Foreign Direct Investment.”

Journal Articles

  • Ashton, J., Wang, Y., & Zhang, Y. (2024). “Does Mutual Fund Ownership Increase Corporate Environmental Spending?” Journal of Business Research, 184, 114878.
  • Du, J., & Zhang, Y. (2024). ISDS Disputes, Adjudications and Cross-Border M&As. Journal of Corporate Finance, 87, 102594.
  • Wang, Y., Chen, X., Zhang, Y.(2024). “Do Alumni Relationships between Executive Directors and Auditors Matter for Financial Reporting Quality?” Accounting Forum, forthcoming.
  • Wang, Y., Zhang, Y., Chang X., Wei, K., (2024). “CEO Tenure and Environmental Fraud for Listed Family Firms.” Business Strategy and the Environment, 33(3), 1887-1905.
  • Du, J., & Zhang, Y. (2024). “The Impact of ISDS Arbitration Claims and Adjudication on Cross-Border Direct Investment.” Transnational Corporations Review, forthcoming.
  • Liu, Y., Zhang, Y., Yang, Y., & Chen, X. (2023). Dark Side of Environmental Regulation: Wage Inequality Cost. Journal of Comparative Economics, 51(2), 524-544.
  • Rouse, M., Ottemoesoe, S., Wang, Y., Zhang, Y. (2023). “Do Female Independent Directors Reduce Corporate Risk Taking During COVID-19?” Asia-Pacific Journal of Accounting & Economics, 1-20.
  • Liu, Y., Zhang, Y., Zhang, Y., & Xiao, H. (2022). Small business owners’ Fintech credit in crises: Theory and evidence from farmers under the COVID-19. Pacific-Basin Finance Journal, 71, 101692.
  • Liu, Y., Zhang, Y., Fang, H., & Chen, X. (2022). SMEs’ line of credit under the COVID-19: evidence from China. Small Business Economics, 58(2), 807-828.
  • Wang, Y., Zhang, Y., Kang, W., & Ahmed, A. H. (2022). Female analysts and COVID-19 corporate donation. Emerging Markets Review, 100941.
  • Zhang, Y., Liu, Y., Zhang, Y., & Chen, X. (2022). Globalization blueprint and households’ fintech debt: Evidence from China’s One Belt One Road initiative. International Review of Economics & Finance, 79, 38-55.
  • Chen, X., Fang, H., Liu, Y., & Zhang, Y. (2022). Does Chinese policy banks’ overseas lending favor Belt Road Initiative countries?. International Studies of Economics.
  • 张云, 刘芸, & 章逸飞. (2022). “房住不炒” 政策的股市溢出效應 ——包含房產要素的動態均衡模型與資產定價研究. 系統工程理論與實踐, 865-878.
  • Liu, Y., Zhang, Y., Chen, X., & Yang, Y. (2021). Superstition and farmers’ life insurance spending. Economics Letters, 206, 109975.
  • Xiao, H., Chen, X., Fang, H., & Zhang, Y. (2021). Insider share pledging and firm value consequences under the COVID-19: evidence from China. Applied Economics, 53(56), 6522-6534.
  • Chen, X., Xiao, H., & Zhang, Y. (2021). To what extent did independent directors help firms’ recovery during the COVID-19 pandemic? Evidence from China. Applied Economics, 53(38), 4464-4480.
  • Wang, Y., & Zhang, Y. (2020). Do state subsidies increase corporate environmental spending?. International Review of Financial Analysis, 72, 101592.
  • Du, J., & Zhang, Y. (2018). Does one belt one road initiative promote Chinese overseas direct investment?. China Economic Review, 47, 189-205. (Elsevier Awards for the Best Papers published in China Economic Review in 2018.)

Book Chapters

  • Wang, Y., Zhang, Y., & Chen, X. (2023). “Detecting financial statement fraud using the machine learning methods.” FinTech Research and Applications: Challenges and Opportunities. World Scientific.
  • Du, J., & Zhang, Y. (2022). “In Fear of Trojan Horse? China’s Cross-Border Acquisitions in Europe amid the One-Belt-One-Road Initiative.” China and the Belt and Road Initiative: Trade Relationships, Business Opportunities and Political Impacts. Springer: Understanding China Series.
  • Du, J., Fang, H., & Zhang, Y. (2021). “One Belt One Road Initiative and China’s Overseas Lending.” Belt and Road Initiative (BRI): China’s Global Business Footprint. Centre for Business & Economic Research.
  • Du, J., & Zhang, Y. (2019). “One Belt One Road Initiative and China’s Overseas Direct Investment.” In Yuan Li, Markus Taube (Ed.), How China’s Silk Road Initiative is Changing the Global Economic Landscape (pp. 130-165). Routledge.
Recent Publications
當關稅壁壘鬧上法庭——一堂千億美元的憲法課

本年2月20日,美國最高法院以六比三的裁決,在Learning Resources, Inc. v. Trump一案中作出里程碑式的判決:總統無權依據《國際緊急經濟權力法》(International Emergency Economic Powers Act;簡稱IEEPA)單方面徵收關稅。

AI時代的一人公司:機會、內卷與護城河

2025年,被業界稱為「Agent元年」。 AI正在從輔助工具變成能自主決策的「虛擬合夥人」:過去需要團隊協作完成的代碼開發、設計、文案等工作,現在可以由創始人編排一組AI Agent來完成。 與此同時,另一組數據同樣醒目:「結構性替代」正在發生,當下企業在逐步調整人力模型:用AI做更多事、用更少的人完成標準化流程。

最強後盾/內地燃油穩定供港

中東局勢緊張推動油價升至2022年以來高位,港大經管學院經濟學高級講師章逸飛接受《大公報》訪問時,就本港所受衝擊提出三重隱憂。

香港中產面對斬殺線有何出路

坐在龍虎山下的辦公室內,窗外是薄扶林鬱鬱蔥蔥的綠意,遠處則是維多利亞港若隱若現的波光。這裏是香港學術與財富交匯的高地,也是觀察這座城市經濟脈絡的最佳視窗。

熊出沒注意:經濟學上的特效解方

從各大媒體報導和社交平台信息廣傳可見,日本近期正被一場前所未有的熊災困擾。棕熊與亞洲黑熊以空前頻率闖入人口密集地區,甚至闖入停機坪,令機場暫時關閉。截至10月底,已有超過170人遭受攻擊,造成十多人喪生。日本環境省以及農林水產省將之定性為「異常事態」,並緊急調撥資源應對。

風起於青萍之末:內地電商浪潮重塑香港

香港曾以「購物天堂」聞名於世,其零售業是經濟的關鍵支柱。 從尖端電子產品到國際奢侈品,這座城市一度憑藉品質保證與匯率優勢吸引著全球消費者。 如今,內地電商平臺的崛起,正深刻重塑著香港的商業生態。 這不僅是一場線上與線下的模式之爭,更是由技術進步與區域經濟一體化驅動的,對香港核心經濟結構與比較優勢發起的根本性拷問。

樽裝水風波折射出經濟學上的信任品困境

近日,香港特區政府部門辦公室飲用水供應合約風波,從部分公務員的疑慮,迅速發酵成為一樁關乎公帑使用、採購和監管制度,以至政府公信力的社會大事。事件核心是物流服務署一份價值逾5000萬港元的樽裝飲用水合約,中標公司鑫鼎鑫涉嫌以冒牌水及虛假檔履約。該公司提供的「鑫樂觀音山」飲用水,被指並非來自聲稱的內地知名廠商樂百氏,而提交的水質檢測報告被香港標準及檢定中心評為偽造。

穩定幣——數字汪洋中的信任之錨

近年環球金融市場風起雲湧,其中比特幣的價格波動猶如過山車,備受追求高回報的投資者追捧。然而,在這片浩瀚的數字海洋中,大多數企業與投資者尋求的並非冒險,而是一個投資避風港。

美債風暴與環球金融重新洗牌

2025年4月,全球金融市場經歷了一場前所未有的信用危機,美國10年期國債收益率飆升至4.5%,創下自2001年以來的最大單週漲幅。 這場危機背後的深層原因是什麼? 特朗普政府的關稅政策是市場動蕩的催化劑? 美債市場能否轉危為安?

DeepSeek與OpenAI的攻防戰創建全球AI新秩序

踏入2025年,中國人工智能(AI)領域取得標誌性突破。深度求索(DeepSeek)推出的R1模型,以557萬美元的超低訓練成本(僅為GPT-4的5%)媲美美國OpenAI o1模型的性能表現。