Faculty & Research

Full-time Faculty

Faculty CV

Li An

Zhengwei Wang

Deputy Secretary of the Party Committee, 

Associate Dean, Associate Professor

Director of Research Center for Intelligent Finance


Secretary: 8610- 62706058

Fax: 8610- 62789548



Dr. Zhengwei Wang is the Deputy Secretary of the Party Committee, Associate Dean, Associate Professor of PBC School of Finance, Tsinghua University. He is also a Deputy Director of Research Center for Intelligent Finance, Tsinghua University PBCSF-NIFR. Wang earned his B.S. in Finance and Ph.D. in Economics from Tsinghua University in 2004 and 2009 respectively. Due to his academic excellence, Wang was awarded Tsinghua Outstanding Doctoral Graduates in 2009. After graduation, Wang joined the School of Economics and Business Administration at Beijing Normal University as an Assistant Professor.

Dr. Wang’s main research field is the Financial Technology and Consumer Finance, etc. He has many academic papers published in important academic journals including Economic Research Journal, Journal of Financial Research, Management World, Journal of Management Sciences in China, Review of Financial Studies, Journal of Corporate Finance, and Social Indicators Research. Besides, Wang coauthored an academic monograph called Direct Banking: American Practice and Comparison with China.

Dr. Wang has awarded various honorary prizes, including Tsinghua Best Young Researcher and Tsinghua Excellent Doctoral Dissertation. He was nominated for the Excellent Economic Research Paper Award many times, which supported by Kobayashi China Economic Research Fund, 2018 FIRN Annual Conference SIRCA best paper Prize, 2020 GSU-RFS FinTech Conference Best Paper Award.


2004-2009         Ph.D. in Finance, Tsinghua University, China

2000-2004         B.A. in Finance, Tsinghua University, China



2021.8-Present      Associate Dean, PBC School of Finance, Tsinghua University

2020.12-Present    Associate Professor (without tenure), PBC School of Finance, Tsinghua University

2013-2020.12        Assistant Professor, PBC School of Finance, Tsinghua University

2021.1-Present      Director, Research Center for Intelligent Finance

                               Tsinghua University PBCSF-NIFR

2018.7-2020.12      Deputy Director, Research Center for Intelligent Finance

                               Tsinghua University PBCSF-NIFR

2014-2018.7           Deputy Director, Sunshine Research Center for Financial Innovation    

                               Tsinghua University PBCSF-NIFR

2009-2013              School of Economics and Business Administration 

                               Beijing Normal University


Financial Technology

Corporate Finance and Capital Markets.

Consumer/Household Finance


1. Assessing and Addressing the Coronavirus-Induced Economic Crisis: Evidence From 1.5 Billion Business Transactions in China(with Zhuo Chen, Pengfei Li and Li Liao), Available at SSRN:

2. When FinTech Meets Privacy: The Consequence of Personal Information Misuse in Debt Collection (with Li Liao, Hongjun Yan, Jun Yang and Congyi Zhou), 2020 GSU-RFS FinTech Conference Best Paper Award. Available at SSRN:

3. China’s Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs (With Bo Li, Hao Zhou). Available at SSRN:

4. Characteristics-Based Factors(with Zhuo Chen, Bibo Liu, Huijun Wang, Jianfeng Yu). Available at SSRN:

5. Investor Sentiment and the Pricing of Characteristics-Based Factors(with Zhuo Chen, Bibo Liu, Huijun Wang, Jianfeng Yu). Available at SSRN:

6. Individual Consumption Response to Expanding Credit Access: Evidence from Online Cash Loan Platform (with Emma Li, Li Liao, Hongyu Xiang). 2018 FIRN Annual Conference SIRCA best paper Prize. Available at SSRN:

7. Peer Effect on Consumer Default Decision: Evidence From Online Lending Platform, (with Emma Li, Li Liao, Xincheng Wang). Available at SSRN:

8. Are Short Sellers and Margin Traders Twin Sisters or Stepsisters? (with Zhuo Chen, Pengfei Li, and Bohui Zhang). Available at SSRN:

9. Attention Spillover in Asset Pricing (with Xin Chen, Li An and Jianfeng Yu).

10. Attention to Detail and Entrepreneurial Success (with Jinglin Jiang, Li Liao, Regan Stevenson and Jun Yang).

11. Exodus: The Economics of Independent Director Dissent and Exit (with Messod D. Beneish, Kai Lu and Jun Yang).


English Journal Articles:

1. What If Borrowers Were Informed about Credit Reporting? Two Natural Field Experiments, with Li Liao, Xiumin Martin, Ni Wang, and Jun Yang, The Accounting Review, Forthcoming

2. The Role of Social and Psychological Related Soft Information in Credit Analysis: Evidence from a Fintech Company(with Yao Wang and Zdenek Drabek ), Journal of Behavioral and Experimental Economics, Volume 96, February 2022, 101806

3. User Interface and First-hand Experience in Retail Investing,with Li Liao, Jia Xiang, Hongjun Yan and Jun Yang, Review of Financial Studies, 34 (2021) 4486–4523

4. Deciphering Big Data in Consumer Credit Evaluation, with Jinglin Jiang, Li Liao, Xi Lu, Hongyu Xiang, Journal of Empirical Finance, 62(2021): 28-45

5. Government Affiliation and Fintech Industry: The Peer-to-Peer Lending Platforms in China (with Jinglin Jiang, Li Liao, Xiaoyan Zhang). 2018 CFRC Best Paper AwardJournal of Empirical Finance, 62(2021): 87-106

6. Does Privatization Reform Alleviate Ownership Discrimination? Evidence from the Split-share Structure Reform in China, with Jinyu Liu, Wuxiang Zhu, Journal of Corporate Finance, Volume 66, February 2021

7. Venture Capital Certification and Customer Response: Evidence from P2P Lending Platforms, with Emma Li, Li Liao, Hongyu Xiang, Journal of Corporate Finance, vol.60, 2020

8. Financial Literacy and Retail Investors' Financial Welfare: Evidence from Mutual Fund Investment Outcomes in China, with Jinglin Jiang, Li Liao, Hongyu Xiang, Pacific-Basin Finance Journal, vol.132, 2020

9. "Financial Literacy, Portfolio Choice and Financial Well-Being”, with Zhong Chu, Jing Jian Xiao and Weiqiang Zhang, Social Indicators Research, vol.132(2) pp. 799-820, 2017

10. “Estimating Average Treatment Effect by Model Averaging” with Yichen Gao and Wei Long, Economics Letters, 135, 2015

11. Financial Literacy Overconfidence and Stock Market Participation” with Tian Xia and Kunpeng Li, Social Indicators Research, 119:1233-1245, 2014.

12. “Equity Financing Regulation and Corporate Capital Structure: A Model” with Wuxiang Zhu,China Finance Review International, 3(4): 322-339, 2013. Outstanding Papers Award.

13. “Optimal Capital Structure: Case of SOE versus Private Listed Corporation”, Chinese Management Studies, 7(4): 604-616, 2013.

Chinese Journal Articles:

1. 人口老龄化与区域创业水平——基于启信宝创业大数据的研究(作者:王正位,李梦云,廖理,石永彬),金融研究,2022,02:80-97

2. 网红直播打赏收入影响因素的实证研究(作者:廖理,王新程,王正位,张晋研),金融研究,2021,8:138-151

3. 信任与捐赠:社会网络在捐赠型众筹中的认证作用(作者:王正位,王新程),管理世界,2021,3:34-50

4. 消费行为在个人信用风险识别中的信息含量研究合(作者:王正位,周从意,廖理,张伟强),经济研究,2020,1:149-163

5. 网贷平台利率究竟代表了什么?(作者:向虹宇,王正位,江静琳,廖理),经济研究,2019,5:47-62

6. 信任与欺骗:投资者为什么陷入庞氏骗局?——来自e租宝88.9万名投资者的经验证据(作者:王正位,王新程,廖理),金融研究,2019,8:96-112

7.“聪明的投资者:非完全市场化利率与风险识别”(作者:廖理,李梦然,王正位),经济研究,7:125-137, 2014

8. 微观层面系统性金融风险指标的比较与适用性分析——基于中国金融系统的研究(作者:陈湘鹏,周皓,金涛,王正位 ),金融研究,2019,5:17-36

9. 农村成长经历和股票市场参与(作者:江静琳,王正位,廖理),经济研究,2018,8:84-99

10. 知识改变命运:金融知识与微观收入流动性(作者:王正位,邓颖惠,廖理),金融研究,2016,12:111-127

11. 线上销售、市场反应与未来股票收益(作者:王正位,崔向博,廖理),经济学报,2022,9(2):189-208

12. 科举制传统和家庭股票市场参与(作者:王正位,李耕),经济学报,2021,8(3):93-118

13. 城市创业对经济增长的影响探究(作者:李梦云,廖理,王正位),经济学报,8(1):1-28

14. 网贷行业的竞争效应与传染效应:基于问题平台大规模爆雷事件的实证研究(作者:王正位,李天一,廖理),中国管理科学,2022,30(02):14-26

15. 借款人社会资本会降低其贷款违约吗? ——来自现金贷市场的证据(作者:廖理,李梦云,王正位),中国工业经济,2020,10:5-23

16. 疫情冲击下中小微企业的现状及纾困举措——来自企业经营大数据的证据(作者:王正位,李天一,廖理,袁伟,李鹏飞),数量经济技术经济研究,2020.8:3-23

17. P2P借贷投资者的群体智慧(作者:廖理,向佳,王正位),中国管理科学,2018,26(10):30-40

18. 投资者有限注意对投资业绩的影响(作者:向佳,廖理,王正位),技术经济,2018,37(4):109-120

19. 网络借贷的角色转换与投资者学习效应(作者:廖理,向佳,王正位),中国工业经济,2018,9:60-78

20. 互联网金融环境下投资者学习行为的经济学分析(作者:王正位,向佳,廖理,张伟强),数量经济技术经济研究,2016,3:95-111

21. 注意力与P2P投资者投资决策—来自人人贷的证据(作者:廖理,向宏宇,王正位),经济学报,2017(3): 84-107

22. 互联网金融发展中的金融消费者权益保护(作者:常瑞胜,王正位),金融理论与实践,2015,10:13-17

23. 观察中学习: P2P网络投资中信息传递与羊群行为, (作者:廖理,李梦然,王正位,贺裴菲)清华大学学报(哲学社会科学版), 2015(01): 156-165

24.“中国互联网金融的地域歧视研究”(作者:廖理,李梦然,王正位),数量经济技术经济研究,5:54-70, 2014.

25. 金融知识与基金投资收益:委托投资能否替代金融知识(作者:江静琳,王正位,向虹宇,廖理),世界经济,2019,8:170-192

26. 风险投资的认证作用——来自网贷市场的证据(作者:邓颖惠,廖理,王正位),投资研究,2018,37(3):92-115

27. 股权融资管制与公司资本结构:模型与模拟(作者:王正位,朱武祥,赵冬青),运筹与管理,2016,1:158-165

28. 银行竞争性“催贷压贷”行为与联保贷款违约扩散(作者:李鹏飞,魏炜,朱武祥,王正位),经济学报,2015(04): 130-149

29. 过度投资的理论与实证研究:综述与反思(作者:刘津宇,王正位,朱武祥),投资研究,2014,8:4-16

30. 回归经典:资本结构研究60年思考,(作者:朱武祥,魏炜,王正位),金融研究,2014 (12): 194-206

31. 产权性质、市场化改革与融资歧视——来自上市公司投资—现金流敏感性的证据 (作者:刘津宇,王正位,朱武祥),南开管理评论,2014 (5): 126-135

32. 股权融资管制与公司融资行为(作者:王正位,朱武祥),投资研究,11:3-15, 2013.

33. 管理层乐观与可转债融资:模型与福记食品案例研究(作者:王正位,朱武祥,赵冬青,马菁蕴),金融研究,11:180-192, 2013.

34. 基金风险改变了投资者的业绩敏感程度吗(作者:贺裴菲,张伟强,刘淳,王正位),运筹与管理,22(2), pp 159-164, 2013.

35.“股票市场融资管制与公司最优资本结构”(作者:王正位,王思敏,朱武祥),管理世界,2:40-48, 2011.

36. “多个大股东存在下的董事会结构模型及其实证检验”(作者:段云,王福胜,王正位),南开管理评论,1:54-64, 2011.

37. “多个大股东控制下的董事会结构模型研究”(作者:段云,王福胜,王正位),预测,1:24-29, 2011.

38. “市场非有效与公司投机及过度融资”(作者:王正位,朱武祥),管理科学学报,2: 50-57, 2010.

39. “大股东存在下的独立董事对公司业绩的影响—基于内生视角的审视”(作者:萧维嘉,王正位,段云),南开管理评论,2:90-97, 2009.

40. “宏观调控与房地产上市公司资本结构调整”(作者:赵冬青,朱武祥,王正位),金融研究,10:78-92, 2008.

41. “为什么如此少的创业企业获得风险投资?”(作者:王正位,朱武祥,赵冬青),南开经济研究,6: 64-74, 2008.

42. “资本市场磨擦与资本结构调整—来自中国上市公司的证据”(作者:王正位,朱武祥,赵冬青),金融研究,6:109-119, 2007.

43. “发行管制条件下的股权再融资市场时机行为及其对资本结构的影响”(作者:王正位,朱武祥,赵冬青),南开管理评论,6: 40-46, 2007.

44. “再融资门槛无效吗?”(作者:王正位,朱武祥,赵冬青),管理世界,10: 108-113, 2006.

45. “投资者利益保护与证券发行管制”(作者:王正位,朱武祥),南开经济研究,1: 79-87, 2006.





《中国股票市场管制与干预的经济学分析》(与朱武祥、成九雁、杜丽虹合著),清华大学出版社,2008 年6月



Academic Honors and awards

2020.09     《金融研究》2019年度优秀论文奖

2020.02    2020 GSU-RFS FinTech Conference Best Paper Award

2018.07    2018 CFRC Best Paper Award

2014.12    China Finance Review International 2014 Highly Commended Paper Award

2009.07    清华大学“学术新秀”

2009.10    清华大学优秀博士论文

2009.07    清华大学优秀博士毕业生

Other Honors and awards

2020.12    林枫辅导员奖

2020.11    清华大学优秀共产党员

2020.11    清华大学抗击新冠肺炎疫情先进个人

2019.12    清华大学一二九革命歌曲演唱“优秀指导教师”

2018.12    清华大学第八届青年教师教学大赛 二等奖

2018.5      清华大学优秀工会积极分子

2017.12    清华大学毕业生就业工作“先进个人”

2017.06    清华大学先进党支部(支书)

2017.06    清华大学优秀共产党员

2017.04    清华大学“先进工作者”

2016.12    2016年党支部特色活动优秀成果

2016.01    五道口金融学院“先进个人”

2014.10    中国金融教育发展基金会大学生社会实践“优秀指导教师”