田軒，現任清華大學五道口金融學院副院長、清華大學國家金融研究院院長、金融學講席教授、教育部“長江學者”特聘教授、第十四屆全國人大代表、國家杰出青年基金獲得者，卓越青年科學家獲得者，博士生導師。
田軒的主要研究領域包括公司金融、企業創新和風險投資。成果多次發表在Journal of Finance，Journal of Financial Economics 和 Review of Financial Studies 等國際頂級學術期刊上。主持國家中華人民共和國國家自然科學基金委員會重大項目課題，獲2016中國管理學青年獎、2020中國青年經濟學家獎。論文兩次獲得了金融學頂級期刊JFE詹森最佳論文獎，多篇論文累計70余次位列全球前1%高影響力論文，谷歌學術引用過萬。
加入清華大學以來，田軒兩次獲得清華大學“良師益友”獎，2018年獲“青年教師教學優秀獎”，2020年入選“中國商學院十大最受歡迎教授”，主講的《公司金融》2019年和2022年入選清華大學研究生“精品課程”。
人物經歷
教育背景
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工作經歷
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教學經歷
教授
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客座教授
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博士后（出站去向）
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博士學位論文委員會聯合主席（畢業去向）
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博士論文開題審查委員會外部成員
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教學助理
社會活動
擔任職務
期刊主編
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社會職務
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兩會建言
2025年兩會期間，田軒建議，明確并穩步提高中長期資金投資A股的比例，如對公募基金、商業保險資金、養老金等提出具體的投資比例要求；加大稅收優惠力度，有效調整稅率安排，激勵長期資本投資；加強各部門協同配合，確保政策的一致性和連貫性，形成合力，推動各項措施真正落地。
2026年兩會期間，田軒表示，A股現行交易時間難以滿足市場主體多元交易需求，亟須調整優化。為推動A股交易時間更好適配資本市場發展要求，田軒在兩會期間提出以下建議：一是分步延長交易時長，先實現與港股交易同步。第一階段將A股下午交易閉市時間延后至16點，與港股形成交易同步并與泛歐交易所產生時間交集，該調整成本低、易實施；在此基礎上，第二階段將上午交易閉市時間延長至12點，實現與港股開盤時間同步，使A股每日交易時長達到5.5小時，與亞太地區主要交易所接軌。二是進一步提升與全球主流交易所的接軌程度，將A股上午開市時間提前至9點，實現與新加坡等亞太主要納斯達克股票交易所的交易時間重疊，使交易時長增至6小時、接近紐交所水平，強化與國際市場的聯動性。三是以數字化為抓手，做好監管和券商配套準備。監管層推進監管大數據平臺建設，運用智能化風險分析工具完善風險早期預警模塊，增強風險監測的前瞻性和全面性；券商等中介機構升級數字化交易服務平臺，通過分析用戶交易數據精準畫像，為投資者提供精準便捷的交易服務，以數字化效率對沖交易時間調整帶來的潛在成本。此外，他表示，盡量不要調休，盡量擴大公共假期。田軒稱，調休確實能夠延長假期，但從休息到工作模式的切換是比較難適應的。
研究領域
主要涉及公司金融、風險投資及私募資本、企業創新、股利政策、并購重組等領域。
學術論文
英文論文
“The Causes and Consequences of Venture Capital Stage Financing,” 2011,?Journal of Financial Economics, Vol. 101 (1), 132-159.
? ? ?· Winner of Jensen Prizes (2nd prize) of Journal of Financial Economics
“The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms,” 2012, Review of Finance, Vol. 16 (1), 245-283.
“Preparing the 股權 Market for Adverse Corporate Events: A Theoretical Analysis of Firms Cutting Dividends,” (with Thomas Chemmanur), 2012,?Journal of Financial and Quantitative Analysis, Vol. 47 (5), 993-972.
“The Dark Side of Analyst Coverage: The Case of Innovation,” (with Jie He), 2013,?Journal of Financial Economics, Vol. 109 (3), 856-878.
“Tolerance for Failure and Corporate Innovation,” (with Tracy Wang), 2014,?Review of Financial Studies, Vol. 27 (1), 211-255.
“Financial Development and Innovation: Cross Country Evidence,” (with Po-Hsuan Hsu and Yan Xu), 2014,?Journal of Financial Economics, Vol. 112 (1), 116-135.
“Communicating Private Information to the 股權 Market before a Dividend Cut: An Empirical Analysis,” (with Thomas Chemmanur), 2014,?Journal of Financial and Quantitative Analysis, Vol. 49 (5-6), 1167-1199.
“Corporate Venture Capital, Value Creation, and Innovation,” (with Thomas Chemmanur and Elena Loutskina), 2014,?Review of Financial Studies, Vol. 27 (8), 2434-2473.
“Does Stock Liquidity Enhance or Impede Firm Innovation?” (with Vivian Fang and Sheri Tice), 2014,?Journal of Finance, Vol. 69 (5), 2085–2125.
“Does Banking Competition Affect Innovation?” (with Jess Cornaggia, Yifei Mao, and Brian Wolfe), 2015,?Journal of Financial Economics, Vol. 115 (1), 189-209.
“Locations, Proximity, and M&A Transactions,” (with Ye Cai and Han Xia), 2016,?Journal of Economics & Management?Strategy, Vol. 25 (3), 688-719.
“Disciplining Delegated Monitors: When Venture Capitalists Fail to Prevent Fraud by Their IPO Firms,” (with Gregory Udell and Xiaoyun Yu), 2016,?Journal of Accounting and Economics, Vol. 61 (2-3), 526-544.
“Do Unions Affect Innovation?” (with Daniel Bradley and Incheol Kim), 2017,?Management Science, Vol. 63 (7), 2251-2271.
“How do Foreign Institutional Investors Enhance Firm Innovation?” (with Luong Hoang Luong, Fariborz Moshirian, Lily Nguyen, and Bohui Zhang), 2017,?Journal of Financial and Quantitative Analysis, Vol. 52 (4), 1449-1490.
“What Affects Innovation More: Policy or Policy Uncertainty?” (with Utpal Bhattacharya, Po-Hsuan Hsu, and Yan Xu), 2017,?Journal of Financial and Quantitative Analysis, Vol. 52 (5), 1861-1901.
“Bank Interventions and Firm Innovation: Evidence from Debt Covenant Violations,” (with Yuqi Gu and Connie Mao), 2017,?Journal of Law and Economics, V奧林匹克里昂足球俱樂部 60 (4), 637-671
“Accessibility and Materialization of Firm Innovation,” (with Ning Jia), 2018,?Journal of Corporate Finance, Vol. 48 (1), 515-541. ?
“Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis,” (with Thomas Chemmanur), 2018,?Journal of Financial and Quantitative Analysis, Vol. 53 (3), 1163-1194.
“How Does Hedge Fund Activism Reshape Corporate Innovation?” (with Alon Brav, Wei Jiang, and Song Ma), 2018,?Journal of Financial Economics, Vol. 130 (2), 237-264
? ? ? ?·?Winner of?Jensen Prizes?(1st prize) of?Journal of Financial Economics
“Corporate Innovation along the Supply Chain,” (with Yongqiang Chu and Wenyu Wang), 2019,?Management Science, Vol. 65 (6), 2445-2466
“The Real Effect of Privatization: Evidence from China’s Split Share Structure Reform,” (with Yongxian Tan, Xinde Zhang, and Hailong Zhao), 2020,?Journal of Corporate Finance, Vol. 64 (3), 1-23
“Asymmetric Cost Behavior and Dividend Policy,” (with Jie He, Huan Yang, and Luo Zuo), 2020,?Journal of Accounting Research, Vol. 58 (4), 989-1021
“Peer Monitoring, Syndication, and the 動力學 of Venture Capital Interactions: Theory and Evidence,” (with Onur Bayar and Thomas Chemmanur), 2020?Journal of Financial and Quantitative Analysis, Vol. 55 (6), 1875-1914
“Financial Reporting 頻率 and Corporate Innovation,” (with Renhui Fu, Arthur Kraft, Huai Zhang, and Luo Zuo), 2020,?Journal of Law and Economics, 飛魚座 63 (3), 501-530
“Stock Market Liberalization and Innovation,” (with Fariborz Moshirian, Bohui Zhang, Wenrui Zhang), 2021,?Journal of Financial Economics, Vol. 139 (3), 985-1014.
“Hard Marriage with Heavy Burdens: Organized Labor as Takeover Deterrents,” (with Wenyu Wang), 2021,?Review of Corporate Finance Studies, Vol. 10 (2), 306-346.
“Human-Robot Interaction: When Investors Adjust the Usage of Robo-Advisors in Peer-to-Peer Lending” (with Ruyi Ge, Li Liao, and Eric Zheng), 2021,?Information Systems Research, Vol. 32 (3), 774-785.
“Does Customer-base Structure Influence Managerial Risk-taking Incentives?” (with Jie Chen, Xunhua Su, and Bin Xu),?Journal of Financial Economics,?Vol. 143 (1), 462-483.
“How Does Human Capital Matter? Evidence from Venture Capital,” (with Lifeng Gu, Ruidi Huang, and Yifei Mao),?Journal of Financial and Quantitative Analysis,?Vol. 57 (6), 2063-2094.
“Patent Quality, Firm Value, and Investor Underreaction: Evidence from Patent Examiner Busyness” (with Tao Shu and Xintong Zhan), Journal of Financial Economics, Vol. 143 (3), 1043-1069.
“Do Place-based Programs Affect Local Innovation and Entrepreneurship?” (with Jiajie Xu), Review of Finance, Vol. 26 (3), 595-635.
“Do Venture Capital Investors Learn from Public Markets?” (with Bibo Liu),?Management Science,?Vol. 68 (10), 7274-7297.
“Do Short Sellers Affect Corporate Innovation? Evidence from a Policy Experiment” (with Jie He and Xiao Ren), Review of Corporate Finance Studies, forthcoming.
綜述論文
“Finance and Corporate Innovation: A Survey,” (with Jie He), 2018,?Asia-Pacific Journal of Financial Studies, Vol. 47 (2), 165-212
“China’s Venture Capital Market,” (with Zhaojun Huang), 2020, in?The Handbook of China’s Financial System, Edited by Marlene Amstad, Guofeng Sun, and Wei Xiong, Princeton Press
“Institutions and Innovation: A Review of Recent 文學,” (with Jie He), 2020,?Annual Review of Financial Economics, Vol. 12(2), 377-398
“Stage Financing in Venture Capital,” (with Zhaojun Huang), 2023, in The Palgrave Encyclopedia of Private 股權, Edited by Douglas Cumming and Benjamin Hammer, Springer
中文論文
“股權激勵計劃能促進企業技術創新么?”(與孟清揚合作),2018,?南開管理評論(3),176-190.
“金融科技與分析師市場”(與丁娜、金婧合作),2020,經濟研究(9),74-89.
“常態化防疫”階段我國經濟現狀與基于科技的應對之策”(與陳卓、劉碧波合作)，2020.中國科學基金(6),724-732.
“互聯網技術普及下的金融市場與創新：基于全球視角下的檢驗”(與黃兆君合作),2021.計量經濟學報(3),541-559.
“中國高校創新成果轉移及對創新的影響——以專利轉讓為例”（與劉春蕊合作），管理科學學報，錄用待刊。
工作論文
“The Disciplinary Role of Corporate Customers” with Jie Chen, Xunhua Su, Bin Xu, and Luo Zuo?R&R, Journal of Accounting and Economics
“The Real Effects of Shadow Banking: Evidence from China” with Guoqian Tu and Yichu Wang?R&R, 管理學 Science
“Does Trading Spur Specialization? Evidence from Patenting” with Pengfei Han and Chunrui Liu?R&R, Management Science
? ? · On the 2023 NBER Chinese Economy program
? ? · On the 2022 AFA program
“Acquiring Innovation,” with Merih Sevilir and Che Zhang?R&R, Review of Corporate Finance Studies
? ? · On the 2012 亞洲電影大獎 program
“Does Political Uncertainty Affect Venture Capital?” with Yichu Wang and Kailei Ye?R&R, Review of Corporate Finance Studies
“The Role of Human Capital: Evidence from Corporate Innovation” with Tong Liu and Yifei Mao?R&R, Journal of Empirical Finance
? ? · On the 2018 AFA program
“Resurrecting Dead Capital: The Sharing Economy, Entrepreneurship, and Job Creation,” with Yifei Mao, Jiajie Xu, and Kailei Ye
? ? · On the 2022 NBER Entrepreneurship program
參考資料
學術期刊評審
??American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, The Accounting Review, Review of Finance, Review of Corporate Finance Studies, Journal of Financial Intermediation, Journal of Economics & Management Strategy, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Venturing, China Economic Review, Economics Letters, Financial Management, Journal of Empirical Finance, Journal of Business Finance and Accounting, Finance Research Letters, European Economic Review, European Financial Management, Financial Review, Journal of Legal Studies, Journal of Economics and Business, Pacific-Basin Finance Journal, Financial Review, Quarterly Review of Economics and Finance, Corporate Governance: An International Review, International Business Review, China Finance Review
??學術委員會成員: Western Finance Association Meetings (2018)
??學術委員會成員: Financial Management Association Meetings (2018)
??學術委員會成員和分會場主席: China International Conference in Finance (2018)
??學術委員會成員: China Financial Research Conference (2018)
??評審專家：Research Grant Council of Hong Kong (2018, 5 proposals)
??評審專家：國家中華人民共和國國家自然科學基金委員會(2018, 14 proposals)
??學術委員會成員: Summer Institute of Finance (2018)
??學術委員會成員: 孫冶方金融創新獎(2018)
??學術委員會成員：成思危基金獎(2018)
??學術委員會成員: China Finance Review International Conference (2018)
??學術委員會成員: Western Finance Association Meetings (2017)
??學術委員會成員: European Finance Association Meetings (2017)
??學術委員會成員: sfs Cavalcade Asia-Pacific Meetings (2017)
??學術委員會成員: Summer Institute of Finance (2017)
??學術委員會成員和分會場主席: China International Conference in Finance (2017)
??聯合主席: Summer Research Boot Camp on Financial Intermediation and Market (2017)
??學術委員會成員: 麻省理工學院 Asia Conference in Accounting (2017)
??學術委員會成員: Financial Management Association Meetings (2017)
??學術委員會成員: Asian Financial Management Association Meetings (2017)
??分會主席, Midwest Finance Association Meetings (2017)
??學術委員會成員: European Finance Association Meetings (2017)
??學術委員會成員: Western Finance Association Meetings (2017)
??學術委員會成員: Financial Management Association Meetings (2017)
??學術委員會成員: Asian Financial Management Association Meetings (2017)
??學術委員會成員: China Financial Research Conference (2017)
??共同主席: Summer Research Boot Camp on Entrepreneurial Finance and Financial Intermediation (2016)
??學術委員會成員: Western Finance Association Meetings (2016)
??學術委員會成員: European Finance Association Meetings (2016)
??學術委員會成員: Conference on Financial Economics and Accounting (2016)
??學術委員會成員: Financial Management Association Meetings (2016)
??學術委員會成員 and session chair: China International Conference in Finance (2016)
??學術委員會成員: Conference on Asia-Pacific Financial Markets (2016)
??學術委員會成員: Asian Financial Management Association Meetings (2016)
??學術委員會成員: China Financial Research Conference (2016)
??評審委員會執委: 孫冶方金融創新獎(2016)
??評審專家：Research Grant Council of Hong Kong (2016, 6 proposals)
??共同主席, RFS-Sponsored Conference on Entrepreneurial Finance and Innovation Around the World (2015)
??共同主席, China International Conference in Finance (2015)
??評審委員會執委: 孫冶方金融創新獎(2015)
??學術委員會成員: Western Finance Association Meetings (2015)
??學術委員會成員: European Finance Association Meetings (2015)
??學術委員會成員和分會場主席: China International Finance Conference (2015)
??評審專家：Research Grant Council of Hong Kong (2015, 3 proposals)
??學術委員會成員: Western Finance Association Meetings (2014)
??學術委員會成員 and Session Chair: China International Finance Conference (2014)
??評審專家：Research Grant Council of Hong Kong (2014, 3 proposals)
??評審專家：Social Sciences and 人文科學概論 Research Council of Canada (2014)
??學術委員會成員: Financial Management Association Meetings (2014)
??學術委員會成員: Asian Financial Management Association Meetings (2014)
??學術委員會成員: Financial Management Association Meetings (2013)
??評審專家：Research Grant Council of Hong Kong (2013, 2 proposals)
??評審專家：Social Sciences and 人文科學概論 Research Council of Canada (2013)
??學術委員會成員: SFS Finance Cavalcade Conference (2012)
??學術委員會成員: Financial Management Association Meetings (2012)
??評審專家：Research Grant Council of Hong Kong (2012)
??評審專家：“Entrepreneurial Finance” by Gary Gibbons, Robert Hisrich, and Carlos Silva, SAGE Publications (2012)
??學術委員會成員: Conference on Financial Economics and Accounting (2011)
??學術委員會成員: Financial Management Association Meetings (2011)
??External reviewer for Research Grant Council of Hong Kong (2011)
??學術委員會成員: Financial Management Association Meetings (2010)
??External reviewer for Social Sciences and 人文科學概論 Research Council of Canada (2010)
??學術委員會成員: Midwest Finance Association Meetings (2009)
??學術委員會成員: Financial Management Association Meetings (2008)
??學術委員會成員: Eastern Finance Association Meetings (2008)
??Book reviewer for “Venture Capital and Private 股權 Contracting: An International 透視,” by Douglas Cumming and Sophia Johan, Elsevier (2008)
??學術委員會成員: Financial Management Association Meetings (2007)
??學術委員會成員: Southern Finance Association Meetings (2007)
??學術委員會成員: Eastern Finance Association Meetings (2007)
主要作品
出版圖書
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專著譯著
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會議演講
榮譽獎項
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觀點建議
2023年7月6日，在中共中央政治局常委、國務院總理李強主持召開的經濟形勢專家座談會上，田軒對當前經濟形勢和做好經濟工作發表了意見和建議，田軒認為當前及未來很長一段時間內，以全面實行注冊制為引領，進行資本市場邏輯重構，通過提升直接融資比重，釋放資本市場的資源配置潛能，成為提升金融拉動經濟增長、真正服務于創新驅動發展的要義所在。
2023年8月14日，清華大學教授田軒圍繞宏觀經濟形勢、民營經濟發展、財稅政策空間、擴內需增收入等話題表示，促進民營經濟發展壯大是應對挑戰的重要舉措。接下來，要鼓勵民營企業在有高成長性的、高精尖的、硬科技的行業發揮優勢、大顯身手。
2023年9月，清華大學教授田軒在直播間表示，他不贊成調休，認為調休不如適當增加和延長假期。他說，雖然調休可以在享受假期的同時強化釋放部分的購買力，但是這種調休方式也要合理。如果因為調休而給居民工作和生活帶來不必要的困擾，那么這樣的調休方式就是不可取的。
2024年3月8日，全國人大代表、清華大學五道口金融學院副院長、金融學講席教授田軒建議，分階段延長A股交易時間。目前A股交易時間是4個小時，相比于倫敦的8個半小時、紐交所的6個半小時，中國的4個小時是全世界最短的。田軒代表認為，這4個小時的交易時間，沒有辦法深度對接全球的交易市場；此外，也很難滿足境外投資者參與A股市場的需求，沒法適配市場的總體的體量。此外，田軒還就經濟發展的供給與需求提出了建議。田軒建議把握“兩端三點”：供給端，通過發展新質生產力、利用強大生產能力，增加有效供給；需求端，應以體制機制創新優化消費和投資環境，培育壯大數字消費、綠色消費、健康消費等新型消費，從而激發市場投資潛能。此外還要注意推動供需協同發力，不斷打通供需兩端的堵點卡點，不搞供給、需求“封閉運行”的自我小循環。12月26日，清華大學田軒就如何穩住股市給出8條建議：第一，加強超常規逆周期調節，實施更加積極的財政政策和適度寬松的貨幣政策；第二，適時降準降息，保持流動性充裕，降低企業融資成本；第三，放寬社保資金、險資、銀行資金投資比例和范圍限制，簡化市場準入程序；第四，優化外資準入制度，簡化跨境投資的審批流程，推進互聯互通機制的持續擴容；第五，設立一定規模的金融穩定基金，非常時期可采取推出平準基金、暫停或取消征收印花稅等手段；第六，督促上市公司加強市值管理、提升盈利水平、完善治理結構；第七，加大對異常交易行為的監控和打擊力度，提高違法成本；第八，健全賠償機制，為受損投資者提供及時有效的救濟途徑。
參考資料 >
清華大學五道口金融學院.清華大學五道口金融學院官網.2023-09-29
經濟學家田軒：不斷突破人生閾值的長期主義者.人文清華-今日頭條.2023-09-29
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