主题：The Real Effects of the Recent Life Expectancy Shock（近期的预期寿命冲击对企业的影响）

主讲人：香港浸会大学商学院 邹昆儒助理教授

主持人：永利yl23411集团官网 金雅玲副教授

时间：2025年4月15日（周二）10:00-11:00

地点：柳林校区诚正楼650会议室

主办单位：数字经济重大基础理论与实践创新研究团队 新时代中国特色财务与会计理论创新与方法体系研究团队 永利yl23411集团官网 科研处

主讲人简介：

邹昆儒是香港浸会大学商学院会计经济金融系助理教授，他的研究兴趣包括公司财务、房地产和中国经济等。他在南洋理工大学南洋商学院获得博士学位。Kunru Zou is an Assistant Professor of Finance at Hong Kong Baptist University. His primary research interests include corporate finance, real estate, and Chinese Economy.

内容摘要：

在美国，由于COVID-19导致的超额死亡使得整体预期寿命下降了1.5年，这是自第二次世界大战以来的最大降幅。本次讲座将深入讨论关于这一预期寿命变化的经济后果的研究。研究发现，预期寿命的显著下降导致了固定收益养老金缴款的显著减少。这种养老金缴款的减免反过来促进了资本支出的增加。此外，研究发现在金融约束水平较高的公司中，养老金缴款减免对资本支出的影响更加明显。公司在预期寿命变化后，在研发费用和外部股权融资方面的反应。研究进一步揭示，养老金缴款的显著下降主要是由预期寿命的暂时下降驱动的，而不是由与COVID-19相关的死亡引起的。鉴于疫情后死亡率预计将下降，那些经历了养老金缴款暂时减少的公司可能在未来面临增加的强制性养老金缴款。

本次讲座将帮助听众理解预期寿命下降对企业的短期影响和潜在的长期影响。

In the United States, the excess deaths due to COVID-19 resulted in an overall decline in life expectancy of 1.5 years, the largest drop since World War II. This lecture will discuss the economic consequences of this change in life expectancy. We find that the significant decline in life expectancy led to a substantial reduction in defined benefit pension contributions. This pension contribution relief, in turn, led to increased capital expenditure. Additionally, we observe that the effects of pension contribution relief on capital expenditure are more pronounced in firms with higher pre-shock levels of financial constraints. Furthermore, we document firms’ responses in terms of increased R&D expenses and external equity financing following the change in life expectancy. Our study also reveals that the significant drop in pension contributions was primarily driven by the temporary drop in life expectancy rather than by COVID-19-related deaths. Given that mortality rates are expected to decrease post-pandemic, firms that experienced a temporary reduction in pension contributions may face increased mandatory pension contributions in the future.