Xiao, Zuoping
Professor
School of Accountancy
Hangzhou Dianzi University
1158 No.2 Avenue
Hangzhou, China
Tel: +86 13551096247
E-mail: xzp4061@sina.com
Education
Ph.D., Xiamen University (20001-2004)
M.A., Harbin University of Science and Technology (1998-2001)
B.S., Harbin University of Science and Technology (1994-1998)
Research Interests
Corporate Governance
Corporate Finance
Social Capital
Teaching Areas
Financial management
Financial frontier theory
Corporation finance
Accounting
Accounting for management
Accounting and corporate finance
Employment History
Hangzhou Dianzi University (2017.03. – present)
SouthWest JiaoTong University (2006.07-2017.03)
Tsinghua University postdoctoral (2005.04-2007.04)
Grants
National Natural Science Foundation of China (Grant Nos. 71772154)
National Natural Science Foundation of China (Grant Nos. 71472157)
National Natural Science Foundation of China (Grant Nos. 71272140)
National Natural Science Foundation of China (Grant Nos. 71002062)
The Eleventh five-year Plan of philosophy and Social Sciences of Sichuan Province (Grant No. SC09B047)
Sichuan Provincial Social Science Planned Project (Grant No. SC12B012)
Sichuan Applied Psychology Research Center Project (Grant No. CSXL-092019)
The 12th five-year Plan of Sichuan Development and Reform Commission (Grant No. 2009kt022)
Soft Science Subject of Sichuan Science and Technology Program (Grant No. 2010ZR0027)
Postdoctoral Science Foundation Project of China (Grant No. 2005038065)
New Century Excellent Talent Support Program of the Ministry of Education China (Grant Nos. NCET-10-0666)
Humanities and Social Sciences Research Project of the Ministry of Education of China (Grant No. 09XJC630013)
Specialized research fund for doctoral programs in colleges and universities of the Ministry of Education of China (Grant No. 200806131003)
Publications & working papers
Qiu, X., Su, Z.,Xiao ZuoPing. Do Social Ties Matter for Corporate Bond Yield Spreads? Evidence From China. Corporate Governance: An International Review,2019.
Liu, C.,Xiao ZuoPing,Xie, H. Customer Concentration, Institutions, and Corporate Bond Contracts. International Journal of Finance & Economics,2019.
Shah, M. H.,Xiao ZuoPing. Abdullah,Shah, M. K. The Effect of a Complex Ownership Structure and Judicial Efficiency On Leverage: Evidence From Pakistani Listed Companies. Emerging Markets Finance & Trade,2018,(2).
Su, Z,. Xiao ZuoPing, Yu, L. Do Political Connections Enhance Or Impede Corporate Innovation?International Review of Economics & Finance,2018.
Xiao ZuoPing: Ownership-Control Rights Divergence, Government Intervention and Choice of Capital Structure: Empirical Evidence from Listed Companies in China. Nankai Business Review International, 2011 2(3), 303-324.
Xiao ZuoPing: Large Shareholders, Legal Institution and Capital Structure Decision: Empirical Evidence from Chinese Listed Companies. Nankai Business Review International, 2010 1(1), 59-86.
Xiao Zuoping: Stakeholder Theory of Capital Structure——Empirical Evidence from Chinese Listed Companies, Proceedings of 2005 International Conference on Management Science & Engineering, 2005, 1239-1244. (ISTP).
Xiao Zuoping: Research on the Determinants of Financial Policy for Small and Medium Enterprises: Chinese Evidence, 2006 8th West Lake International Conference on SMB, 2006, 422-428. (ISTP).
Xiao Zuoping: Asset Specificity and Capital Structure Choice: Empirical Evidence from Chinese Listed Companies, The 13th International Academic Conference on Industrial Engineering & Engineering Management, 2006, 2688-2694. (ISTP).
Xiao Zuoping, Wang Lu. Research on the Impact of Financial Restatement on Bank Loan Contracts. Securities Market Herald, 2018 (06): 4-14. (In Chinese)
Xiao Zuoping, Liu Chenyan. Control-Cash Flow Rights Divergence, Financial Development and Corporate Bond Restrictive Covenants:[J]. Securities Market Herald, 2018 (12): 48-60. (In Chinese)
Xiao Zuoping, Liu Chenyan. Bargaining Power, Product Uniqueness and Business Credit of Upstream and Downstream Enterprises: Empirical Evidence from Listed Companies in Manufacturing Industry in China. Securities Market Herald, 2017 (09): 33-41. (In Chinese)
Xiao Zuoping. The Influence of Ultimate Ownership Structure on the Cost of Equity Capital: Empirical Evidence from Listed Companies in China. Journal of Management Sciences in China, 2016, 19 (01): 72-86. (In Chinese)
Xiao Zuoping, Zhang Cherry. Ultimate Controlling Shareholder, Social Capital and Bank Loan Contract-Empirical Evidence from Listed Companies in China. Securities Market Herald, 2016 (04): 35-48. (In Chinese)
Xiao Zuoping, Zhang Xuehua, Chen Xiaolin. Special General Partnership, Signature Partner Status and Audit Quality. Securities Market Herald, 2016 (11): 23-31. (In Chinese)
Xiao Zuoping, Yin Linhui. The Nature of Ultimate Ownership and the Cost of Equity Financing: Empirical Evidence from China's Securities Market. Securities Market Herald, 2015 (07): 13-23. (In Chinese)
Xiao Zuoping, Zhang Cherry. The Influence of Ultimate Ownership Structure on Bank Loan Contract: Empirical Evidence from Listed Companies in China. Securities Market Herald, 2015 (11): 19-30. (In Chinese)
Xiao Zuoping, Yin Linhui. A Study on the Influencing Factors of Personal Housing Consumption in China: Theory and Evidence. Economic Research Journal, 2014, 49 (S1): 66-76. (In Chinese)
Xiao Zuoping, Qiao Xiaoqin. A Study on the Relationship Between Ultimate Controlling Shareholders and Accounting Conservatism. Securities Market Herald, 2014 (09): 17-24. (In Chinese)
Xiao Zuoping, Zhang Cherry. The Influence of Social Capital on Bank Loan Contract. Securities Market Herald, 2014 (12): 32-40. (In Chinese)
Xiao Zuoping, Huang Juan. Media Supervision, Ownership Nature and Equity Capital Cost. Securities Market Herald, 2013 (12): 14-20. (In Chinese)
Xiao Zuoping, Qu Jiali. Analysts Disagree, Experience and Equity Capital Cost. Securities Market Herald, 2013 (09): 18-26. (In Chinese)
Xiao Zuoping, Su Zhongqin. Is Cash Dividend a Tool For "Hollowing Out" or a Mask For "Hollowing Out"? Empirical Evidence from Listed Companies in China. Journal of Industrial Engineering and Engineering Management, 2012, 26 (02): 77-84. (In Chinese)
Xiao Zuoping, Liao Li. Ultimate Controlling Shareholder, Legal Environment and Financing Structure Choice. Journal of Management Sciences in China, 2012, 15 (09): 84-96. (In Chinese)
Xiao Zuoping, Zhang Xinzhe. A Study on the Influence of System and Human Capital on Family Financial Market Participation: Survey Data from Chinese Private Entrepreneurs. Economic Research Journal, 2012, 47 (S1): 91-104. (In Chinese)
Xiao Zuoping. Principal-Agent Relationship, Investor Legal Protection and Company Value. Securities Market Herald, 2012 (12): 25-34. (In Chinese)
Xiao Zuoping, Zhou Jiajia. Institutional Environment and Equity Capital Cost: a Comparative Study of Interprovincial Data in China. Securities Market Herald, 2012 (08): 19-27. (In Chinese)
Xiao Zuoping. The Influence of Ultimate Ownership Structure on the Choice of Capital Structure: Empirical Evidence from Listed Companies in China. China Journal of Management Science, 2012, 20 (04): 167-176. (In Chinese)
Xiao Zuoping. On the Measurement Model of the Cost of Equity Capital. Public Finance Research, 2011 (08): 69-72. (In Chinese)
Dong Dayong, Xiao Zuoping. Is there Information Transmission Between the Trading Market and the online Forum?. Management Review, 2011, 23 (11): 3-11. (In Chinese)
Dong Dayong, Xiao Zuoping. Home Error of Securities Information Exchange and Its Influence on Stock Price: Evidence from Stock Forum. Management World, 2011 (01): 52-61. (In Chinese)
Xiao Zuoping. The Influence of Ultimate Controlling Shareholders on the Choice of Debt Maturity Structure: Empirical Evidence from Listed Companies in China. Nankai Business Review, 2011, 14 (06): 25-35. (In Chinese)
Xiao Zuoping, Xu Lingyu, Chen Yuwei. The Influence of Ultimate Ownership Structure on Audit Pricing: Empirical Evidence from Listed Companies in China. Securities Market Herald, 2011 (11): 27-33. (In Chinese)
Xiao Zuoping, Yang Jiao. An Analysis of the Impact of Corporate Governance on Corporate Social Responsibility: Empirical Evidence from Listed Companies in China. Securities Market Herald, 2011 (06): 34-40. (In Chinese)
Xiao Zuoping, Liao Li, Zhang Xinzhi. Lifecycle, Relationship Between Human Capital and Household Real Estate Investment and Consumption--Empirical Evidence from National Survey Data[J]. China Industrial Economics, 2011(11):26-36. (In Chinese)
Xiao Zuoping, Qu Jieli. The Effect of Financial Crisis on the Upgrading of Sichuan Industry[J]. Financial Study,2010 (02):62-65. (In Chinese)
Xiao Zuoping. Does Corporate Governance Affect the Types of Debt Maturity Structure? Empirical Evidence from Listed Companies in China. Journal of Industrial Engineering and Engineering Management, 2010, 24 (01): 110-123. (In Chinese)
Terry, Xiao Zuoping. The Choice of Ultimate Ownership Structure and Debt Maturity Structure. Journal of Management Science, 2010, 23 (06): 72-80. (In Chinese)
Meng Xiaojun, Xiao Zuoping, Qu Jiali. The Interaction Between Corporate Social Responsibility Information Disclosure and Capital Cost: An Analytical Framework Based on Information Asymmetry. Accounting Research, 2010 (09): 25-29. (In Chinese)
Xiao Zuoping, Yin Linhui. A Study on the Influencing Factors of the Proportion of Housing Provident Fund Deposit in China: Based on the Empirical Evidence of 34 Large and Medium-Sized Cities. Economic Research Journal, 2010, 45 (S1): 129-142. (In Chinese)
Xiao Zuoping. The Separation of Ownership and Control, Government Intervention and the Choice of Capital Structure: Empirical Evidence from Listed Companies in China. Nankai Business Review, 2010, 13 (05): 144-152. (In Chinese)
Xiao Zuoping. The Influence of Ultimate Ownership Structure on Corporate Performance: Empirical Evidence from Panel Data of Listed Companies in China. Securities Market Herald, 2010 (09): 12-19. (In Chinese)
Xiao Zuoping, Tian Xiaohui. The Influence of Government Relations on Corporate Debt Policy: Empirical Evidence from Listed Companies in China. Securities Market Herald, 2010 (12): 46-52. (In Chinese)
Xiao Zuoping, Liao Li. Non-Financial Stakeholders and Corporate Capital Structure Selection-a Dynamic Adjustment Model. China Industrial Economics, 2010 (10): 85-95. (In Chinese)
Xiao Zuoping. An Analysis of the Development of China's Financing System. Public Finance Research, 2009 (01): 56-60. (In Chinese)
Xiao Zuoping. Influencing Factors of Debt Maturity Structure and Dynamic Adjustment Model of Two-Way Effect: Empirical Evidence from Listed Companies in China. Journal of Industrial Engineering and Engineering Management, 2009, 23 (03): 142-146. (In Chinese)
Xiao Zuoping. Large Shareholders, Legal System and Capital Structure Decision-Empirical Evidence from Listed Companies in China. Nankai Business Review, 2009, 12 (01): 27-39. (In Chinese)
Xiao Zuoping. Industry Category and Corporate Debt Maturity Structure Selection-Empirical Evidence from Listed Companies in China. Securities Market Herald, 2009 (09): 50-56. (In Chinese)
Xiao Zuoping. An Analysis of the Influence of Institutional Factors on the Choice of Capital Structure: Empirical Evidence from Listed Companies in China. Securities Market Herald, 2009 (12): 40-47. (In Chinese)
Yu Nutao, Huang Dengshi, Xiao Zuoping. Corporate Governance: Efficiency and Intensity: An Investigation Based on Accounting Earnings Quality. Securities Market Herald, 2009 (07): 70-77. (In Chinese)
Liao Li, Xiao Zuoping. Does Corporate Governance Affect Corporate Cash Holdings-Empirical Evidence from Listed Companies in China. China Industrial Economics, 2009 (06): 98-107. (In Chinese)
Xiao Zuoping, Zeng Yan, Yang Lei. An Empirical Study of Chinese Accounting Based on the New Development Trend of Public Finance Research. China Accounting Review, 2009, 7 (01): 113-122. (In Chinese)
Xiao Zuoping. Analysis on the Structure of the Board of Directors of Listed Companies in China. Public Finance Research, 2008 (02): 58-61. (In Chinese)
Xiao Zuoping. The Influence of Corporate Governance on Capital Choice-theory and Evidence. Journal of Management Sciences in China, 2008, 11 (05): 129-144. (In Chinese)
Xiao Zuoping, Liao Li. Does the Governance of Companies Affect the Debt Maturity Level? Management World, 2008 (11): 143-156. (In Chinese)
Xiao Zuoping. A Review of the theoretical Research on Debt Maturity Structure. Securities Market Herald, 2008 (06): 48-55. (In Chinese)
Xiao Zuoping. Research on the Influence of Company Characteristics on Company Cash Holdings (In Chinese)
Xiao Zuoping. Analysis on the Characteristics of External Governance Structure of Listed Companies in China. Public Finance Research, 2007 (03): 66-69. (In Chinese)
Xiao Zuoping. Research on Corporate Governance and Financing Policy Empirical Evidences from Chinese Listed Companies. Journal of Industrial Engineering and Engineering Management, 2007 (03): 60-66. (In Chinese)
Xiao Zuoping, Liao Li. Major Shareholders, Creditor Protection and the Choice of Maturity Structure of Corporate Debt-Empirical Evidence from Listed Companies in China. Management World, 2007 (10): 99-113. (In Chinese)
Xiao Zuoping. The Joint Determinations of Debt Maturity and Capital Structure: A Structure Equation Model. Journal of Applied Statistics and Management, 2007 (03): 543-549. (In Chinese)
Xiao Zuoping. A Review of the Relationship Between Corporate Governance and Financing Policy. Securities Market Herald, 2007 (08): 50-56. (In Chinese)
Xiao Zuoping. Debt Maturity Structure and Regional Factors-Empirical Evidence from Listed Companies in China. Securities Market Herald, 2007 (11): 43-50. (In Chinese)
Xiao Zuoping, Chen Desheng. The Influence of Corporate Governance Structure on Agency Costs--Empirical Evidence from Chinese Listed Companies[J]. Finance & Trade Economics, 2006(12):29-35. (In Chinese)
Xiao Zuoping. Does Corporate Governance Affect Audit Quality? Empirical Evidence from China's Capital Markets. Management World, 2006 (07): 22-33. (In Chinese)
Xiao Zuoping. Free Cash Flow and Debt Control Hypothesis Test-Empirical Evidence from Audit Fees of Listed Companies in China. Business Management Journal, 2006 (06): 34-43. (In Chinese)
Xiao Zuoping. Free Cash Flow Hypothesis Test: Audit Fee Perspective. Nankai Business Review, 2006 (02): 19-23. (In Chinese)
Xiao Zuoping. An Analysis of the Characteristics of Capital Structure of Listed Companies in China. Operations Research and Management Science, 2006 (01): 66-72. (In Chinese)
Xiao Zuoping. An Empirical Test on the Characteristics of Debt Maturity Structure of Listed Companies in China. Securities Market Herald, 2006 (02): 51. (In Chinese)
Xiao Zuoping. A Review of the Research on the Maturity Structure of Corporate Debt. Securities Market Herald, 2006 (11): 70-77. (In Chinese)
Xiao Zuoping. An Empirical Study on the Interaction Between Capital Structure and Corporate Performance of Listed Companies. Journal of Management Science, 2005 (03): 16-22. (In Chinese)
Xiao Zuoping. The Influence of Corporate Governance Structure on the Type of Capital Structure: a Logit Model. Management World, 2005 (09): 137-147. (In Chinese)
Xiao Zuoping. A Review of Empirical Research on the Influencing Factors of Capital Structure. Securities Market Herald, 2005 (11): 33-40. (In Chinese)
Xiao Zuoping. The Influence of Ownership Structure on the Choice of Capital Structure: Empirical Evidence from Listed Companies in China. Modern Economic Science, 2004 (01): 1-7. (In Chinese)
Xiao Zuoping. Influencing Factors of Capital Structure and Dynamic Model of Two-Way Effect: Evidence from Panel Data of Listed Companies in China. Accounting Research, 2004 (02): 36-41. (In Chinese)
Xiao Zuoping. Influencing Factors of Capital Structure and Dynamic Model of Two-Way Effect: New Evidence from Panel Data of Listed Companies in China. Economic Review, 2004 (02): 98-103. (In Chinese)
Xiao Zuoping. Capital Structure Choice Model and Empirical Study of Listed Companies. Securities Market Herald, 2004 (09): 25-30. (In Chinese)
Xiao Zuoping, Li Kong. Influencing Factors of Debt Maturity Structure: theory and Evidence. Securities Market Herald, 2004 (03): 24-29. (In Chinese)
Xiao Zuoping. An Empirical Study on Ownership Structure, Capital Structure and Corporate Value. Securities Market Herald, 2003 (01): 71-76. (In Chinese)
Xiao Zuoping. Influencing Factors of Capital Structure: theory and Evidence. Securities Market Herald, 2003 (06): 58-63. (In Chinese)
Xiao Zuoping, Wu Shinong. An Empirical Study on the Influencing Factors of Capital Structure of Listed Companies in China. Securities Market Herald, 2002 (08): 39-44. (In Chinese)
Books and Book Chapters
Ultimate Ownership Structure, Social Capital and Bank Loan Contract (Xiao Zuoping, Zhang Ying), Southwest University of Finance and Economics Press, 2017, 240 pages. (in Chinese)
Ultimate Controlling Shareholder, Investor Protection and Accounting Conservatism (Xiao Zuoping, Liang Lihui), Dongbei University of Finance & Economics Press, 2016, 169 pages. (in Chinese)
Determinants and Economic Consequences of Earnings Conservatism of IPO Firms in China (Zhang Zijian, Xiao Zuoping), Southwest University of Finance and Economics Press, 2016, 167 pages. (in Chinese)
Ultimate Controlling Shareholders, Legal Environment and the Choice of Debt Maturity Structure (Xiao Zuoping), Southwest University of Finance and Economics Press, 2015, 229 pages. (in Chinese)
The Ultimate Ownership Structure, Institutional Environment and the Cost of Equity Capital (Xiao Zuoping, Yin Linhui), Dongbei University of Finance & Economics Press, 2015, 184 pages. (in Chinese)
National Excellent Courses and National Resource Sharing Course Textbooks: Financial Management (Xiao Zuoping), Dongbei University of Finance & Economics Press, 2014, 398. (in Chinese)
Ultimate Ownership Structure, Institutional Environment and the Choice of Financing Structure: A Dynamic Perspective (Xiao Zuoping, Tu Rui), Dongbei University of Finance & Economics Press, 2013, 242 pages. (in Chinese)
National Excellent Course Textbooks: Financial Management (Xiao Zuoping), Science Press, 2011, 384 pages. (in Chinese)
Southwest Jiaotong University Network excellent course textbook: Financial Management (Xiao Zuoping), Southwest Jiaotong University Press, 2011, 310 pages. (in Chinese)
Research on the Influencing Factors of Debt Maturity Structure: Theory and Evidence (Xiao Zuoping, Liao Li), China Renmin University Press, 2009, 384 pages. (in Chinese)
Core Course of Advanced Business Administration (Wu Shinong, Xiao Zuoping et al.), East China Normal University Press, 2006, 558 pages. (in Chinese)
A Study on Determinants of Capital Structure-theory and evidence from Chinese listed companies. (Xiao Zuoping). China financial & economic publishing house, 2005, 208 pages. (in Chinese)
Corporate Finance (translated by Wu Shinong, Shen Yifeng, Xiao Zuoping et al.), Machinery Industry Press, 2003, 666 pages. (in Chinese)
Academic position:
Peer Review Expert of National Natural Science Fund of China
Peer Review Expert of National Social Science Fund of China
Peer Review Expert of Beijing Natural Science Foundation
Peer Review Expert of Zhejiang Natural Science Foundation
Peer Review Expert of Shandong Natural Science Foundation
Peer Review Expert of Sichuan Soft Science Subject
Ministry of Education Degree and Graduate Education Evaluation Expert
Education Scientific Research Fund and Science and Technology Award Evaluation experts
Ministry of Education Research Fund and Science and Technology Award Evaluation Experts
Peer Review Expert of Doctoral Foundation of Ministry of Education
Peer Review Expert of National Quality Courses of Ministry of Education
Peer Review Expert of China Post-doctoral Foundation
Peer Review Expert of Huo Yingdong Foundation
Member of Board of Directors of China Accounting Review
Special Editorial Board of Securities Market Herald
Member of Academic Committee of Finance Research
Editor-in-Chief of Frontiers of International Accounting
Reviewer of Economic Research Journal, Journal of Management Sciences in China, Accounting Research, Nankai Business Review, China Journal of Management Science, Economic Review, Securities Market Herald, South China Journal of Economics, Audit & Economy Research, Management Review, and Finance Research.
Professional Societies:
Chinese Institute of Certified Public Accountants
Accounting Society of China
American Accounting Association
Accounting Society of Sichuan
Professional Recognition/Awards:
National Excellent Course Award by Ministry of Education of China, 2009
National Excellent Course Award by Ministry of Education of China, 2013
Outstanding research achievement award (Humanities and Social Sciences) by Ministry of Education of China, 2009
Nomination Award of Hundred Excellent Doctoral Dissertations by Degree Office of the State Council of China, 2007
The Outstanding Doctoral Dissertation Award of Xiamen University by Xiamen University, 2007
Third Prize for Excellent Research Achievements, 13th Philosophy and Social Sciences of Sichuan Province, by the People's Government of Sichuan Provincial, 2009
First Prize, Excellent Achievements in Social Sciences of Sichuan Certified Public Accountants and Asset Assessment Industry from 2006 to 2007, by Sichuan Certified Public Accountants Association, 2008
Second Prize, the 14th Outstanding Achievement of Philosophy and Social Sciences in Sichuan Province, by the People's Government of Sichuan Province, 2011
Third Prize, Excellent Achievements in Philosophy and Social Sciences of Sichuan Education Department, awarded by Sichuan Education Department, 2010
First Prize, Excellent Achievements in Statistical Research of Sichuan Province, by Sichuan Statistical Bureau, 2010
Second Prize, Excellent Achievements in Social Sciences of Sichuan Certified Public Accountants and Asset Evaluation Industry, by Sichuan Certified Public Accountants Association, 2010
Excellent Paper Award, Fifth International Symposium on Corporate Governance, by the Center for Corporate Governance Research of Nankai University, 2009
Second Prize for Excellent Papers, the First Forum of Securities Market Herald in 2011, by Shenzhen Stock Exchange, 2011;
Selected as the national academic accounting leader (reserve) talent, by Ministry of Finance of China, 2007;
Enrolled in the Ministry of Education's Outstanding Talents Support Plan for the New Century, by Ministry of Education of China, 2009;
Selected Outstanding Talents with Outstanding Contributions from Sichuan Province, by Sichuan Human Resources and Social Security Department, 2011;
Enrolled in Sichuan Academic and Technological Leaders Reserve Candidates, by Sichuan Human Resources and Social Security Department, 2011;
Acquired the "National Accounting Leader", 2014;
Third Prize, Excellent Achievements of Undergraduate Teaching of Southwest Jiaotong University in 2012, by Southwest Jiaotong University, 2012;
Advanced Individual Title , in Science and Technology Work, by Southwest Jiaotong University in 2005-2009, 2010;
Third Prize, Excellent Achievements of Undergraduate Teaching in Sichuan Province in 2008, by the People's Government of Sichuan Provincial, 2008.
