教育背景：
1982 年 南開大學 理學學士
1985 年 南開大學理學碩士
1991 年 加拿大多倫多大學 經濟學博士
任職經歷：
1985 年 南開大學數學系講師
1991 年-1993 年 加拿大康科迪亞大學經濟系助理教授
1993 年-至今 香港科技大學經濟系教授
2007 年 中國教育部長江學者
學術兼職🩳：
美國數學學會評審員
《計量經濟學》、《經濟學理論期刊》🫶🏿、《金融研究》、《國際經濟學》等學術刊物審稿人
研究方向：
風險投資、創業融資🥊、不完備契約、企業架構
所授課程：
本科課程：《博弈論》📣、《金融經濟學》、《微觀經濟學》
碩士研究生課程：《微觀理論》㊙️、《信息經濟學》🧑🏻🌾😆、《契約理論》、《博弈論》、《公司融資》🃏𓀒、《公司治理》👨👨👦、《風險投資》
主要學術成果：
國際論文：
1. Wang, S. (1989): “Trade Balance and Exchange Rate with the PPP Theory,” Economics Let-
ters, 30, 363–366.
2. Wang, S. (1990): “The Inverse Problem of Asset Price under Nonexpected Utility,” Econom-
ics Letters, 33, 211–215.
3. Wang, S. (1993): “The Integrability Problem of Asset Prices,” Journal of Economic Theory,
59(1), 199–213. (47 Google citations).
4. Wang, S. (1993): “Is Kreps-Porteus Utility Distinguishable From Intertemporal Expected
Utility?” Economic Theory, 3, 119–127.
5. Wang, S. (1993): “The Local Recoverability of Risk Aversion and Intertemporal Substitu-
tion,” Journal of Economic Theory, 59(2), 333–363.
6. Irvine1, I.; Wang, S. (1994): “Earnings Uncertainty and Aggregate Wealth Accumulation:
Comment,” American Economic Review, 84(5), 1463–1469.
7. Tao2, Z.; Wang, S. (1998): “Foreign Direct Investment and Contract Enforcement,” Journal
of Comparative Economics, 26, 761–782.
8. Kim3, S.K.; Wang, S. (1998): “Linear Contracts and the Double Moral-Hazard,” Journal of
Economic Theory, 82, 342–378. Well cited (174 Google citations).
9. Wang, S. (2000): “Determinants of Aggregate Wealth,” Macroeconomic Dynamics, 4(1),
22–41.
10. Irvine, I.; Wang, S. (2001): “Saving Behavior and Wealth Accumulation in a Pure Life-Cycle
Model with Income Uncertainty,” European Economic Review, 45(2), 233–258.
11. Irvine, I.; Wang, S. (2003): “The Distribution of Wealth with Uncertain Income,” Econom-
ica, 70, 267–292.
12. Wang, S.; Zhou,4 H. (2004): “Staged Financing in Venture Capital: Moral Hazard and Risks,”
Journal of Corporate Finance, 10(1), 131–155. Well cited (392 Google citations).
13. Kim, S.K.; Wang, S. (2004): “Robustness of a Fixed-Rent Contract in a Standard Agency
Model,” Economic Theory, 24(1), 111–128.
14. Wang, S.; Zhu,5 T. (2004): “Contract Law and the Boundaries of the Firm,” Journal of Eco-
nomic Research, 9, 93–113.
15. Wang, S.; Zhu, T. (2005): “Control Allocation, Revenue Sharing, and Joint Ownership,” In-
ternational Economic Review, 46(3), 895–915. (46 Google citations).
16. Wang, S.; Zhu, L. (2007): “Increasing Returns to Scale from Variable Capacity Utilization,”
International Journal of Economic Theory, 3(3), 191–212.
17. Wang, S. (2008): “The Optimality of Contingent Fees in the Agency Problem of Litigation,”
International Review of Law and Economics, 28, 23–31.
18. Wang,6 L.; Wang, S. (2009): “Convertibles in Staged Financing,” Journal of Economics and
Finance, 33(2), 189–221.
19. Wang, S. (2009): “Convertibles in Sequential Financing,” Review of Finance, 13(4), 727–
760.
20. Wang, S. (2010): “Contractual Incompleteness for External Risks,” B.E. Journal of Theo-
retical Economics, 10(1), Article 19.
21. Wang, L.; Wang, S. (2011): “Cross-Border Venture Capital Performance: Evidence from
China,” Pacific-Basin Finance Journal, 19(1), 71–97. (103 Google citations).7
22. Qiu,8 L.; Wang, S. (2011): “BOT Projects: Incentives and Efficiency,” Journal of Develop-
ment Economics, 94(1), 127–138. (81 Google citations).
23. Hong,9 F.; Wang, S. (2012): “Climate Policy, Learning, and Technology Adoption in Small
Countries,” Environmental and Resource Economics, 51(3), 391-411.
24. Wang, L.; Wang, S. (2012): “Endogenous Networks in Investment Syndication,” Journal of
Corporate Finance, 18, 640-663.
25. Wang, L.; Wang, S. (2012): “Economic Freedom and Cross-Border Venture Capital Perfor-
mance,” Journal of Empirical Finance, 19, 26-50. (113 Google citations).
26. Zhang,10 J.; Wang, L.; Wang, S. (2012): “Financial Development and Economic Growth: Re-
cent Evidence from China,” Journal of Comparative Economics, 40, 393-412. Well cited
(458 Google citations).
27. Jiang,11 K.; Wang, S. (2012): “Staged Privatization: A Market Process with Multistage Lock-
ups,” China Economic Review, 23(4), 1051-1070.
28. Wang, L.; Wang, S.; Zhang, J. (2013): “Understanding the High-Tech Bubble from Evi-
dence,” Financial Review, 48(2), 283-310.
29. Wang, S. (2014): “The Irrelevance of Control Rights in Agency Models under Risk Neutral-
ity.” Managerial and Decision Economics, 35, 337-349.
30. Chen, S.; Wang, S.; Yang, H. (2015). Spatial Competition and Interdependence in Strategic
Decisions: Empirical Evidence from Franchising. Economic Geography, 91(2), 165-204.
31. Jiang, K.; Wang, S. (2016). Staged Privatization: Transforming SOEs to Market-Based
Firms. Journal of Institutional and Theoretical Economics, 172(4), 694-726.
32. Wang, S.; Zhu, T. (2016). Optimality of the 51:49 Equity Structure. Economics Letters, 145,
270-273.
33. Wang, S. (2017). A Functional Representation of Fuzzy Preferences. Theoretical Economics
Letters, 7, 13-22.
34. Jiang, K.; Wang, S. (2017). A Contractual Analysis of State versus Private Ownership. China
Economic Review, 43, 142-168.
35. Wang, L.; Wang, S. (2017). Buybacks as an Efficient Strategy for Venture Capital in Emerg-
ing Markets. Pacific-Basin Finance Journal, 43, 107-123.
36. Wang, S. (2018). A Theory of Mandatory Convertibles: Distinct Features for Large Repeated
Financing. European Journal of Finance, 24(4), 347-362.
37. Ma, Q.; Wang, S. (2018). A Unified Theory of Forward- and Backward-looking M&As and
Divestitures. European Financial Management, 24(3, June), 418-450.
38. Ma, Q; Wang, S. (2018). Divestment Options under Tacit and Incomplete Information. Pa-
cific-Basin Finance Journal, 49 (June), 15-29.
39. Song, T.; Wang, S. (2019). Network Effects, Trade, and Productivity. Managerial and De-
cision Economics, 40(7), 815-822.
40. Wang, L.; Wang, S. (2021). Unusual Investor Behavior under Tacit and Endogenous Market
Signals. International Review of Economics and Finance, 73, 76-97.
41. Jiang, K.; Wang, S. (2022). Internal Labor Markets - Two Types of Promotion and Two Tiers
of Salary - Theory and Evidence from China. China Economic Review, 72, Article 101756
(22-1 accept, 22-4 publish).
42. Ma, Q.; Wang, S. (2022). Internal vs. External Restructuring—Boundary of the Firm with
an Endogenous Firm Structure. Journal of Financial Research, 45 (4), 797-816 (22-7 pub-
lish).
43. Jiang, K.; Wang, S. (2023). Survival Tactics for Distressed Firms in Emerging Markets.
Asia-Pacific Journal of Management, forthcoming (23-1 accept).
44. Wang, S. (2023). Bundling of Authority and Accountability in Organizations. Journal of
Economics & Management Strategy, forthcoming (23-6 accept).
45. Wang, S.; Xiao, J. (2023). The Hierarchy of Public Governance: Resource Allocation vs Bu-
reaucratic Inefficiency. Review of Economic Design, forthcoming (23-10 accept).
46. Wang, S. (2024). Incomplete Contracts with Disparity, Uncertainty, Information and In-
centives. Theory and Decision, forthcoming (24-1 accept).
47. He, Y.; Tang, S.; Wang, L.; Wang, S.; Yu, T. (2024). Private Equity Market Development,
State Ownership and Firm Innovation: Evidence from China. International Review of Eco-
nomics and Finance, forthcoming (24-1 accept).
國內論文：
1. Wang, S. (1985): “Analyze and Predict China's Economic Growth Using a Dynamic Pro
gramming Method,” Mathematics in Economics, 2, 129–130 (in Chinese).
2. Wang, S. (1986): “A Separation Theorem of Convex Cone on Ordered Vector Space and Its
Applications,” Acta Mathematicae Applicatae Sinica, 9 (3), 309–318 (in Chinese).
3. Wang, S. (1986): “The Convex Vector Programming on an Order Complete Ordered Topo
logical Vector Space,” Annals of Mathematics, 7 (1), 111–123 (in English).
4. Wang, S. (1986): “On Economic Growth Models,” Journal of Operations Research, 5 (2),
10–17, 1986 (in Chinese).
5. Wang, S. (2003): “A Recursive Dynamic Agency Model and a Semi-Linear First-Best
Contract,” China Economic Quarterly (經濟季刊), 2 (2), 339–354 (in Chinese).
6. Wang, S.; Zhu, L. (2004): “A Dynamic Queuing Model,” Chinese Journal of Economic
Theory, 1, 14–35 (in English).
7. Wang, S. (2008): “Multiple Objectives in Fiscal Policy: the Case of Taxation,” Nanjing
Business Review, 43–59 (in Chinese).
8. Wang, L.; Wang, S. (2010), “The Impact of Public Market Signals on Venture Capital
Investment Decision and Performance,” China Economic Quarterly (經濟季刊), 10(1),
183-208. (in Chinese).
9. Wang, S. (2012). Ownership and Regulation in Private-Public Partnerships. Nanjing
Business Review (南大商學評論), 17, 1–22 (in Chinese).
10. Zhang, J.; Shan J.; Wang, S. (2013). Location strategies of multinational banking under
risk and asymmetric information. Nankai Business Review International, 4(2), 130-146.
(in English).
合作論文：
1. Jiang, K.; Wang, S. (2021). Survival Tactics for Distressed Firms in Emerging Markets. 3rd
R&R to Asia-Pacific Journal of Management.
2. Wang, S. (2022). Bundling of Authority and Accountability in Organizations. 1st R&R to
Journal of Economics & Management Strategy.
3. Y. He; S. Tang; L. Wang; S. Wang (2020). Private Equity Market Development, State
Ownership and Firm Innovation: Evidence from China. 1st R&R to International Review of
Economics and Finance.
專著和書籍章節：
1.Wang, S. (2012). Organization Theory and Its Applications. Routledge Publisher, UK.
2.Wang, S.; Yang, W. (2014). 高級微觀經濟理論.People’s University Publisher, China, (in
Chinese).
3. Wang, S. (2015). Math in Economics. 1st ed., 2008, People’s University Publisher, China;
2nd ed., 2015, World Scientific Publishing Co.
4. Wang, S. (2018). Microeconomic Theory. 1st ed., 2006, People’s University Publisher,
China; 2nd ed., 2012, McGraw-Hill; 3rd ed., 2016, free online; 4th ed., 2018, Springer.
5.Blomqvist, A.G.; Wang, S.; Zhu, L. (2000): “Financing health care in developing economies:
Simulations for China,” in Jason Z. Yin, D.F. Gates and Shuanglin Lin, eds., Social Security
Reform: Options for China. 315–333, Singapore: World Scientific.
6. Wang, L.; Wang, S. (2009): “Is Staged Financing Designed for Alleviating Risks or Agency
Problems?” in M. Bergmann and T. Faust, eds., Handbook of Business and Finance, Chapter 8,
Nova Publishers, 191–216 (invited submission).
7. Wang, L.; Wang, S. (2009): “Syndication as a Management Strategy,” in M. Bergmann and
T. Faust, eds., Handbook of Business and Finance, Chapter 9, Nova Science Publishers,
217–240 (invited submission).
8. Wang, S. (2012): “An Efficient Bonus Contract,” in P.E. Simmons and S.T. Jordan, eds,
Economics of Innovation, Incentives and Uncertainty, Chapter 10, 170–190, Nova Science
Publishers, (invited submission).
所獲榮譽🧨：
1.1982 年 南開大學數學競賽第一名
2.2004 年 香港科技大學富蘭克林卓越教學獎
3.2007 年 香港科技大學富蘭克林卓越教學獎
4.2010 年 香港科技大學富蘭克林卓越教學獎
5.2012 年 根據 Exaly 的數據，《比較經濟學雜誌》的引文排名第一
6.三篇被引用的論文😙：Kim-Wang（1998）、Wang-Zhou（2004）和 Zhang-Wang-Wang（2012）分別有 170、373 和 419 次谷歌引用
