张顺明

中国人民大学财政金融学院教授、博士生导师

张顺明，男，湖北省广水市人，1966年3月30日生，中国科学院系统科学研究所数理经济学和金融经济学博士（1996年7月），师从我国著名系统科学与数理经济学家王毓云研究员。

人物经历

教育背景

1993年09月－1996年07月中国科学院系统科学研究所，系统理论(数理经济学)博士

1990年09月－1993年07月中国科学院系统科学研究所，应用数学(数理经济学)硕士

1984年09月－1988年06月华中师范大学数学系，数学学士

工作经历

2009年09月至今中国人民大学财政金融学院金融经济学教授2006年09月－2009年08月厦门大学经济学院金融经济学教授

2005年08月－2006年09月新西兰惠灵顿维多利亚大学经济金融学院研究员

2000年09月－2005年08月加拿大西安大略大学经济学系访问教授和博士后研究员

1996年08月－2000年09月清华大学经济管理学院金融系金融经济学讲师和副教授

1988年06月－1990年09月湖北文理学院(原襄阳师范高等专科学校)数学系教师

学术和社会兼职

中国系统工程学会常务理事(兼系统理论专业委员会委员)

中国运筹学会金融工程与风险管理分会常务理事

中国交叉科学学会金融量化分析与计算专业委员会副主任

中国优选法统筹法与经济数学研究会会员

北京经济数学学会副理事长

宁波金融量化分析与计算研究中心学术顾问委员会委员

陕西省数量经济研究中心学术委员会委员兼高级研究员

《系统工程理论与实践》编辑委员会委员

《经济数学》编辑委员会委员

国际杂志审稿

Annals of Economics and Finance, Asia-Pacific Journal of Operational Research, B.E. Journal of Theoretical Economics, China Agricultural Economic Review, Economic Modelling, Energy Economics, Energy Policy, European Journal of Operational Research, Future Generation Computer Systems, IIE Transactions, Insurance: Mathematics and Economics, International Journal of Information Technology and Decision Making, Journal of Banking and Finance, Journal of Global Optimization, Journal of International Economics, Journal of International Trade and Economic Development, Journal of Mathematical Analysis and Applications, Journal of Policy Modeling, Letters in Spatial and Resource Sciences, Omega, The International Journal of Management Science, Quantitative Finance, Theoretical Computer Science, World Economy

讲授课程金融经济学，金融风险管理，资产定价与风险管理，金融衍生产品，现代金融决策理论，高级微观经济学，数理金融–动态资产定价理论，随机过程，经济与金融学随机方法，保险与精算技术教学成果和荣誉2013年12月中国人民大学优秀班主任2012年06月中国人民大学财政金融学院优秀毕业生指导教师

2011年06月中国人民大学财政金融学院优秀毕业生指导教师

科研方向

数理经济学，金融经济学，金融工程，现代金融决策理论，经济理论和经济政策代表性学术成果

学术成果

教材

张顺明赵华，金融经济学，2010，首都经济贸易大学出版社

潘吉勋张顺明，经济均衡的数学原理，1997，吉林大学出版社

代表性论文

[2014] 王晖、张顺明、周睿和王彦一(2014)，个人收入税和消费税政策分析—-基于CGE视角，《系统工程理论与实践》，即将发表

[2014] Jiangfeng Li, Weifang Liu and Shunming Zhang (2014), The Risk Averse Newsvendor Problem from Rank-Dependent Expected Utility Approach, International Journal of Operational Research, September 2014, Volume 20, Number 3, Page 262-282

[2014] John Whalley and Shunming Zhang (2014), Parametric Persistence of Multiple Equilibria in an Economy Directly Calibrated to 5 Equilibria, Economic Modelling, August 2014, Volume 41, Number 1, Page 356-364 (SSCI). Impact Factor: 0.736

[2014] 程铖、石晓军和张顺明(2014)，基于Esscher变换的巨灾指数期权定价与数值模拟，《中国管理科学》，2014年, 第22卷, 第1期，第20－28页

[2014] Hui Huang and Shunming Zhang (2014), The Fundamental Theorem of Asset Pricing with Either Frictionless Or Frictional Security Markets, Journal of Mathematical Finance, December 2014, Volume 4, Number 4, Page 123-134.

[2014] Xiaojun Shi and Shunming Zhang (2014), Trade Credit: The Interaction of Financing, Operations, Marketing and Default Risk, Review of Managerial Science, March 2014, Volume 8, Issue 2, Page 225-248 (SSCI). Impact Factor: 0.345

[2013] Jiangfeng Li, Qiong Wu, Zhiqiang Ye and Shunming Zhang (2013), Pessimistic Portfolio Choice with One Safe and One Risky Asset and Right Monotone Probability Difference order, Mathematical Problems in Engineering, November 2013, Volume 2013, Article ID 784275, 10 Pages (SCI). Impact Factor: 1.082[2013] 石晓军、张顺明和Hiroshi Tsuji (2013)，激励相容框架下嵌入触发期权的软件外包付款合同设计，《系统工程理论与实践》，2013年, 第33卷, 第11期，第2822-2830页

[2013] Raymond Riezman, John Whalley and Shunming Zhang (2013), Metrics Capturing the Degree to Which Individual Economies Are Globalized, Applied Economics, December 2013, Volume 45, Issue 36, Pages 5046-5061 (SSCI). Impact Factor: 0.518

[2013] 张顺明和余军 (2013)，国有企业所得税与绩效目标的福利效应，《数量经济技术经济研究》,2013年, 第30卷, 第05期，第3-17页

[2013] Jingjing Ji, Zhiqiang Ye and Shunming Zhang (2013), Welfare Analysis on Optimal Enterprise Tax Rate in China, Economic Modelling, July 2013, Volume 34, Issue 1, Pages 149-158 (SSCI). Impact Factor: 0.736

[2013] Zhuming Chen, Huali Yang and Shunming Zhang (2013), Pricing for Corporate Property Rights Transfer with Stochastic Markets, Journal of Systems Science and Systems Engineering, March 2013, Volume 22, Number 1, Pages 52-72 (SCI). Impact Factor: 0.736

[2013] 张顺明、叶志强和李江峰(2013)，我国制造业企业所得税最优税率研究—基于CGE技术分析，《系统工程理论与实践》，2013年, 第33卷, 第04期，第840-852页

[2013] Hui Huang, John Whalley and Shunming Zhang (2013), Multiple Nash Equilibria in Tariff Games, Applied Economics Letters, February 2013, Volume 20, Issue 4, Pages 332-342 (SSCI). Impact Factor: 0.265

[2012] 王磊、叶志强、孔东民和张顺明(2012)，投资者关注与盈余公告周一效应, 《金融研究》，2012年, 第34卷, 第11期，第193-206页

[2012] Hui Huang, John Whalley and Shunming Zhang (2012), Exploring Policy Options in Joint Intertemporal-Spatial Trade Models Using an Incomplete Markets Approach, in General Equilibrium Global Trade Models (Edited by John Whalley), 2012, World Scientific Publishing Co.

[2012] Yao Li, John Whalley, Shunming Zhang and Xiliang Zhao (2012), The Higher Educational Transformation of China and Its Global Implications, in The Globalisation of Higher Education (Edited by Christine T. Ennew and David Greenaway), 2012, Palgrave MacMillan, Hampshire, UK, Pages 135-162

[2012] Hui Huang, Xiaojun Shi and Shunming Zhang (2012), Constructing Examples with 5 Equilibria for Symmetric 3×2 CES/ LES Pure Exchange Economies, Acta Mathematica Scientia, November 2012, Volume 32B, Number 6, Pages 2411-2430 (SCI). Impact Factor: 0.620

[2012] Hui Huang, Yiming Wang, John Whalley and Shunming Zhang (2012), A Simple Trade Model with An Optimal Exchange Rate Motivated by Current Discussion of A Chinese Renminbi Float, Modern Economy, September 2012, Volume 3, Number 5, Pages 526-533

[2012] Xiaojun Shi and Shunming Zhang (2012), In Search of Redistribution-Effective Carbon Tax Regime, Computers and Industrial Engineering, November 2012, Volume 63, Number 3, Pages 717-728 (SCI). Impact Factor: 1.690

[2012] Xiaojun Shi, Hiroshi Tsuji and Shunming Zhang (2012), Introducing Heterogeneity of Managers’ Attitude into Behavioral Risk Scoring for Software Offshoring, Systems Research and Behavioral Science, July / August 2012, Volume 29, Number 4, Pages 299-316 (SCI and SSCI). Impact Factor: 0.474

[2012] John Whalley, Jun Yu and Shunming Zhang (2012), Trade Retaliation in a Monetary-Trade Model, Global Economy Journal, 2012, Volume 12, Issue 1, Article 2

[2011] John Whalley and Shunming Zhang (2011), Modelling State-Owned Enterprise Behavioural Responses to Trade Reforms: Some Analytics and Numerical Simulation Results Using Chinese Data, in China’s Integration into the World Economy, Edited by John Whalley (2011) World Scientific Press, Pages 361-390

[2011] John Whalley and Shunming Zhang (2011), A Numerical Simulation Analysis of Labour Mobility (Hukou) Restrictions in China, in China’s Integration into the World Economy, Edited by John Whalley (2011), World Scientific Press, Pages 295-324

[2011] 叶志强、陈习定和张顺明(2011)，我国定期存贷款利率隐含波动率研究—基于无模型隐含波动率分析, 《管理科学学报》，2011年, 第14卷, 第09期，第67-76页

[2011] Hui Huang and Shunming Zhang (2011), The Distorted Theory of Rank-Dependent Expected Utility, Annals of Economics and Finance, 2011, Volume 12, Issue 2, Page 233-263 (SSCI). Impact Factor: 0.470

[2011] Yitao Jiang, Xiaojun Shi, Shunming Zhang and Jingjing Ji (2011), The Threshold Effect of High-level Human Capital Investment on China’s Urban-Rural Income Gap, China Agricultural Economic Review, 2011, Volume 3, Issue 3, Pages 297-320 (SSCI and SCI). 2012 Impact Factor: 0.540

[2011] John Whalley and Shunming Zhang (2011), Tax Induced Multiple Equilibria, Applied Economics Letters, , 2011, Volume 18, Number 15, Pages 1469-1477 (SSCI). Impact Factor: 0.265

[2011] Hui Huang, Xiaojun Shi and Shunming Zhang (2011), Counter-Cyclical Substitution between Trade Credit and Bank Credit, Journal of Banking and Finance, 2011, Volume 35, Number 8, Pages 1859-1878 (SSCI). Impact Factor: 1.362

[2011] Raymond Riezman, John Whalley and Shunming Zhang (2011), Distance Measures between Free Trade and Autarky for the World Economy, Economic Modelling, 2011, Volume 28, Issue 4, Page 2000-2012 (SSCI). Impact Factor: 0.736

[2011] Jun Yu and Shunming Zhang (2011), Optimal Trade Policy in Tariff Games with Inside Money, Economic Modelling, 2011, Volume 28, Issue 4, Page 1604-1614 (SSCI). Impact Factor: 0.736

[2011] Zhuming Chen and Shunming Zhang (2011), Optimal Timing and Equilibrium Price for SOE Property Rights Transfer under Imperfect Information, International Journal of Information Technology and Decision Making, 2011, Volume 10, Issue 2, Page 353-372 (SSCI and SCI). 2010 Impact Factor: 1.890

[2011] Yao Li, John Whalley, Shunming Zhang and Xiliang Zhao (2011), The Higher Educational Transformation of China and Its Global Implications, The World Economy, 2011, Volume 34, Issue 4, Pages 516-545 (SSCI). Impact Factor: 0.760

[2011] 叶志强、陈习定和张顺明(2011)，金融发展能减少城乡收入差距吗？—-来自中国的证据, 《金融研究》，2011年, 第33卷, 第2期，第42-56页

[2011] John Whalley and Shunming Zhang (2011), On the Arbitrariness of Consumption, Applied Economics Letters 2011, Volume 18, Number 4, Pages 301-304 (SSCI). Impact Factor: 0.265

[2011] Xiaojun Shi, Hiroshi Tsuji and Shunming Zhang (2011), Eliciting Experts’ Perceived Risk of Software Offshore Outsourcing Incorporating Individual Heterogeneity, Expert Systems with Applications, 2011, Volume 38, Number 3, Pages 2283-2291 (SCI and SSCI). Impact Factor: 1.965

[2010] 石晓军和张顺明 (2010)，经济周期中商业信用与银行借款替代行为研究，《管理科学学报》，2010年, 第13卷，第12期，第10-22页

[2010] Xiaojun Shi and Shunming Zhang (2010), Exploring Multiple Equilibria for Symmetric 2×2 CES / LES Pure Exchange Economies, Applied Mathematics – A Journal of Chinese Universities, 2010, Volume 25 (B), Number 2, Pages 137-154 (SCI). 2012 Impact Factor: 0.273

[2010] Xiaojun Shi and Shunming Zhang (2010), An Incentive-Compatible Decision on Trade Credit Term Considering Default Risk, European Journal of Operational Research, 2010, Volume 206, Number 1, Pages 178-196 (SCI and SSCI). Impact Factor: 1.843

[2010] 石晓军和张顺明 (2010)，商业信用、融资约束及效率影响——基于中国上市公司的实证研究，《经济研究》，2010年, 第45卷，第1期，第102-114页

[2009] 石晓军、张顺明和李杰 (2009)，商业信用对信贷政策的抵消作用是反周期的吗？来自中国的证据，《经济学季刊》，2009年, 第9卷，第1期，第213-236页

[2009] Hui Huang, John Whalley and Shunming Zhang (2009), Exploring Policy Options in Joint Intertemporal-Spatial Trade Models Using an Incomplete Markets Approach, Economic Theory, 2009, Volume 41, Number 1, Pages 131-145 (SSCI). 2012 Impact Factor: 1.814

[2009] 张顺明和余军 (2009)，内部货币与我国最优关税政策研究，《经济研究》，2009年, 第44卷，第2期，第18-31页

[2008] 石晓军、张顺明和朱芳菲 (2008), 多因素视角下商业信用期限决策的双层规划模型与实证研究, 《中国管理科学》, 2008年, 第16卷, 第6期，第112－122页

[2007] John Whalley and Shunming Zhang (2007), A Numerical Simulation Analysis of Labour Mobility (Hukou) Restrictions in China, Journal of Development Economics, 2007, Volume 83, Issue 2, Pages 391-410 (SSCI). Impact Factor: 2.411

[2006] Housheng Chen, Xiaotie Deng, Ping Li and Shunming Zhang (2006), On Default Correlation and Pricing of Collateralized Debt Obligation by Copula Functions, International Journal of Information Technology and Decision Making, 2006, Volume 5, Number 3, Page 483-493 (SCI). 2010 Impact Factor: 1.890

[2006] Xiaotie Deng, Yonggeng Gu, Shouyang Wang and Shunming Zhang (2006), On Convergence of a Semi-analytical Method for American Option Pricing, Journal of Mathematical Analysis and Applications, 2006, Volume 313, Issue 1, Pages 353-365 (SCI). Impact Factor: 1.119

[2005] John Whalley and Shunming Zhang (2005), VAT Base Broadening When the Location of Some Consumption is Mobile, Economics Letters, 2005, Volume 87, Issue 2, Pages 199-205 (SSCI). Impact Factor: 0.457

[2004] Xiaotie Deng and Shunming Zhang (2004), On the First Fundamental Theorems of Asset Pricing in General State Space, Chinese Journal of Economic Theory, 2004, Volume 1, Number 2

[2004] Xiaotie Deng, Chunlei Xu and Shunming Zhang (2004), Dynamic Arbitrage-free Asset Pricing with Proportional Transaction Costs, in Progress in Economics Research, Volume 7 (Edited by Albert Tavidze), 2004, Pages 95-111

[2004] Hui Huang and Shunming Zhang (2004), Propositions of Five Equilibria Examples for 3X2 CES / LES Pure Exchange Economies, International Journal of Information Technology and Decision Making, 2004, Volume 3, Number 4, Page 583-604 (SCI). 2010 Impact Factor: 1.890

[2004] Shunming Zhang, Shouyang Wang and Xiaotie Deng (2004), Portfolio Frontier with Different Interest Rates for Borrowing and Lending, Journal of Global Optimization, 2004, Volume 28, Number 1, Page 67-95 (SCI). 2012 Impact Factor: 1.355

[2002] Shunming Zhang, Chunlei Xu and Xiaotie Deng (2002), Dynamic Arbitrage-free Asset Pricing with Proportional Transaction Costs, Mathematical Finance, 2002, Volume 12, Number 1, Page 89-97 (SSCI and SCI). Impact Factor: 1.348

[2001] Shunming Zhang (2001), Discrete-time Stochastic Equilibrium with Infinite Horizon Incomplete Markets, Applied Mathematics – A Journal of Chinese Universities, 2001, Volume 16 (B), Number 2, Pages 203-218 (SCI). 2012 Impact Factor: 0.273

[2000] Xiaotie Deng and Shunming Zhang (2000), On the First Fundamental Theorems of Asset Pricing in General State Space without and with Transaction Costs, Intelligent Data Engineering and Automate Learning – IDEAL, 2000, Page 551-558 (SCI)

[1999] Shunming Zhang (1999), Existence of General Equilibrium for Stochastic Economy with Infinite-dimensional Commodity Space and Incomplete Asset Markets, Applied Mathematics – A Journal of Chinese Universities, 1999, Volume 14(B), Number 2, Page 177-190 (SCI). 2012 Impact Factor: 0.273

[1999] Shunming Zhang and Zaihua Liu (1999), General Black-Scholes Model of Security Valuation, Acta Mathematica Scientia, 1999, Volume 19, Number 3, Pages 279-288 (SCI). Impact Factor: 0.620

[1998] Shunming Zhang (1998), Existence of General Monetary Equilibrium, Asia-Pacific Journal of Operational Research, 1998, Volume 15, Number 2, Page 203-224 (SCI). Impact Factor: 0.300

[1998] Shunming Zhang and Yuyun Wang (1998), Finite Horizon Arbitrage-free Security Markets, Acta Mathematica Scientia, 1998, Volume 18, Number 2, Pages 203-211 (SCI). Impact Factor: 0.620

[1998] Shunming Zhang (1998), Existence of General Equilibrium for Stochastic Economy with Incomplete Financial Markets, Applied Mathematics – A Journal of Chinese Universities, 1998, Volume 13(B), Number 1, Page 77-94 (SCI). 2012 Impact Factor: 0.273

[1997] Shunming Zhang (1997), Extensions of Farkas-Minkowski’s Lemma and Stiemke’s Lemma in the Space l, Tsinghua Science and Technology, 1997, Volume 2, Number 4, Pages 856-860

[1996] Shunming Zhang (1996), Extension of Stiemke’s Lemma and Equilibrium in Economy with Infinite-dimensional Commodity Space and Incomplete Markets, Journal of Mathematical Economics, 1996, Volume 26, Number 2, Page 249-268 (SSCI and SCI). Impact Factor: 0.496

NBER Working Papers

[2008] Yao Li, John Whalley, Shunming Zhang and Xiliang Zhao (2008), The Higher Educational Transformation of China and Its Global Implications, 2007, NBER working Paper 13849 (Issued on March 2008) and CIGI Policy Brief 3 (June 2008).

[2006] John Whalley and Shunming Zhang (2006), Modelling State-Owned Enterprise Behavioural Responses to Trade Reforms: Some Analytics and Numerical Simulation Results Using Chinese Data, NBER Working Paper No. 12780 (Issued on December 2006).

[2004] John Whalley and Shunming Zhang (2004), Inequality Change in China and (Hukou) Labour Mobility Restrictions, NBER Working Paper No. 10683 (Issued on August 2004).

CESifo Working Papers

[2009] John Whalley and Shunming Zhang (2009), On the Arbitrariness of Consumption in a Pure Marriage-Shopping Mall Model, CESifo Working Paper No. 2566, February 2009.

[2009] John Whalley, Jun Yu and Shunming Zhang (2009), Trade Retaliation in a Monetary-Trade Model, CESifo Working Paper No. 2526, January 2009.

[2005] Hui Huang, Yi Wang, Yiming Wang (2005), John Whalley and Shunming Zhang, A Trade Model with An Optimal Exchange Rate Motivated by Current Discussion of A Chinese Renminbi Float, The Area conference on Global Economy, CES-ifo, Munich, Germany (December 10 – 11, 2004), and CESifo Working Paper No. 1471, May 2005.

[2005] Hui Huang, John Whalley and Shunming Zhang (2005), Trade Liberalization in a Joint Spatial Inter-Temporal Trade Model, The Area conference on Global Economy, CES-ifo, Munich, Germany, January 2004, and CESifo Working Paper No. 1463 (Category 7: Trade Policy), May 2005.

[2005] Raymond Riezman, John Whalley and Shunming Zhang (2005), Metrics Capturing The Degree to Which Individual Economies Are Globalized, CES-ifo Workshop on “Dissecting Globalization” (Venice Summer Institute), July 21-22, 2004, and CESifo Working Paper No. 1450 (Category 7: Trade Policy), April 2005.

研究项目

[2013] 2013年01月–2016年12月国家自然科学基金面上项目 “私有内部信息条件下的两阶段做市定价规则研究” (56.0万元，批准号：71273271)

[2012] 2012年07月–2015年06月国家社会科学基金重点项目(张成思主持) “经济结构调整中的通胀预期管理研究” (25.0万元，批准号：12AZD058)

[2009] 2009年01月–2012年12月国家杰出青年科学基金“金融决策理论与行为金融研究” (140.0万元，批准号：70825003)

[2008] 2008年01月–2010年12月教育部人文社会科学重点研究基地重大项目(陈建宝主持) “我国地区间收入分配差异与劳动力转移的经济增长效应分析” (20.0万元，批准号：07JJD790145)

[2007] 2007年07月–2010年06月国家社会科学基金重点项目“国际贸易对中国经济增长的影响” (13.0万元，批准号：07AJL002)

[2006] 2006年09月–2009年08月厦门大学王亚南经济学特聘教授研究基金 (50.0万元)

[2001] 2001年01月–2003年12月国家自然科学基金青年基金“具有摩擦资产市场无套利资产定价分析” (14.0万元，批准号：70003002)

[1998] 1998年01月–1999年12月清华大学小林实经济研究基金 (2.5万元)

[1997] 1997年07月–2001年07月国家自然科学基金“九五”重大项目(彭实戈主持) “金融数学、金融工程及金融管理” (400.0万元，批准号：79790130)

学术奖励

2013年02月中华人民共和国国务院政府特殊津贴2009年12月教育部直属高等学校“新世纪百千万人才工程”国家级人选