报告题目：Sunlight Disinfects: Beneficial Ownership Transparency and Illicit Financial Activities

报告所属学科：工商管理

报告人：陈旸旸（香港城市大学）

报告时间：2026年9月11日 13:00-18:00

报告地点：经管学院704室

报告摘要：

Leveraging the federal implementation of the Corporate Transparency Act, we evaluate the effectiveness of mandatory ownership transparency in curbing illicit financial activities. Exploiting a novel dataset of suspected illicit fund flows reported by financial institutions, we gauge the intensity of illicit financial activities at the county-month level and employ a triple-difference approach to identify the impact of ownership transparency on targeted categories of illicit financial activities (vis-à-vis non-targeted categories) in states allowing ownership anonymity (vis-à-vis non-anonymous states). We find that mandatory ownership transparency reduces targeted illicit fund flows by 9.24%. This effect appears stronger in counties with higher ex ante exposure to corporate illicit activities, greater enforcement capacity, and more active local media. Further analyses reveal that after the mandate, illicit actors shift from payment instruments subject to close regulatory oversight to less-regulated ones. Finally, we show that ownership transparency discourages business entries but improves established firms’ access to credit financing. Overall, our study provides initial evidence on the effectiveness of ownership transparency in curbing illicit finance and sheds light on the ongoing policy debate.

报告人简介：

陈旸旸，香港城市大学会计系教授、系主任，博士毕业于墨尔本大学。研究领域聚焦于公司金融与财务会计，包括企业信息披露、管理层薪酬、企业创新、审计质量与定价、盈余管理等。研究成果发表于The Accounting Review, Journal of Accounting Research,Journal of Financial Economics, Management Science,Journal of Financial and Quantitative Analysis,Contemporary Accounting Research, Review of Accounting Studies, Journal of Management Studies等国际顶尖期刊。目前担任China Journal of Accounting Research主编、Journal of Contemporary Accounting and Economics联合主编以及Contemporary Accounting Research编委会成员。