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Cunyi YANG

Lingnan College

Sun Yat-sen University

Hello, I am Cunyi!

I am an active scholar in Finance at Lingnan College of Sun Yat-sen University, focusing on the Theory and Application of Risk Management in Digital Transformation.

I have published several papers in academic journals, including Financial Review, Technological Forecasting & Social Change, Business Strategy and the Environment in English, as well as 经济研究 and 系统工程理论与实践 in Chinese.

Interests

  • Digital Transformation
  • Financial Management
  • Green Finance

Education

  • Visiting Ph.D. in Finance

    The University of Hong Kong

    Advisor: Dragon Tang

  • Ph.D. in Finance

    Sun Yat-sen University

    Advisor: Yan Zeng

  • M.A. in Finance

    Guangzhou University

    Advisor: Zhenghui Li

  • B.A. in Finance

    Wuhan University of Technology

Skills

R

Python

Matlab

Stata

Experience

 
 
 
 
 

Visiting Scholar

Fintech Thrust, Hong Kong University of Science and Technology

Oct 2023 – Apr 2024 Hong Kong
 
 
 
 
 

Lingnan College, Sun Yat-sen University

Sep 2022 – Present Guangzhou

Featured Publications

Digitalization of banks and inclusive finance: New insights from cultural industry’s financing constraints

Yang, C., Chen, L., Li, Q., Wu, J.
Financial Review. 2025, 60(1), 71-93

Climate transition risk and industry returns: The impact of green innovation and carbon market uncertainty

Zhou, Q., Ni, J., Yang, C*.
Technological Forecasting and Social Change. 2025, 214, 124056

Government in the digital age: Exploring the impact of digital transformation on governmental efficiency

Yang, C., Gu, M., Albitar, K.
Technological Forecasting & Social Change. 2024, 208, 123722

ESG ratings and green innovation: A U-shaped journey towards sustainable development

Yang, C., Zhu, C., Albitar, K.
Business Strategy and the Environment. 2024, 33(5), 4108-4129

The impact of fintech on corporate carbon emissions: Towards green and sustainable development

Wang, C., Wang, L., Zhao, S., Yang, C*., Albitar, K.
Business Strategy and the Environment. 2024, 33(6), 5776-5796

Working Papers

Digital Transformation

  • Why does digital transformation fail? A perspective on compensation incentives

  • The dark side of digitalization: Financial digitalization, firms' risk propensity, and its consequences

  • How does digital transformation work? A perspective on information management and resource allocation

  • Spatial interaction and spillover effects between digital finance and service industry development

Other Topics

  • Still waters run deep: The asymmetric impact of traditional vs. social media criticism on ESG greenwashing in China

  • M&A and innovation from the perspective of corporate life cycle

  • When elephants fight, grass suffers: The effects of diplomatic sentiments on enterprise risk and valuation

  • Isolated counties, government supervision, and illegal land transfers

  • From policy to progress: The role of Sci-tech finance projects in key technological innovation

  • Crowding out or crowding in? The impact of talent subsidy policy on the income of low-skilled workers

  • United we stand: Corporate alliances and debt maturity structuring under extreme climate risk

  • Collateral shocks and corporate risk-taking in China

  • Sampler Scheduler for Diffusion Models

  • Refinancing, withdrawing and optimal loan structure: An equilibrium approach

Authored Books

Industrial Digital Finance Empowering Real Economy Development

Chapter 5
Peking University Press, 2025

Introduction to Digital Finance

Chapter 3
Peking University Press, 2024

Participated Projects

In Progress

  • Research on financial digitalization and financial risk governance
    National Social Science Fund Key Project (No.24AZD019)

  • The statistical monitoring study on the coordination and balance of digital finance empowerment and risk
    National Social Science Fund General Project (No.24BTJ039)

  • Theory and application research on industrial digital finance empowering real economy
    Guangdong Provincial Natural Science Foundation Excellent Youth Team (No.2023B1515040001)

  • Research on insurance asset allocation based on green development
    National Natural Science Foundation Project (No.72371256)

Completed

  • The crowding-out effect and motivation of corporate financialization on R&D innovation
    National Social Science Fund General Project (No.21CTJ013)

  • Statistical monitoring study on systemic risks caused by corporate financialization
    National Social Science Fund Youth Project (No.21CTJ014)

Academic Awards

Academic Awards

  • “Outstanding Paper Award” in The 6th Academic Annual Conference of the Quantitative Finance and Insurance Branch of the Chinese Society of Optimization, Overall Planning, and Economic Mathematics, 2024

  • “Gold Medal Nomination” in The 14th Qian Xuesen City Gold Medal, 2024

  • “Outstanding Paper Award” in The 4th National Major Strategy and Policy Research Forum, 2024

  • “Best Paper Award” in The 9th Risk Management and Financial Statistics Forum, 2024

Scholarships

  • Sun Yat-sen University President's Scholarship

  • Lingnan College Outstanding Doctoral Student Scholarship

  • National Scholarship for Doctoral Students

  • National Scholarship for Master's Students

Media Appearances

“Digital Risk” is a WeChat public account independently operated by Cunyi since December 2023. It primarily shares hot topics, academic literature, calls for papers, and policies related to digital economics, digital finance, and risk management. Currently, it has attracted over 6,000 followers, published more than 70 original articles, and accumulated over 200,000 total reads.
Cunyi Yang, Huan Liu, Yan Zeng, “Insurance Services Supporting High-Quality Development of Guangdong’s Manufacturing Industry”, Guangdong Insurance Society, 2023

Journal Roles

Managing Editor

  • Journal of Economic Analysis (link)

  • Economic Analysis Letters (link)

Guest Editor

  • Special Issue “New Financial Risks in the FinTech Era”, International Journal of Financial Studies (link)

  • Special Issue “Innovative Approaches to Managing Finance Risks in the FinTech Era”, Journal of Risk and Financial Management (link)

  • Special Issue “Digital Economy in Sustainable Resource Risk Management”, Sustainability Journal (link)

Reviewer

  • Applied Economics, Business Strategy and the Environment, China Finance Review International, Economic Analysis and Policy, Energy Economics, Financial Innovation, International Review of Economics and Finance, International Review of Financial Analysis, Managerial and Decision Economics, Review of Development Economics, etc.

Teaching Assistant

“Digital Finance and Insurance”, 2024, Instructor: Prof. Yan Zeng

“Management of New Transformations”, 2023, Instructor: Prof. Mingkang Liu

Conference Reports

Quarterly Journal of Finance Forum
1st in Guangzhou 2023; 3rd in Guangzhou 2025

Greater Bay Area Digital Finance Forum
1st in Guangzhou 2023; 2nd in Guangzhou 2024

China Economic Annual Conference
24th in Beijing 2024

International Symposium on Financial Systems Engineering and Risk Management
21st in Beijing 2024

Forum on Big Data Research and Practice
10th in Guangzhou 2024

China Finance Annual Conference
21st in Guangzhou 2024; 20th in Beijing 2023

Annual Academic Conference of the China Information Economics Association
36th in Beijing 2024

Annual Conference of Quantitative Finance and Insurance Section of Chinese Society of Optimization, Overall Planning and Economical Mathematics
5th in Wuhan 2023; 6th in Nanjing 2024

Theoretical Foundations of Digital Economy Forum
1st in Beijing 2024

Internet and Digital Economy Forum
6th in Beijing 2024; 5th in Changsha 2023

Risk Management and Financial Statistics Forum
9th in Guangzhou 2024; 7th in Guangzhou 2022; 6th in Xiamen 2021

Annual Conference of Chinese Fintech
7th in Guangzhou 2023

Symposium on Frontier Issues of Industrial Integration by the Chinese Society of Industrial Economics
1st in Guangzhou 2023

Monetary Policy Issues and Challenges for Asian Economies International Conference
Online 2021

Annual Conference of Chinese Statistical Society
8th in Chengdu 2021

Association Memberships

Systems Engineering Society of China (SESC)

Chinese Society of Optimization, Overall Planning and Economical Mathematics (CSOOPEM)

American Economic Association (AEA)

American Finance Association (AFA)

Contributions in Chinese

发表论文

  • 曾燕, 查佳婧, 杨海生, 杨存奕（通讯作者）, “中国数字普惠金融的发展模式探究：经济与民生的视角”. 《经济研究》, 2024, 59(8), 39–56
    被《新华文摘》《人大复印报刊资料》《国际经济评论》《数字经济与贸易自主知识体系建构报告》转载

  • 廖高可, 杨存奕, 顾明瑞, “数字平台推荐机制、专业化生产与消费者福利”. 《系统工程理论与实践》, 2025, 待刊

  • 黄哲豪, 杨存奕, 李正辉, “企业金融化: 最优配置, 动机判别与适度区域”. 《系统工程理论与实践》, 2023, 43(6), 1545–1567

工作论文

  • 企业数字化转型的金融支持和路径权衡

  • 从技能偏向到红利共享——数实融合重塑薪酬差距的动态机制探究

  • 如何发展工业企业的新质生产力？——生产性数字化转型策略与政策

  • 专业的回报：文理科互补性及其对城市特性的响应