个人简介
李凯，现任清华大学五道口金融学院讲席教授、博士生导师，国家自然科学基金青年科学基金项目（A类）获得者（原国家杰青项目），首届国家金融学杰出学者奖获得者。其研究领域包括宏观金融、资产定价、租赁金融、绿色金融与中国金融市场，聚焦宏观经济与金融市场的动态交互机制。近年来，构建了刻画宏观经济与金融市场互动反馈机制的宏观金融理论分析框架，系统阐释金融市场与政府在资源配置中的作用，深入研究宏观金融政策的协调与优化问题。特别是在租赁金融领域，形成了完整的研究体系，揭示了租赁市场在风险分担、资源优化配置与宏观经济稳定中的关键作用。研究成果发表于 Journal of Finance、Review of Financial Studies、Journal of Financial Economics、Journal of Monetary Economics 等国际顶级学术期刊；其绿色金融研究入选 Journal of Finance 高被引论文，并先后获得美国西部金融学年会（WFA）Wharton School-WRDS最佳实证金融论文奖和 Amundi-ESSEC ESG 奖等奖项。现担任《经济学（季刊）》、Journal of Banking and Finance、Review of Asset Pricing Studies、Economics Letters 等期刊的副主编。
教育背景
2007–2013 杜克大学，经济学，博士
2004–2007 北京大学中国经济研究中心，西方经济学，硕士
2000–2004 上海交通大学，金融学，学士（上海市优秀毕业生）
工作经历
2026至今 清华大学五道口金融学院，讲席教授
2024–2026 北京大学汇丰商学院，教授、院长助理（2024–25）
2021–2024 北京大学汇丰商学院，长聘副教授
2013–2021 香港科技大学商学院，助理教授
研究领域
宏观金融，资产定价，绿色金融，金融经济学，中国金融市场
论文发表
1. Leasing as a Mitigation Channel of Capital Misallocation, with Weiwei Hu and Yiming Xu, Journal of Financial Economics, Accepted, 2025.
2. How to Dominate the Historical Average?, with Yingying Li, Changlei Lyu and Jialin Yu, Review of Financial Studies, Volume 38, Issue 10, October 2025.
3. Discussion of “Reallocating and Pricing Illiquid Capital: Two Productive Trees”, International Economic Review, 2025; 66.
4. The Technical Default Spread, with Emilio Bisetti and Jun Yu, Review of Financial Studies, Volume 37, Issue 11, November 2024.
5. Intermediary-Based Equity Term Structure, with Chenjie Xu, Journal of Financial Economics, Volume 157, July 2024.
6. Financial Constraint, Cash Flow Timing Patterns and Asset Prices, with Weiping Hu and Xiao Zhang, Journal of Financial Economics, Volume 157, July 2024.
7. Learning about the Consumption Risk Exposure of Firms, with Yongjin Kim and Lars-Alexander Kuehn, Journal of Financial Economics, Volume 152, February 2024.
8. The Pollution Premium, with Po-Hsuan Hsu and Chi-Yang Tsou, Journal of Finance, Volume 78, Issue 3, June 2023.
Top cited recent articles in Journal of Finance over the last 5 years | 金融学顶刊JF高被引论文
9. Learning and the Capital Age Premium, with Chi-Yang Tsou and Chenjie Xu, Journal of Monetary Economics, Volume 136, May 2023.
10. Leasing as a Mitigation of Financial Accelerator Effects, with Jun Yu, Review of Finance, Volume 27, Issue 6, November 2023, Pages 2015–2056.
11. The Collateralizability Premium, with Hengjie Ai, Jun Li and Christian Schlag, Review of Financial Studies, Volume 33, Issue 12, December 2020.
12. Financial Intermediation and Capital Reallocation, with Hengjie Ai and Fang Yang, Journal of Financial Economics, Volume 138, Issue 3, December 2020.
13. News Shocks and Production-Based Term Structure of Equity Returns, with Hengjie Ai, Mariano M. Croce, and Anthony M. Diercks, Review of Financial Studies, Leading Article (Editor’s Choice), Volume 31, Issue 7, 2018.
14. Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital, with Hengjie Ai and Mariano M. Croce, Review of Financial Studies, Volume 26, Issue 2, 2013.
15. Lease-Adjusted Productivity Measurement, with Weiwei Hu and Yiming Xu, Journal of Banking and Finance, Volume 164, July 2024.
16. Leased Capital and the Investment-q Relation, with Linqing You, Journal of Corporate Finance, Volume 80, June 2023.
17. Leasing and the Allocation Efficiency of Finance, with Weiwei Hu and Yiming Xu, Journal of Empirical Finance, Volume 74, December 2023.
18. Asset Pricing with a Financial Sector, with Chenjie Xu, Financial Management, Volume 52, Issue 1, Spring 2023.
19. Regime Shifts in a Long-run Risks Model of Stock and Treasury Bond Markets, with Chenjie Xu, China Finance Review International, Leading Article (Editor’s Choice), Volume 12, No. 4, October 2022.
20. Model Hazard and Investment-Cash-Flow Sensitivity, with Hengjie Ai and Rui Li, Annals of Economics and Finance, 25-1, 2024.
21. 易刚和李凯，转型名义账户制——探索中国养老保障体质改革的新思路，《比较》，2007年3月，第29辑。
工作论文
详见个人研究主页：sites.google.com/site/kailiwebpage/research
荣誉和奖项
• 2025年，首届国家金融学杰出学者奖获得者
• 2025年，北京大学深圳研究生院科技创新发展模范
• 2024年，Journal of Finance高被引论文（近五年高被引论文前三）
• 2024年，美国西部金融学年会（WFA）Wharton School-WRDS实证金融最佳论文奖
• 2024年，巴黎十二月金融会议最佳论文奖
• 2023年，北京大学深圳研究生院优秀教师奖
• 2022年，美国商品与能源市场协会（CEMA）Amundi-ESSEC ESG研究奖
• 2019年，香港科技大学商学院弗兰克林教学卓越奖
学术期刊任职
《经济学》（季刊），副主编
Journal of Banking and Finance，副主编
Review of Asset Pricing Studies，副主编
Economics Letters，副主编
Asia-Pacific Journal of Financial Studies，副主编
China Finance Review International，副主编
教学
国际金融（本科生）、中国固定收益市场（MBA）、金融经济学（硕士/博士）、绿色金融（硕士）、资产定价理论（博士）、经济学研究方法（博士）和经济学高级专题（博士）
