金融学国际前沿研究二十年之变迁--历届美国金融学年会主席发言综述

美国金融学年会(AFA 年会)是金融学领域最权威的国际学术会议之一，会议上所讨论的问题代表了当前全球金融学术研究的热点。每年美国金融协会推选一位金融学顶级学者作为主席，并在 AFA 年会上进行主席发言。主席均为金融学某一研究领域的权威，主席发言不仅综述了该领域重要的研究发现，提出了该领域的重大问题和最新前沿，也为未来的研究指明了方向。文章根据 AFA 年会主席发言内容，从资产定价、公司金融、投资者行为、金融工具、市场微观结构和金融市场等方面进行了梳理和评述，并结合 SSCI 的相关文献图谱对各领域近二十年的研究变迁进行了提炼。文章有助于国内外学者了解金融学国际研究前沿的发展脉络，对中国的金融学研究有一定启发，揭示了金融学术研究源于并服务于实体经济这一本质特征。

The Research Fronts of Finance in the Last 20 Years:A Review of AFA Presidential Addresses

The AFA annual meeting is one of the most authoritative international aca-demic meetings in the field of finance,and the topics discussed in this meeting represent the research highlights in finance.On the AFA annual meeting,one top researcher in fi-nance is elected to be the president who will give a presidential address.The presidents are the authorities in the field of finance,so the presidential addresses not only discuss the new findings and propose the important issues & the latest frontiers in this specific field,but also give a guideline for future financial research.This paper reviews all presidential ad-dresses in last 20 years in the aspects of asset pricing,corporate finance,investor behav-ior,financial instruments,market microstructure and financial market as well as summa-rizes research transition by bibliometric analysis and visualization on SSCI literature.This paper will be helpful for researchers at home and abroad to understand the development context of international financial research frontiers and be inspiring for domestic financial research,which reveals the essential fact that financial research stems from and serves the real economy.