2026年2月，苏州大学商学院金融科技系讲师刘思宁博士与Wendi Huang博士（英国曼彻斯特大学）合作的论文“Sustainable regulation, stronger currencies: Evidence from capital flow dynamics”于Journal of International Money and Finance在线发表。论文链接如下：https://doi.org/10.1016/j.jimonfin.2026.103531. Journal of International Money and Finance是金融学中国际金融领域的高质量期刊，为ABS三星期刊。

In February 2026, the paper titled “Sustainable regulation, stronger currencies: Evidence from capital flow dynamics“ coauthored by Dr. Sining Liu from the Business School of Soochow University, and Dr. Wendi Huang from the University of Manchester, was published online in the Journal of International Money and Finance. The paper is available at the following link: https://doi.org/10.1016/j.jimonfin.2026.103531. The Journal of International Money and Finance is a high-quality journal in the field of international financeand is rated as an ABS 3 journal.

该研究主要揭示了ESG监管与货币收益率之间的正向关系。基于48个国家数据的交错双重差分方法，研究发现，实施强制性ESG披露法的国家，其货币实际收益率显著高于未实施此类法规的国家。研究进一步发现，货币收益率的增加源于净资本流动的增长，而这一增长主要是由资本外流显著减少导致的。研究指出，尽管ESG监管通过多种渠道影响资本流动，但净资本流动的增加主要归因于ESG风险的缓解，这一发现凸显了社会责任投资者在抑制资本外逃、推动净资本增长和提升货币收益率中的作用。该研究将ESG监管与外汇市场联系起来，为理解ESG监管在国际资产市场的更广泛影响提供了新的证据。

This study reveals a positive relationship between ESG regulation and currency returns. Using a staggered Difference-in-Differences approach across 48 countries, the study finds that countries adopting mandatory ESG disclosure laws experience significantly higher real currency returns than those without such regulations. The increase in currency returns is driven by growth in net capital flows, which primarily results from a significant reduction in capital outflows. The study further notes that despite ESG regulation influences capital flows through multiple channels, the increase in net capital flows is mainly attributable to the mitigation of ESG-related risks—a finding that highlights the role of socially responsible investors. By directly linking ESG regulation to the foreign exchange market, this study provides novel empirical evidence for understanding the broader implications of ESG regulation in international asset markets.

刘思宁，商学院金融科技系讲师，于2023年从香港大学获得金融学博士学位，同年入选苏州大学优秀青年学者和江苏省双创博士。主要研究方向包括资产定价、国际金融和宏观金融等，主要集中在货币市场定价因子与政策环境对货币市场的影响等相关课题上，所著论文多次入选金融学与经济学国内外权威会议进行报告，例如WFA、SFS Cavalcade、EFA、CICF、CFRC等，曾担任Journal of International Financial Markets, Institutions and Money、Emerging Markets Finance and Trade等期刊匿名审稿人。

Sining Liu, a lecturer in the Department of Fintech at the Business School, received her Ph.D. in Finance from the University of Hong Kong in 2023. In the same year, she was selected as an Outstanding Young Scholar of Soochow University and was awarded the Jiangsu Provincial Innovation and Entrepreneurship Doctoral Program. Her primary research interests include asset pricing, international finance, and macro-finance, with a focus on research related to pricing factors in currency markets and the impact of policy environments on currency markets. Her papers have been presented at leading conferences in finance and economics e.g., WFA, SFS Cavalcade, EFA, CICF, and CFRC. She has served as an anonymous reviewer for journals such as the Journal of International Financial Markets, Institutions and Money and Emerging Markets Finance and Trade.