时间：2026年7月15日上午9:00-12:00
地点：邵逸夫科学馆501
题目：The Non-Financial Value of Family Trusts: A Field Experiment in China
主讲人介绍：江明，上海交通大学安泰经济与管理a片无码
经济系副教授，他于2015年获美国密歇根大学信息学博士学位，此前于2009年取得上海交通大学经济学与数学双学士学位。其主要研究领域包括行为经济学、实验经济学、市场设计、教育经济学及环境经济学。学术成果见于Management Science，Games and Economic Behavior，Experimental Economics，PNAS，China Economic Review，American Journal of Agricultural Economics等国际权威期刊，并自2024年5月起担任Management Science代码与数据编辑。江明博士主持并参与过多项国家自然科学基金项目及上海市浦江人才计划，具备扎实的科研项目管理经验。教学方面，他开设研究方法论、Python编程、实验经济学及行为经济学等课程，覆盖本科至DBA多层次学生。江教授曾受邀于上海财经大学、纽约大学上海分校、武汉大学、暨南大学等多所高校进行学术报告，学术交流广泛。
内容摘要(中英文对译)：This study examines whether emphasizing non-financial functions of family trusts (asset protection, succession planning, commitment mechanisms) boosts adoption among Chinese private banking clients versus standard financially-focused pitches. Using a randomized field experiment with a major Chinese bank, we tested this framing's effects on adoption, commitment size, speed, and heterogeneity across customer segments. Results show non-financial framing doesn't significantly raise overall adoption once baseline differences are controlled for, but it does increase trust fund size and speed decisions among adopters. Only prior estate planning experience moderated the treatment effect, while adoption itself was better predicted by customer traits—estate planning experience, female decision authority, longer investment horizons, inheritance concerns, and wealth—than by framing itself. The findings suggest framing effects have limits in complex financial decisions, and boosting trust adoption in China may require building clients' conceptual readiness rather than simply changing how advisors frame the pitch.
本研究旨在考察，相较于标准化的财务收益导向推介，强调家族信托的非财务功能（如资产保护、传承规划、承诺机制）是否能提升中国私人银行客户的采纳意愿。我们与一家大型国有银行合作开展随机实地实验，检验该推介框架对客户采纳决策、信托规模、决策速度及不同客户群体异质性的影响。结果表明，在控制基线差异后，非财务框架并未显著提高整体采纳率，但在采纳者中显著提升了信托规模并加速了决策进程。仅有“既往遗产规划经验”对处理效应具有调节作用；而采纳行为本身更多由客户自身特征（如遗产规划经验、女性决策权、较长投资期限、继承关注度及财富水平）所预测，而非取决于推介框架。上述发现表明，在复杂金融决策中，框架效应的作用存在局限；在中国提升家族信托的采纳率，或需侧重培养客户对信托的概念认知与心理准备，而非仅调整顾问的推介话术。
