Zhiyong LI

• Webpage: www.credit.li
• Email: liz@swufe.edu.cn; li@credit.li
• Office: Room 521, Gezhi Building, 555 Liutai Avenue, Wenjiang, Chengdu 611130, Sichuan, China

• Professor of Finance, Southwestern University of Finance and Economics (SWUFE), China, 2019-Present
• Programme Director, Credit Management, School of Finance, SWUFE, China, 2018-Present
• Chief Secretary, China Society of Credit Research, 2020-Present
• Deputy Director, Centre for Inclusive and Intelligent Finance, SWUFE, 2019-Present
• Member, Fintech Innovation Center, SWUFE, 2018-Present
• Director, The Fintech and Regtech Lab, Institution of Chinese Financial Studies, SWUFE, 2016-Present
• Associate Professor of Finance, School of Finance, SWUFE, China, 2015-2018
• Deputy Director, Department of Credit Management, School of Finance, SWUFE, 2014-2017
• Lecturer, School of Finance, SWUFE, China, 2014-2015

• Ph.D in Credit Risk Management, Credit Research Centre, Business School, University of Edinburgh, UK, 2009-2014
• M.Sc in Operational Research with Risk, School of Mathematics, University of Edinburgh, UK, 2007-2008
• B.Eng in Mechanics Engineering with Aircraft Design, School of Aeronautics, Beihang University, China, 2003-2007
• B.Sc in Applied Mathematics, School of Mathematics, Beihang University, China, 2005-2007

Research interests: Credit scoring and credit rating, credit portfolio management, Basel Accord and stress testing, financial distress and bankruptcy prediction, consumer finance and green finance, Fintech and Regtech, big data analytics, social credit systems.

• Information Systems Frontiers (ABS 3), Guest Editor，2024-
• Financial Innovation (ABS 2), Youth Editor, 2024-
• Journal of Chinese Economics and Business (ABS 1), Guest Editor, Special Issue 'Financial Distress and Default', 2023-
• British Accounting Review (ABS 3), Guest Editor, Special Issue 'New Perspectives on Financial Distress and Corporate Risk Management'，2022-
• China Finance Review International (ABS 1), Youth Editor, 2022-
• Journal of Credit Risk (ABS 1), Guest Editor, Special Issue 'Smart Credit', 2022-
• International Journal of Forecasting (ABS 3), Guest Editor, Special Session 'Credit Risk Modelling', 2020-2021
• International Journal of Financial Engineering (ESCI), Associate Editor, 2020-
• Financial Development Review (Chinese), Executive Editor, 2020-2021

• Li, Z., Andreeva, G., & Bellotti, T. (2022). Special section on credit risk modelling—Guest editorial. International Journal of Forecasting, 38(3), 1051-1053. DOI/PDF.
• Li Z, Wei L & Yuan G X. (2021). Special Issue on Credit Technology, International Journal of Financial Engineering, 8(3). Link

1. Li Z, Li A, Bellotti A & Yao X. (2023). The profitability of online loans: a competing risks analysis on default and prepayment. European Journal of Operational Research. 306(2): 968-985. (ABS 4, JCR Q1). DOI/PDF. (Cites: 17)
2. Li Z, Feng C & Tang Y. (2022). Bank efficiency and failure prediction: A nonparametric and dynamic model based on data envelopment analysis. Annals of Operations Research. 315:279-315 (ABS 3, JCR Q1). DOI/PDF. (Cites: 49)
3. Li Z, Zhang J, Yao X & Kou G. (2021). How to identify early defaults in online lending: A cost-sensitive multi-layer learning framework. Knowledge-Based Systems. 221. 106963. (JCR Q1). DOI / PDF. (Cites: 44)
4. Li Z, Crook J, Andreeva G & Tang Y. (2021). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal. 68. 101334. (ABS 2, JCR Q1). DOI / PDF. (Cites: 235)
5. Li Z, Hu X, Li K, Zhou F & Shen F. (2020). Inferring the outcomes of rejected loans: an application of semi-supervised clustering algorithms. Journal of the Royal Statistical Society: Series A (Statistics in Society). 183(2):631-654. (ABS 3, JCR Q1). DOI / PDF. (Cites: 9)
6. Li Z, Tang Y, Wu J, Zhang J & Lv Q. (2020). The interest costs of green bonds: credit ratings, corporate social responsibility, and certification. Emerging Markets Finance and Trade. 56(12):2679-2692. (ABS 2, JCR Q3). DOI / PDF. (Cites: 171)
7. Li Z, Li K, Yao X & Wen Q. (2019). Predicting prepayment and default risks of unsecured consumer loans in online lending. Emerging Markets Finance and Trade. 55(1):118-132. (ABS 2, JCR Q3). DOI / PDF. (Cites: 34)
8. Li Z, Crook J & Andreeva G. (2017). Dynamic prediction of financial distress using Malmquist DEA. Expert Systems with Applications. 80:94-106. (ABS 3, JCR Q1). DOI / PDF. (Cites: 132)
9. Li Z, Tian Y, Li K, Zhou F & Yang W. (2017). Reject inference in credit scoring using Semi-supervised Support Vector Machines. Expert Systems with Applications. 74:105-114. (ABS 3, JCR Q1). DOI / PDF. (Cites: 154)
10. Li Z, Crook J & Andreeva G. (2014). Chinese Companies Distress Prediction: An Application of Data Envelopment Analysis. Journal of the Operational Research Society. 65(3):466-479. (ABS 3, JCR Q2). DOI / PDF. (Cites: 82)

(Notes: The numbers of cited times were according to Google Scholar as of Mar 2025)

1. Zhang X, Li Z, Zhao Y, & Wang L. (2025). Carbon trading and COVID-19: a hybrid machine learning approach for international carbon price forecasting. Annals of Operations Research. 345: 1267–1295. (ABS 3, JCR Q1). DOI/PDF.
2. Leng M, Li Z, Dai W, Shi B. (2024). The power of satellite imagery in credit scoring: a spatial analysis of rural loans. Annals of Operations Research. forthcoming. (ABS 3, JCR Q1). DOI/PDF.
3. Liao Y, Wang J, Liao W, Shu X, Li Z. (2024). Buffer orsubstitute? Corporate financialization and leverage manipulation. Pacific-Basin Finance Journal. 87. 102508. DOI/PDF. (ABS2, JCR Q1)
4. Yao X, Wu D, Li Z, Xu H. (2024). On the Prediction of Stock Price Crash Risk Using Textual Sentiment of Management Statement. China Finance Review International. 14(2): 310-331. (ESCI). DOI/PDF.
5. Xuan Q, Li Z, Zhao T. (2024). Does systemic risk affect fund managers' tail-risk taking. Pacific-Basin Finance Journal. 83. 102269. (ABS 2, JCR Q1). DOI/PDF.
6. Tang Y, Wang B, Pan N & Li Z. (2023). The impact of environmental information disclosure on the cost of green bond: Evidence from China. Energy Economics. 126. 107008. (ABS 3, JCR Q1). DOI/PDF.
7. Li A, Li Z, & Bellotti A. (2023). Predicting loss given default of unsecured consumer loans with time-varying survival scores. Pacific-Basin Finance Journal. 78. 101949. (ABS 2, JCR Q1). DOI/PDF.
8. Zhou F, Fu L, Li Z & Xu J. (2022). The recurrence of financial distress: a survival analysis. International Journal of Forecasting. 38(3): 1100-1115. (ABS 3, JCR Q1). DOI/PDF.
9. Zeng X, Li Z, Yang W & Huang Z. (2022). The risk interdependence of cryptocurrencies: Before and during the COVID-19 pandemic. International Journal of Financial Engineering. 9(4). (ESCI). DOI / PDF.
10. Wu Z & Li Z. (2021). Customer churn prediction for commercial banks using customer value weighted machine learning models. Journal of Credit Risk. 17(4): 15-42. (JCR Q4, ABS1). DOI / PDF.
11. Li K, Zhou F, Li Z, Li W & Shen F. (2021). A semi-parametric ensemble model for profit evaluation and investment decisions in online consumer loans with prepayments. Applied Soft Computing. 107. 107485. (JCR Q1). DOI /PDF.
12. Li K, Zhou F, Li Z, Yao X & Zhang Y. (2021). Predicting loss given default using post-default information, Knowledge-Based Systems. 224. 107068. (JCR Q1). DOI / PDF.
13. Tang Y, Li Z, Chen J & Deng C. (2021). Liquidity creation cyclicality, capital regulation and interbank credit: Evidence from Chinese commercial banks. Pacific-Basin Finance Journal. 67. 101523. (ABS 2, JCR Q1). DOI / PDF.
14. Shen F, Zhao X, Li Z, Li K & Meng Z. (2019). A novel ensemble classification model based on neural networks and a classifier optimisation technique for imbalanced credit risk evaluation. Physica A: Statistical Mechanics and its Applications. 526. 121073. (JCR Q2). DOI​ / PDF.
15. Tang Y, Moro A, Sozzo S & Li Z. (2018). Modelling trust evolution within small business lending relationships. Financial Innovation. 4:1-19. (JCR Q1). DOI / PDF.
16. Shen F, Ma X, Li Z, Xu Z & Cai D. (2018). An extended intuitionistic fuzzy TOPSIS method based on a new distance measure with an application to credit risk evaluation. Information Sciences. 428:105-119. (JCR Q1). DOI / PDF.
17. Tian Y, Li K, Yang W & Li Z. (2017). A new effective branch-and-bound algorithm to the high order MIMO detection problem. Journal of Combinatorial Optimization. 33(4):1395-1410. (ABS 2, JCR Q3). DOI / PDF.

1. Yan Huang, Zhiyong Li. (2023). Evaluation of Coporate Growth. Press of Southwestern University of Finance and Economics: Chengdu. ISBN: 9787550456662.
2. Zhiyong Li. (2020). Credit Scoring and Its Application. China Financial Publishing House: Beijing. ISBN: 9787522005560. Mandarin edition of Credit Scoring and Its Applications by Lyn Thomas, Jonathan Crook, David Edelman, 2017, 2nd revised edition. Society for Industrial & Applied Mathematics (SIAM):Philadelphia.
3. Zhiyong Li. (2019). In The Principle and Practice of Credit Rating. Edited by Guanghua Feng et al. Part I: Theories of credit rating. China Financial Publishing House: Beijing. ISBN: 9787504998491
4. Zhiyong Li. (2018). Chapter 12: Infrastructure development. In Fintech Operations in China. Edited by Tao Yang, Shenglin Beng. Social Sciences Academic Press (China): Beijing. ISBN: 9787520128612
5. Zhiyong Li. (2017). The Credit Scoring Toolkit. China Financial Publishing House: Beijing. ISBN: 9787504990334. Mandarin edition of The Credit Scoring Toolkit: Theory and Practice for Retail Credit Risk Management and Decision Automation by Raymond Anderson, 2007, Oxford University Press: London.
6. Zhiyong Li. (2016). Consumer Credit Models. China Financial Publishing House: Beijing. ISBN: 9787504984111. Mandarin edition of Consumer Credit Models: Pricing, Profit and Portfolios by Lyn Thomas. 2008. Oxford University Press: London.

• Tang Y, Moro A, Sozzo S & Li Z. (2019) A Spiral Model of Trust Evolution. In: Xu J, Cooke F, Gen M, Ahmed S (eds) Proceedings of the Twelfth International Conference on Management Science and Engineering Management. ICMSEM 2018. Lecture Notes on Multidisciplinary Industrial Engineering. Part 3, pp. 515-526. Springer: Cham.
• Shen F, Liu Y, Lan D, Li Z. (2019) A Dynamic Financial Distress Forecast Model with Time-Weighting Based on Random Forest. In: Xu J, Cooke F, Gen M, Ahmed S (eds) Proceedings of the Twelfth International Conference on Management Science and Engineering Management. ICMSEM 2018. Lecture Notes on Multidisciplinary Industrial Engineering. Springer: Cham
• Shen F, Lan D & Li Z. (2017). An Intuitionistic Fuzzy ELECTRE-III Method for Credit Risk Assessment. In: Xu J, Hajiyev A, Nickel S, Gen M (eds) Proceedings of the Tenth International Conference on Management Science and Engineering Management. Advances in Intelligent Systems and Computing, vol. 502. pp. 289-296. Springer: Singapore.

• Yuan G, Zhou Y, Yan C, Li Z et al. (2022) A Feature Extraction Method on Corporate Financial Fraud. Chinese Journal of Management Science. 30(3): 43-54. (CSSCI)
• Cheng G, Wen Q & Li Z. (2017). Dynamic analysis on bank credit risk and macroeconomic conditions based on TVP-SV-VAR models. Financial Regulation Research (CSSCI). 63(3): 51-72.
• Guo H, Peng Y & Li Z. (2008). A visualization study on the flow structures in the transitional boundary layer under adverse pressure gradient. Journal of Experiments in Fluid Mechanics (CA). 22(2): 68-73.

• Credit Scoring and Credit Rating (2020, Chengdu; 2022, Ningbo; Yangling, 2024)
• Credit Scoring and Credit Control (2009, 2011, 2013, 2015, 2017, 2019, 2021, 2023 Edinburgh)
• China International Risk Forum (2016, Shanghai; 2019 Tianjin; 2020 Shanghai; 2021 Chengdu; 2022 Dalian; 2023 Shanghai; 2024, Nanjing)
• International Risk Management Conference (2015, Luxembourg; 2016, Jerusalem; 2017, Florence; 2020, Online; 2021, Online; 2022, Online; 2024, Milan)
• Asian Finance Association Annual Conference (2023, Ho Chi Minh City)
• Chinese Finance Annual Meeting (2022, Shanghai)
• WRDS Advanced Research Scholar Program at the Wharton School of UPenn (2018, Philadelphia; 2019, Beijing)
• International Conference on Internet Finance (2019, Hangzhou)
• Workshop on Banking and Financial Stability at Deakin Business School (2019, Melbourne)
• Sino-US Economist Fintech Innovation Forum (2018, Stanford)
• International Conference on Corporate Governance in Emerging Markets (2018, Amsterdam)
• International Conference on Energy Finance (2018, Beijing)
• International Conference on Financial Markets and Institutions (2017, Chengdu)
• International Finance and Banking Society (IFABS) Asia Conference (2017, Ningbo)
• International Conference on Asian Financial Markets and Economic Development (2017, Nagasaki)
• European Conference on Operational Research (2012, Vilnius, 2013, Rome; 2016, Poznan)
• Joint Meeting of the Financial Education Alliance and the Central Taiwan Finance Association (2016, Taiwan; 2017, Jiangxi)
• China-UK Microfinance and Rural Finance Conference (2015, Chengdu),
• OR Annual Conference (2012, Edinburgh; 2013, Exeter)
• YoungOR Conference (2011, Nottingham)

• 8 PhD in Finance: Aimin Li (2018-2022), Chen Feng (2019-), Quansheng Xuan (2020-), Lijun Fu (2021-), Meiqi Liu (2022-), Tianhao Yi (2024-), Mingyan Leng (2024-), Chenyu Tian (2024-)
• 5 DBA in Management: Xiaotang Tang (2019-2022), Hao Sun (2019-2022), Zengyi Xue (2021-), Jie Ouyang (2022-), Tingting Wu (2023-)
• 93 Master students in Finance/Financial Engineering/Credit Management
• 25 MBA&EMBA students and projects
• 11 MF projects and dissertations