HKUST 2006-2007 Annual Report
41
張東才教授
Prof Donald C Chang
羅茜教授
Prof Kathy Qian Luo
生物學系教授張東才與化學工程學系客座助理
教授羅茜，成功研製一種用於迅速偵測新藥物
的新型分子生物感應器。感應器運用熒光共振
能量轉移（FRET）方法，以檢測一個存活細胞
的酶活性，讓科學家可在存活狀態下，研究程
式細胞死亡的分子機制。
Prof Donald C Chang, Department of Biology, and Visiting Assistant Prof Kathy Qian Luo, Department of
Chemical Engineering, developed a new class of molecular biosensors that provide a powerful tool for
rapid-screening of new drugs. The sensors, which can detect enzyme (caspase) activation in a single living
cell based on the FRET (fluorescence resonance energy transfer) method, enable scientists to study the
molecular mechanisms of programmed cell death in an in-vivo situation.
陳富生教授
Prof Peter F Chen
張國昌教授
Prof Guochang Zhang
會計學系副教授陳富生（左）與教授張國昌（右）成功以一個
模型，闡釋擁有多個業務部門的企業，為何將某部門的盈
利，轉移至另一部門，以影響市場的估值。這導致對各部門
的績效，出現「訊息不對稱性」，部分人掌握相關訊息，部分人卻不知情，致市場發生誤解。剝離這些資金可使
公司估值返回至合理水平。陳教授及張教授發現，股市對資金剝離作出正面反應，因為市場預期該公司未來有
較佳的營運表現。
Associate Prof Peter F Chen (left) and Prof Guochang Zhang (right), both Department of Accounting,
developed a model to explain why firms with multiple business segments may have incentives to shift
earnings from one segment to another to influence their market valuation. This, however, leads to
information asymmetry about the performance of each segment – meaning some parties don’t have
all the relevant information, while others do - and the market may get it wrong. Divestment brings the
valuation back to where it should be. Chen and Zhang found supporting evidence that the stock market
reacts positively to divestment announcements, after taking increased expectations about future operating
performance into account.
