【主讲】Jun Qian 副教授 (Boston College)
【主题】The Political Economy of Corporate Finance: Evidence from 'Re-nationalization' in China
【时间】2013年11月18日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】We investigate the power structure of the Chinese political system and explore its implications on corporate sectors. We document large-scale 're-nationalization'—local governments establish controlling ownership stakes in previously privatized firms during the period 1999-2007. Firms located in provinces with newly appointed, top-ranked Party leaders who do not belong to any of the dominant political factions are more likely to be re-nationalized. With a number of instrument variables, including the political status of the top-ranked provincial Party leader, we find that re- nationalization leads to lower profitability and labo r productivity. We also find some evidence that re-nationalization temporarily lowers the unemployment rate in the region without any significant long-term economic benefits.