【主讲】Alberto Batinti (SUFE-SPEA)
【主题】Anti-Corruption and Corporate Investment in China: Evidence from a Quasi-Natural Experiment
【时间】2016年12月20日 (周二) 15：00-16：30
【地点】上海财经大学经济学院楼401室
【语言】英文
【摘要】This paper analyses the impact of the Chinese anticorruption campaign (ACC) on firms’ investment using a panel of listed Chinese companies for the period 2003-2015. Exploiting the identification power of a quasi-natural experiment based on the abnormal prosecution rates involving tigers - very high ranked Chinese officials - we find that corporate investment was reduced between 12 to 20%, and that private companies instead of SOEs (State Owned Enterprises) drove the reduction. We finally offer some explanation about this evidence. Preliminary results show that the reduction in investment is due to a shift in the opportunity cost of doing business in China, causing the revision of investment plans adopted before the ACC was in place.
