演讲题目：Corruption, Government Subsidies, and Innovation: Evidence from China
报告人: 张琦 财务学系博士研究生
时 间：2018年11月9日（周五）上午10:00-11:30
地 点: 嘉庚一409
主持人：乔政 副教授
点评人： 江威 财务学系博士研究生
参加者：对会计、财务研究有兴趣的师生
Abstract：Governments are important financiers of private sector innovation. While these public funds can ease capital constraints and information asymmetries, they can also introduce political distortions. We empirically explore these issues for China, where a quarter of firms’ R&D expenditures come from government subsidies. Using a difference-in-differences approach, we find that the anticorruption campaign that began in 2012 and the departures of local government officials responsible for innovation programs strengthened the relationship between firms’ historical innovative efficiency and subsequent subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and the departure of government innovation officials.