演讲题目：Corporate Subsidiary Locations, Politics, and Firm Value
演讲者: 赵子夜，上海财经大学会计学院副教授、博士生导师
演讲时间：2018年7月18日（周三）下午15：00一16：30
演讲地点: 嘉庚一207
主持人：沈哲 副教授
参加者：对会计、财务研究有兴趣的师生
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Abstract：Analyzing hand-collected data on corporate subsidiary locations of all publicly listed firms in China between 1998 and 2013, we find that “hometown firms” set up more subsidiaries in non-headquarters locations in their home provinces, where a “hometown firm” is defined as a firm headquartered in the hometown of the key political leaders of the province. Such an effect is stronger for “hometown firms” that are non-state-owned or without political connections, and is more prominent in a political turnover year and one year preceding it. The more subsidiaries a “hometown firm” sets up in the province, the firm will have fewer risks, more innovations and a higher value. We find evidence consistent with positive externalities of these subsidiaries for other firms in the cities where they reside (“local firms”). The number of these subsidiaries is also positively associated with the local employment rate. Various robustness checks confirm the validity of our results. Our results provide some of the first evidence on the importance of corporate subsidiary locations, and show that political geography significantly influences corporate geography.