时间：2015年6月26日（周五）9:00-10：30
地点：嘉庚二号楼501教室
主持人：胡金帅，财务管理与会计研究院会计学副教授
题目：Political Connections and Corporate Investments: Evidence from the Recent Anti-corruption Campaign in China
报告人：Xiaofei Pan, lecturer, University of Wollongong, Australia
论文摘要：
Taking advantage of the corruption scandals, particular the recent anti-corruption campaign initiated by Xi Jinping in China, we construct a natural experiment and identify the ouster of corrupt politicians and connected firms through bribery and personal relationships. Our empirical tests reveal that corporate investment expenditures of these firms decline significantly after the ouster of the politicians, especially for non-SOEs relative to SOEs. Further analysis shows that this change in investment expenditures results in improved investment efficiency for SOEs, while reduces investment efficiency for non-SOEs. We also document that the ouster of the politicians influences firm investment decisions more in regions where corruption is more severe. Additional analysis also shows that the increase in investment efficiency in SOEs is associated with rectified firm performance, positive stock price effects, reduced perks and stronger pay-performance relationship, while non-SOEs do not exhibit a significant change. Overall findings support our main argument that political ties obtained from bribing politicians facilitate rent seeking from government, which is detrimental for SOE value because SOE managers have extracted more private benefits due to less monitoring by government owners, while the political capital bring favourable treatments and add value for non-SOEs. Our study also calls for efficient channels to fight corruption through either building sounder institutional environments including stronger legal system or encouraging government to relinquish the economic control to eliminate rent seeking incentives.
报告人简介：
Dr. Pan got his Ph.D., master, and bachelor in Finance from University of Wollongong, Dalian University of Technology and North Eastern University respectively. His research interests include Corporate governance and ownership structure/family control, political capital/connection, financial institutions/bank lending, and financing and investment. He’s published papers in Journal of Banking and Finance, Pacific-Basin Finance Journal, Journal of Corporate Finance, and etc.
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