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        12月27日CEMA研讨会2018秋季第十五讲 China's Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

        [发表时间]2018-12-19 [来源]中国经济与管理研究院 [浏?#26469;?#25968;]

        论文题目China's Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

        报告人李波清华大学五道口金融学院助理教授

        论文摘要We provide a novel empirical finding that the recent anti-corruption investigations in China are associated with credit reallocation from less productive, state-owned enterprises (SOEs) to more productive, non-SOEs. The empirical strategy exploits staggered investigations as exogenous shocks to bank loan issuance among rival firms in affected industry. The main finding extends to implicated firms and non-affected industries, proves strong for extensive margins and a supply shock, and remains solid for stock market reactions. We further single out the economic efficiency channel, and to a lesser extent, the political connection channel, through which the anti-corruption campaign leads to improved credit reallocation.

        时间12月27日周四中午12:10-13:30

        地点学院南路校区学术会堂712

        报告人简介李波清华大学五道口金融学院助理教授2013年毕业于加拿大女王大学经济系获经济学博士学位研究领域为公司金融政治经济学和企业破产等并在Journal of Finance, Law, and Accounting等期刊上发表论文

        主办中国经济与管理研究院


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