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学术讲座:China’s Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

金融学院SBF论坛2019年第6讲

讲座题目:China’s Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

时间:2019年3月28日(周四)12:20-13:30

地点:博学楼925

主讲人:李波

主讲人简介:

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;2006年获得不列颠哥伦比亚大学经济学硕士学位。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。

讲座内容简介:

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.