论文名称：Political determinants of privatizations in China: A natural experiment based on politician career concerns

作者：Huang, ZK ; 刘津宇 ; Ma, GR ; Xu, LC

刊名：JOURNAL OF CORPORATE FINANCE

发表时间：2024.08

We study the politicaldeterminantsof the world's largest privatization program by exploiting an age-related discontinuity ofpolitician promotion inChina. As a local politician's age exceeds 58, his promotion likelihood quickly diminishes. Consistent with changes in the politician's incentives, we find that Chinese cities whose top officials were older than age 58 were less likely to privatize local state-owned enterprises. Using the promotion discontinuity as an instrument, we report that privatization has significant effects on the firm's efficiency.