讲座题目：Political connections and firm performance: Evidence from government officials' site visits

主讲人：姚澄雪，博士研究生，浙江大学

讲座时间：2019年4月17日（周三）10:00-11:00

讲座地点：bat365中文官方网站大楼407室

邀请部门：金融学系、金融工程研究所

 

讲座概要：

This study uses government officials' corporate site visits as a measurement of political connection and examines how political connection affects firm performance. Using a novel dataset on government officials' site visits from 2004 to 2014, we find that firm performance increases following corporate site visits by government officials. This study finds that firms obtain more new investment projects and bank loans, improve corporate governance, and decrease information asymmetry as well. Government officials' site visits are also associated with positive abnormal stock returns, indicating that investors interpret government officials' site visits as a signal of government endorsement and support. Using China's recent anti-corruption campaign as an exogenous shock, we find that political connections are more valuable in the absence of political corruption.

报告人简介：

姚澄雪，女，山东淄博人。现为浙江大学经济学院金融学博士研究生，预计2019年6月毕业。研究方向为公司金融、资本市场。博士研究生期间在Pacific-Basin Finance Journal，Applied Economics期刊上发表2篇学术论文。参与国家自然科学基金项目“宏观经济影响微观主体行为机制的创新性研究”（2016-2020负责子课题）、教育部人文社会科学基金项目“互联网金融服务小微企业路径研究”、浙江省“金华市金融发展‘十三五’规划编制”等项目。本科和研究生期间获得第八届“挑战杯”中国老员工创业计划竞赛银奖、第十六届美国老员工交叉学科建模竞赛（ICM）国际二等奖、第二十届“高教社杯”全国老员工数学建模竞赛全国一等奖、国家奖学金、校优秀研究生等诸多荣誉。