主 题：Political Uncertainty and Corporate Investment: Evidence from China
主讲人：Ting Zhang, PhD UniversityofDaytonDepartment of Economics & Finance,SchoolofBusiness Administration
主持人：西南财经大学会计学院 金智
时 间：2015年6月19日上午10：00-11：30
地 点：通博楼D207
主 办：西南财经大学会计学院、科研处
主讲人简介：
Ting Zhang，美国 University of Rhode Island金融学博士，University of Dayton商学院经济与金融学院副教授(终身教职).研究方向公司财务、公司治理、资产定价、国际财务。相关成果发表于：Journal of International Financial Markets, Institutions and Money, Journal of Banking and Finance，Review of Accounting Studies等
论文摘要：
Using hand-collected data on changes of government officials in 277 Chinese cities, we examine how political turnover affects corporate investment in a transitional economy. We find that political turnover leads firms to significantly reduce corporate investment, particularly when the new official is an outsider appointed by a higher level of government. The effect of political turnover on corporate investment is stronger for state-owned enterprises, capital intensive firms, and firms deemed locally important. Finally, we find that the volatility of corporate investment increases with political turnover.
