主 题：Helping Hands or Grabbing Hands? An Analysis of Political Connections and Firm Value
主讲人：Ting Zhang 博士
主持人：孙文佳
时 间：2015年12月18日周五10：00
地 点：格致楼317
主办单位： 金融学院 科研处
主讲人简介：
Ting Zhang (张霆), 美国代顿大学工商管理学院金融副教授, 终身教授。２００９年５月份于美国罗得岛大学(University of Rhode Island) 获金融学博士学位；研究领域集中在金融，公司财务和财务会计（包括中国资本市场会计）。自２０１１年来已经在会计和金融知名期刊上发表英语论文15篇,包括 Journal of Corporate Finance, Journal of Banking and Finance, Financial Analysts Journal, Journal of Financial Research, Review of Accounting Studies 等; 文章曾获Journal of Financial Research杂志最佳发表论文奖, 多次入选CFA 协会文章精选 (CFA Institute Selections) 并接受CFA协会采访. Dr. Zhang 具有10年的外汇交易员和股票分析师工作经验，并于2003年通过CFA Level II exam。 Dr. Zhang 教学兴趣广泛, 包括公司财务, 投资学, 证券组合及股票分析, 并指导学生参加CFA exam, CFA Research Challenge 和 进行股票投资。
内容提要：
We construct a unique political connection index to capture variations in the strength of firm politicalrelations in China. The index incorporates various channels through which a firm’s executives anddirectors are politically connected with government officials and bureaucrats. Overall, there is a negative relation between our index and firm value for the full sample; but such a negative relation mainly exists for state-owned enterprises (SOEs), and it becomes positive for non-SOEs. Furthermore, close examination shows an inverted U-shape relation between political connections and firm value for the full sample in general, and for the non-SOEs in particular: firm value increases initially at a lower level of connections, and then begins to decrease at a higher level. The findings are consistent with the different business objectives and motivations to seek political connections for SOEs and non-SOEs. Finally, our findings are robust after controlling for potential endogeneity and using an alternative headcount index construction method.
Dr. Zhang will first present his study on the political connection and firm value. Then he will share some insights on the research and publishing papers on English journals.
