主办单位：财政税务学院

讲座地点：沙河主教207

讲座时间：2019年3月29日（星期五）8:00-9:40

主讲人：陈晓光

主持人：杨龙见

评论人：何杨

主讲人简介：陈晓光，西澳大学商学院助理教授，邹至庄经济学奖得主，在“Journal of Public Economics”、“Economic Letters”、《中国社会科学》、《经济研究》、《经济学(季刊)》等杂志上发表过多篇论文。

Abstract：This study investigates formation and break of companies' political connection over local political cycles in China. I document following findings. First, Companies differ considerably in their degree of political connection. On average, capital intensive companies have more politically connected top leaders as board members or executives in total number, in ratio, and in salary compensation. Second, over the local political cycles, political connection by different indicators of capital intensive companies increase with the tenure of prefectural secretaries of the CCP. The political connection indicators reach a peak in year four. Third, there is re-allocation of political connection across industries over the local political cycles. As the tenure of the prefectural secretaries rises, the political connection of the capital intensive companies increases while that of the labour intensive ones decreases. Consequently, both the effective VAT rate and credit allocation change in favour of the capital intensive firms, while to the detriment of the labour intensive counter-parts. The findings suggest that the building of political connection is frictional and takes time, and that the capital intensive firms are more liable to hold-up by local politicians and more likely to resort to political connection for protection.

[编辑]：张萌