报告题目 | Corporate discredit with Chinese characteristics: Evidence from postings by the Supreme Court of China | ||
报告人（单位） | 吴一平(上海财经大学) | ||
点评人（单位） | 刘修岩教授 （东南大学） | 点评人（单位） | 董斌教授 （东南大学） |
在线会议信息 | 2021年11月12日（周五）上午10:00 腾讯会议 ID：926 554 189 | ||
报告人简介 | |||
吴一平，经济学博士，上海财经大学公共经济与管理学院教授、博士生导师。研究方向包括国家治理与经济发展、财政体制与政策改革、产业政策与科技创新。兼任上海市经济学会理事、浙江省民营经济研究会高级顾问。在《经济研究》、《管理世界》、《经济学季刊》、Governance、Journal of Economic Behavior and Organization、World Development等期刊发表论文近50 篇。 | |||
报告内容提要 | |||
External governance mechanisms can affect corporate behaviors. We examine the postings of discredit by the Supreme Court of China on the financing, investment, growth and corporate valuation of Chinese listed firms. We employ a difference-in-difference method and find that postings of discredit are negatively associated with the growth rate of bank loans. This effect is more pronounced for small and private firms, in particular for those private firms without political connection. In addition, this effect is more pronounced for firms in regions with better legal environment and lower costs of contract enforcement. Firms receiving higher investor attention suffer more severely from discredit postings. Also, firms with poor corporate governance suffer more severely from discredit postings. This paper provides supporting evidence for the role of external governance mechanism in disciplining corporate behavior in a context of poorly developed financial and legal system as China. | |||
