Political Power and Cost of Lands: Evidence from Micro-level Urban Data in China

时间:2018-10-19来源:澳门十大正规平台-yabo娱乐编辑:浏览:766设置

讲座主题:Political Power and Cost of Lands: Evidence from Micro-level Urban Data in China

报告人:山立威教授,西南财经大学经济与管理研究院

报告时间:20181024日(周三)上午10001130

报告地点:经济学院4036多媒体会议室

  

摘要:

Using a unique sample of 2,460 land transactions in China from 2008 to 2014, we find that politically connected firms can purchase lands with lower prices than non-politically connected firms can. Moreover, land prices are lower for firms with stronger political connections, i.e. firms with higher level of political connections, and political connected firms headquartered in the same cities as lands sold. The negative effect of political connections on land prices becomes weaker after President Xi started the crackdown on corruption. In addition, we identify two mechanisms of how politically connected firms acquire lands with lower prices, through lower start prices and Guapai auctions. Further studies indicate that investors recognize the value of lands purchase by politically connected firms in that the cumulative abnormal returns (CARs) to land purchases by politically connected firms are significantly higher than CARs to land purchases by non-politically connected firms.

  

报告人概况:

山立威,西南财经大学经济与管理研究院教授,博士生导师。2006年获得美国俄勒冈大学金融学博士,后加入西南财经大学工作,期间分别在香港岭南大学和香港理工大学从事过教学和科研工作。

主要研究领域为实证企业金融,资本市场,财务管理及审计等领域。在国内外著名期刊发表论文十多篇,包括Strategic Management JournalJournal of Corporate Finance, Accounting Horizons, Urban Studies,《经济研究》,《金融研究》等等。主持过国家教育部人文社科项目,四川省社科项目和西南财经大学重大理论研究项目等等,获得过四川省哲学社会科学优秀成果二等奖,四川省教育厅优秀成果一等奖,四川省注册会计师协会社科优秀成果一等奖,西南财经大学优秀科研成果奖等奖项,获得西南财经大学优秀教师奖三次。

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