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人大国发院“理论与政策”研讨会(第71期)
(国家发展与战略研究院发布于:2021-06-29 17:24:49)


Corporate discredit with Chinese characteristics:

Evidence from postings by the Supreme Court of China


主    讲:陆利平(金沙电玩城15598版下载财政金融学院)

主    持:刘瑞明(金沙电玩城15598版下载国家发展与战略研究院)

时    间:2021年7月2日(周五)14:00-15:30

地    点:金沙电玩城15598版下载崇德西楼(原科研楼A座)815会议室

 

摘要:The postings of discredit by the government 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 media attention suffer more severely from discredit postings. Also, firms with poor corporate governance suffer more severely from discredit postings. We also find a negative impact of corporate discredit on alternative financing, investment, sales and R&D. Besides, we identify a spillover effect to other neighboring firms, and a reversal effect after the removal of discredit postings. Event study results suggest negative impact of discredit postings on corporate valuation. Our results are robust to propensity score matching method, parallel trend test, placebo test, and sample coverage concerns. This paper provides supporting evidence for the role of government in disciplining corporate discredit behavior in a context of poorly developed financial and legal system as China.

 

主讲人简介:陆利平,金沙电玩城15598版下载财政金融学院副教授,博士生导师。曾任教于荷兰阿姆斯特丹自由大学金融系。主持和参与多项国家自科和社科基金项目,在《世界经济》、Journal of Financial Intermediation和Journal of Banking and Finance等国内外一流期刊发表过文章,研究方向是银行学。现任European Journal of Finance杂志副主编,并担任《经济研究》、Economic Journal和Review of Finance等杂志的匿名审稿人。

 

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