報告人：姚澄雪

時間：2022年4月1日 下午3:00

方式：騰訊會議（會議號731 211 833）

【報告人簡介】

姚澄雪，金融學博士，講師，畢業于浙江大學。學術研究主要集中在公司金融與資本市場，研究成果相繼發表Pacific-Basin Finance Journal、Applied Economics等學術刊物。

【內容摘要】

We utilize a dataset containing detailed turnover data of top provincial leaders in China and the financial information of Chinese listed companies to study the different investment behaviors between companies. We find that market-dependent enterprises (MDEs) and policy-dependent enterprises (PDEs) choose different investment decisions to avoid risk in the uncertain period. The optimal decision of MDEs is to increase financial investment before the turnover, while PDEs invest in political resources before the turnover. Due to the role of political resources, after the turnover, the real investment of PDEs increases, while the real investment of MDEs does not change. Further, we explain this finding from the different sources of decision-making information between MDEs and PDEs. MDEs rely on market information to make investment decisions, while PDEs also have political resource information in addition to market information. The research results show that the decline of the MDEs’ stock price informativeness before the turnover promotes the financial investment of MDEs, while the rise of PDEs’ stock price informativeness given by political resource information after the turnover promotes the real investment of PDEs. Finally, in the robustness test, we provide evidence of the impact of political information on a firm’s decisions. MDEs’ investment-stock price sensitivity decreases significantly in the turnover period and after the turnover, while PDEs’ investment-stock price sensitivity increases and decreases after the turnover.

【主持人簡介】

閆海洲，上海對外經貿大學金融管理學院副院長，經濟學博士，金融學教授。研究主要聚焦于公司金融和產業金融的交叉領域。