2023年第3期(总第9期)

Implicit corruption with subsidiaries:Evidence from land sales in China

主讲人:李宗元

主持人:雷春雨

讲座时间:6月9日(周五)14:30

地点:文荟楼316

报告简介:

We investigate whether and how political connections penetrate through headquartelsubsidiary relationships. Our results show that even though the headquarters of politicallconnected listed firms pay comparable land prices as other firms, their subsidiaries pay12.1-13.2% less, regardless of government subsidies. The price discount is exacerbateowhen the land is sold through informationally opaque' supply methods and/or is lesssubsidized. It is also larger in regions with weaker legal protection and less developedprivate sectors. The anti-corruption campaign has successfully mitigated such pricedistortions. Our results indicate that companies can use subsidiaries to hide political benefitsassociated with corruption.

主讲人介绍:

李宗元，澳门大学金融学博士。现就职于温州肯恩大学，任助理教授。CFA持证人，主要研究领域包括房地产金融、银行风险管理。论文发表于《JournalofFinancialResearch》松《Emerging Marekts Finance and Trade) , 《China Finance Review International》《Intemmational Real Estate Review》 。并担任《Journal ofInternational Financial MarketsResearchinInstitutions and Money》 ,(International Review of Financial Analysis International Business and Finance》 ，《Singapore Economic Review》《Journal ofChinese Economic and Business Studies》，《Emerging Market Finance and Trade》和《Intemnational Real Estate Review》的匿名审稿人

联系邮箱:zli@kean.edu。