【工商管理】政治家的家乡偏好对资源配置的影响

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政治家的家乡偏好对资源配置的影响

嘉宾简介

田钢教授 澳大利亚麦考瑞大学的应用金融系教授，研究方向为公司金融与公司治理，主要研究领域为创新、文化与金融、高管薪酬、银行贷款和非正式融资、投资效率和公司家族企业，以及企业的政治关联等。目前发表论文70多篇，其中在UTD24期刊Management Science发表2篇论文，并在ABS4星期刊Journal of Corporate Finance（9篇）、Journal of Banking and Finance（7篇）等期刊都有高质量的发表记录。目前，成功培养博士学生20多位，现为SSCI1区期刊《Accounting and Finance journal》的联席主编。

讲座内容简介

   Using the setting of Chinese initial public offering (IPO) regulation and a difference-in-difference design, we find that IPO firms headquartered in the hometown province of the incumbent chairman of the China Securities Regulatory Commission (CSRC) are 14.87% more likely to receive IPO approval. We also find the chairman’s hometown favoritism is principally motivated by social preferences arising from birthplace identity rather than by political motive or by rent seeking. Further, this favoritism is stronger for IPO applicants who have no IPO approval committee connections, no political connections, no state ownership, and lower earnings quality. Finally, hometown-connected IPO firms tend to experience higher IPO underpricing and lower post-IPO stock returns and accounting performance, which suggests that this hometown favoritism distorts resource allocation in an emerging market.

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