中国私有化的政治决定因素：基于政治家职业关切的自然实验

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-06-17 DOI:10.1016/j.jcorpfin.2024.102620

Zhangkai Huang , Jinyu Liu , Guangrong Ma , Lixin Colin Xu

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引用次数: 0

摘要

我们利用中国政治家晋升与年龄相关的不连续性，研究了世界上最大的私有化项目的政治决定因素。当一个地方政治家的年龄超过 58 岁时，他晋升的可能性就会迅速降低。与政治家晋升动机的变化相一致，我们发现，中国那些最高官员年龄超过 58 岁的城市不太可能将当地国有企业私有化。利用晋升不连续性作为工具，我们发现私有化对企业效率有显著影响。

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Political determinants of privatizations in China: A natural experiment based on politician career concerns

We study the political determinants of the world's largest privatization program by exploiting an age-related discontinuity of politician promotion in China. As a local politician's age exceeds 58, his promotion likelihood quickly diminishes. Consistent with changes in the politician's incentives, we find that Chinese cities whose top officials were older than age 58 were less likely to privatize local state-owned enterprises. Using the promotion discontinuity as an instrument, we report that privatization has significant effects on the firm's efficiency.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.