讲座人：邓路

讲座主题：How does political connection help during crisis?—— Evidence from Chinese private firms

摘要：This paper examines how political connection affects investment decisions of private firms during financial crisis within China’s institutional settings, where the government implements various rescue plans and dominates in resources allocation. The empirical results show that although firms reduce investment facing the shock of crisis, politically connected firms invest more than non-connected firms. We identify two channels through which political connection can help firms to maintain their investment. The first one is that connection helps firms to obtain more bank loans and thus reduces the financial constraints, so firms have more capital to support investment. The second one is that politically connected firms can better recognize investment opportunities given the government-directed investment plans, so firms invest more efficiently. Both more capital and better investment efficiency promote politically connected firms to investment more. Finally, we further investigate the interaction between formal and informal institutions. We find that the helping role of political connection is more pronounced when firms have weak formal institutions.

讲座时间：2014年11月19日，周三，14:00开始

讲座地点：学院南路校区学术会堂202会议室

讲座人简介：邓路，北京航空航天大学经济管理学院副教授、会计系主任。研究领域：公司财务与资本市场，已在International Review of Economics and Finance、《管理世界》、《会计研究》等期刊发表20余篇学术论文，曾荣获中国人民大学校级优秀博士学位论文和第五届“杨纪琬会计学奖”，近三年来已完成8篇案例入选全国“百篇优秀管理案例”和全国“MPAcc优秀教学案例”。

本次论坛参加人员范围：会计学院教师、博士生、本硕博连读生、Mpacc以及本科生学术创新实验班成员。