广东财经大学金融学院
琶洲金融论坛
2017年第7期
主讲人：倪骁然
题 目：Political Turnover, Ownership, and Firm Cash Holdings:The Case in an Emerging Market
语 言：中文
时 间：2017年5月8日（星期一）10:00-11:30
地 点：北二331学术研究中心
主讲人简介：
倪骁然博士毕业于清华大学经济管理学院，即将入职厦门大学经济学院助理教授，研究兴趣集中在企业风险承担、企业创新、外部融资、利益相关者保护、现金决策、卖空、股价崩盘风险、价信息含量，在Economics Letters、管理世界、经济学季刊等一流期刊发表论文多篇。
讲座内容简介
This paper examines the relation between political turnover and cash holdings. Using a hand-collected dataset on changes of city heads in China, we find that the average cash holdings of listed firms decrease significantly when political turnover occurs, and the effect is concentrated in privately-owned firms. Such effects are more pronounced when firms located in cities with lower government qualities. We also find that political turnover leads to increases in effective tax rates, decreases in equity and debt issuances for privately-owned firms. Our findings reveal that expropriation threats associated with political turnover is an important determinant of firm liquidity management in emerging markets.