10月12日双周论坛

【本期主题】Ownership Type and Tunneling: Evidence from Group-affiliated Firms in China (所有权类型和隧道效应：来自中国集团公司的证据)

This study aims to test whether ownership type plays a role in explaining tunneling. Using illegal loan guarantees as a direct proxy for tunneling, we hypothesize that state-owned group affiliations have more illegal guarantees than private group firms since the regulations that prohibited the issuance of related loan guarantees may be enforced favorably to state-owned firms that have strong ties to the government. We examine a sample of group affiliated Chinese listed firms that issued illegal loan guarantees to their related parties in 2004 and 2005. Our results show that state-controlled firms are significantly more likely to issue illegal loan guarantees. To reinforce our analysis, we also test the effect of state-control on the issuance of legal loan guarantee in 2006 which we do not take as tunneling and we do not find significant effect of state-control.

【报告人】于换军 北京师范大学经济与工商管理学院         助理教授

                     荷兰皇家格罗宁根大学经济管理学院 经济与商务博士

【时  间】10月12日中午12:00

【地  点】明德主楼714室

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报告人简介：        

     于换军，北京师范大学经济与工商管理学院助理教授，荷兰皇家格罗宁根大学经济管理学院博士， 在Journal of Development Studies，World Economy等期刊上发表过文章，2010年在格罗宁根大学出版社出版了一本专著，研究兴趣包括：企业集团、公司治理、公司金融、组织经济学 、经济转型等。

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