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  • 【学术沙龙】Move to Success? Headquarters Relocation, Political Favoritism, and Corporate Performance

    发布者:财金学院 时间:2018年03月21日

      主题:Move to Success? Headquarters Relocation, Political Favoritism, and Corporate Performance  

      主讲:陈硕教授   复旦大学经济学院    

      主持:高翔    

      时间:03 30 日(周五)1330 -1500    

      地点:徐汇校区 14 楼研讨室 

      内容提要:This paper examines the impact of corporate headquarters (HQ) relocation on firms’ performance by applying Difference-in-Differences (DID) analysis on China’s listed companies. We investigate the HQ relocations of two different motivations, distinguished by different destinations: relocations to the capital city of Beijing in search of political favoritism, and relocations to Shanghai or Shenzhen seeking for strengthened market competitiveness. Specifically, firms that relocate their headquarters to Beijing seem to receive certain political favor, while firms that relocate to Shanghai or Shenzhen have experienced no such impact. Empirical results show that the HQ relocations, motivated by political and market reasons alike, would generally improve the firm’s accounting performance. The improvement in the stock performance, however, only occurs to firms that relocated their headquarters to Shanghai or Shenzhen. The differences in the stock performance might be attributed to the harm of the political favoritism to firms’ sustainability: HQ relocation to Beijing reduces efficiency (TFP) and innovation (R&D and patents). Moreover, we also find that HQ relocations to Beijing generate negative externalities to the rival firms and to the entire industry. These findings show that political favoritism distorts the spatial distribution of economic activities and leads to an inefficient resource allocation.  

        

      专家介绍:陈硕目前是复旦大学经济系教授。陈之前就读于香港科技大学社会科学部(2006-11 年,获社会科学博士学位)、经济学系(2005-06年,获经济学硕士学位)和山东大学会计学系(1998-2002 年,获管理学学士学位)。陈的研究兴趣主要集中于发展经济学、政治经济学、经济史及应用微观计量经济学。陈硕的英文研究发表在 American Political Science ReviewAmerican Economic Journal: Applied Economics Journal of Economic Growth 等经济学及政治科学顶尖期刊上;中文成果也发表在《经济研究》、《管理世界》、《世界经济》、《统计研究》、《经济学季刊》及《中国农村经济》等国内权威期刊上。陈的英文成果已经被哈佛大学、芝加哥大学、华盛顿大学、都柏林大学等欧美著名高校经济系和政治系的研究生课程列入阅读材料。除此之外,他还有一本专著和一本译著。目前,陈还主持两项国家自然科学基金项目及三项省部级课题及重大课题。他在中国地方政府行为及经济史方面的研究也得到了国内外同行的认可,应邀在哈佛大学、布朗大学、加州大学洛杉矶及圣迭戈分校、北京大学、清华大学、上海财经大学、上海交通大学、中山大学、厦门大学及武汉大学等国内外知名高校陈述其研究成果。陈硕还积极参与其他社会活动,目前担任《世界经济文汇》杂志编辑部编辑并且是国内外多个学术杂志的匿名审稿人等。陈硕的研究不仅产生了广泛的学术影响,还具有重要的政策含义:有多篇论文被《人大复印资料》全文转载、获得上海市第十二届哲学社会科学优秀成果一等奖及 2017 年度中国青年经济学家奖,荣获上海市浦江人才(2012社科新人(2015及复旦大学卓学学者称号并担任教育部学位中心通讯评议专家及瞭望智库专家。 

      上海商学院财金研究所 

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