题目:Trade Liberalization and Domestic Vertical Integration: Evidence from China
报告人:Chaoqun Zhan
时间:2017年10月23日(周一) 14:30 ~ 17:00
地点:第三会议室(A321)
摘要:In this study we examine the eects of trade liberalization on domestic mergers and acquisitions (M&As) in China. In particular, we focus on domestic backward vertical integrations in which a domestic upstream rm (target) is acquired by a domestic downstream rm. Our analysis takes China’s accession to the WTO (2001) as a quasi-natural experiment for trade liberalization. We nd that a decrease in taris on the target industry’s outputs reduces vertical integrations, but a decrease in taris on the target industry’s inputs increases vertical integrations. The result is obtained using the dierence-in-dierences technique and is robust to various specications of the model and measurement. We build a hold-up model with an upstream supplier and a downstream buyer to provide insights to the empirical nding that the existence of underinvestment is the key to understanding the eects of tari reductions on rms’ organizational choices.
报告人简介:
占超群,经济学博士,本科和研究生毕业于于best365网页版登录,现就读于香港大学经济系。
主要研究领域为中国经济,国际贸易,产业组织。