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【3月29日】【財稅論壇】Re-allocation of Political Connection and Taxation over Local Political Cycles

[發表時間]:2019-03-28 [來源]:財政稅務學院 [瀏覽次數]:







  主講人簡介:陳曉光,西澳大學商學院助理教授,鄒至莊經濟學獎得主,在“Journal of Public Economics”、“Economic Letters”、《中國社會科學》、《經濟研究》、《經濟學(季刊)》等雜志上發表過多篇論文。

  Abstract:This study investigates formation and break of companies' political connection over local political cycles in China. I document following findings. First, Companies differ considerably in their degree of political connection. On average, capital intensive companies have more politically connected top leaders as board members or executives in total number, in ratio, and in salary compensation. Second, over the local political cycles, political connection by different indicators of capital intensive companies increase with the tenure of prefectural secretaries of the CCP. The political connection indicators reach a peak in year four. Third, there is re-allocation of political connection across industries over the local political cycles. As the tenure of the prefectural secretaries rises, the political connection of the capital intensive companies increases while that of the labour intensive ones decreases. Consequently, both the effective VAT rate and credit allocation change in favour of the capital intensive firms, while to the detriment of the labour intensive counter-parts. The findings suggest that the building of political connection is frictional and takes time, and that the capital intensive firms are more liable to hold-up by local politicians and more likely to resort to political connection for protection.