题　目：Social Priorities, Institutional Quality, and Investment

嘉　宾：于晓筠 讲席教授 上海高级金融学院

主持人：幸婧 副教授 上海交通大学安泰经济与管理学院

时　间：2024年11月6日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰楼B201室

内容简介:

We examine the role of corporate taxation and institutional quality in aligning privately optimal investments with those that are socially optimal. We develop a theoretical framework to characterize how limited liability and non-monetized social benefits give rise to corporate investments to deviate from the socially optimal levels. Our model predicts that, while taxes bridge the wedge between the private objectives of firms and that of the society at large, the level of corporate tax required to achieve social optimality is attenuated in the presence of high-quality institutions. We provide empirical evidence in support of these predictions. Exploiting the staggered designation of strategically important industries by the Chinese government in its Five-Year Plans (FYPs) and leveraging a regulatory event that affected the corporate tax rate, we show that the government lowers taxes to spur corporate investment to a lesser extent if there is a strong local legal regime or a well-developed market-based system. The results are driven by the FYP industries which adhere to the social priorities that generate larger non-monetized benefits. Both corporate taxation and institutional quality affect the likelihood of firms expanding into FYP industries, boosting environmental investments, and transitioning to non-polluting sectors. Importantly, the investment misalignment decreases in these FYP industries, as previously underinvested (overinvested) firms speed up (slow down) their investment to a greater extent compared to peer firms in the same industry. Our findings highlight taxes as an alternative self-enforcing implicit contract in aligning private and public interests while also demonstrating the moderating effects of quality institutions.

演讲人简介：

于晓筠教授现任上海交通大学上海高级金融学院金融学讲席教授，并任欧洲公司治理研究所研究员。于晓筠教授曾担任印第安纳大学凯莱商学院金融学教授和Arthur M. Weimer学院研究员。

于晓筠教授的研究领域包括公司财务理论与实证，目前研究方向包括信息经济学、证券设计、首次公开募股、金融机构及体系、金融政治经济学。迄今已在 Journal of Finance，Journal of Business，Review of Financial Studies，Journal of Financial and Quantitative Analysis，Management Science 等国际著名学术刊物发表高水平学术论文 20 余篇。于晓筠教授还参与编写了 Social Security Reform in China 和 Volume of Finance，Frontiers of Western Research in the Humanities and Social Sciences 等著作的重要章节。于晓筠教授曾多次获得科研奖项和研究基金，包括 2021 年欧洲金融学会 Review of Finance Pagano and Zechner 最佳论文奖、 2019 第十届国际公司治理研讨会最佳论文奖、2018中国金融年会喜岳最佳论文奖、2016 孙冶方金融创新论文奖、2013 全美华人金融协会（TCFA）最佳论文奖、 2013 年中国国际金融会议最佳论文奖及 2012 年国际金融管理协会最佳论文奖等。于晓筠教授所参与的课题多次获得国家自然科学基金项目的资助。

于晓筠教授的研究成果曾在 CNBC、纽约时报、华尔街日报等多家媒体上广泛报道。于晓筠教授为美国金融学会及西方金融学会成员，也是众多国际知名金融学术会议的评审委员会成员及联席主席。此外，于晓筠教授还担任 Pacific-Basin Finance Journal 和 International Review of Finance 的主编，Management Science，Journal of Financial Intermediation，Journal of Corporate Finance，Journal of Banking and Finance 和 Journal of Empirical Finance 的副主编。

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