题　目：The Real Effects of Administrative Disclosure on Cross-Border Trade

嘉　宾：赵乐，副教授，南开大学

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2025年11月21日（周五）13:30-15:00

地　点：上海交通大学 徐汇校区安泰楼A511室

内容简介:

This study examines the real effects of government disclosure of aggregated administrative data on international trade. In 2015, China began publicly disclosing the names of firms awarded the top tax compliance rating, which is derived from detailed administrative records capturing firms’ regulatory compliance, transactional reliability, and financial record-keeping quality. We posit that the disclosure provides a credible and easily accessible signal of firms’ contractual risk to foreign business partners. Using transaction-level export data, we find that firms with a top rating relatively increase exports by 7.4% following the disclosure, with stronger effects at the extensive margin. The effect is stronger among small and young firms that lack reputation capital to support credible private information exchange, for firms without reliable financial statements, and in destination markets with greater informational frictions regarding Chinese exporters. Furthermore, we show that the disclosure improves trade efficiency, as reflected in reduced relationship disruption risk and improved operational performance among customers. Overall, our findings demonstrate that government-administered disclosure complements financial reporting in alleviating information frictions that hinder cross-border trade.

演讲人简介：

赵乐，副教授，南开大学商学院，主要研究方向为公司财务。研究成果发表在《Management Science》、《European Accounting Review》、《Journal of Business Finance and Accounting》和《世界经济》、《金融研究》、《会计研究》等国内外高水平期刊。主持国家自然科学基金和天津市哲学社会科学规划项目等课题。

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