一、主题：Social Stability and Resource Allocation within Business Groups

二、主讲人：朱海坤，荷兰蒂尔堡大学金融学博士。主要研究领域包括金融中介、金融科技和金融政治经济等。研究成果在2017 Swiss Winter Conference on Financial Intermediation, SHOF FinTech Conference* (Stockholm),2016 FMA Europe, EEA (Lisbon), 4th International Symposium on Quantitative History (Beijing University) ,ABFER(Singapore), Mitsui Finance Symposium等会议上宣讲。

三、时间：2017年12月14日（周四），12:30-13:30

四、地点：学院南路校区主教学楼913会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

Abstract: Using datasets on transactions within business groups and on social sentiment in China, I show that resource allocation within a business group of state-owned enterprises (SOEs) internalizes the government’s political goal of maintaining social stability, though at a cost of shareholder value. I use plausibly unexpected shocks to regional stability (such as terrorist attacks) to analyze the response of SOEs to these events. I find government, as the controlling shareholder, adopts a carrot-and-stick approach. The government offers a “carrot” by injecting funds into SOEs located in the affected areas, which are then used to generate benefits to the public, such as increased hiring, labor payments and capital expenditure. However, where there are severe political conflicts, government applies a “stick” by withdrawing resources. These strategies match theoretical predictions developed in studies on state accommodation vs. repression during social turmoil. Finally, I show that local sentiment improves around shocks when SOEs offer more benefits. This paper provides new evidence on how the intra-group allocation of resources may deviate from the neoclassical prediction, and incorporates political objectives.