讲座主题:Trade Liberalization and Domestic Vertical Integration: Evidence from China
主讲人:刘青
讲座地点:B228
讲座时间:2018年5月25日 上午9:30
主办单位:999策略白菜手机论坛经济系
讲座摘要:In this study we examine the effects 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 firm (target) is acquired by a domestic downstream firm. Our analysis takes China’s accession to the WTO (2001) as a quasi-natural experiment for trade liberalization. We find that a decrease in tariffs on the target industry’s outputs reduces vertical integrations, but a decrease in tariffs on the target industry’s inputs increases vertical integrations. The result is obtained using the difference-in-differences technique and is robust to various specifications 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 finding that the existence of underinvestment is the key to understanding the effects of tariff reductions on firms’ organizational choices.
主讲人简介:刘青,对外经济贸易大学国际经济贸易学院教授,院长助理。研究领域为国际贸易,具体课题包括外国直接投资与跨国并购,跨国公司全球化与创新,全球化与中国经济,国际经济政策研究等。研究成果发表于Journal of International Economics, Review of International Economics, World Economy等。刘青教授还是全国高校国际贸易学科协作组青年论坛副秘书长,并担任中国国际贸易研究会(CTRG)副会长。