| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14650 |
| 来源ID | Working Paper 14650 |
| Vertical Integration, Institutional Determinants and Impact: Evidence from China | |
| Joseph P.H. Fan; Jun Huang; Randall Morck; Bernard Yeung | |
| 发表日期 | 2009-01-15 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political rent-seeking aimed at securing and extending market power. Thus, where political rent seeking is minimal, vertical integration should add to firm value and economy performance; but where political rent seeking is substantial, firm value might rise as economy performance decays. China offers a suitable background for empirical examination of these issues because her legal and market institutions are generally weak, but nonetheless exhibit substantial province-level variation. Vertical integration is more common where legal institutions are weaker and where regional governments are of lower quality or more interventionist. In such provinces, firms led by insiders with political connections are more likely to be vertically integrated. Vertical integration is negatively associated with firm value if the top corporate insider is politically connected, but weakly positively associated with public share valuations if the politically connected firm is independently audited. Finally, provinces whose vertical integrated firms tend to have politically unconnected CEOs exhibit elevated per capita GDP growth, while provinces whose vertically integrated firms tend to have political insiders as CEOs exhibit depressed per capita GDP growth. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w14650 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572324 |
| 推荐引用方式 GB/T 7714 | Joseph P.H. Fan,Jun Huang,Randall Morck,et al. Vertical Integration, Institutional Determinants and Impact: Evidence from China. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14650.pdf（393KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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