题目：Trade Liberalization and Domestic Vertical Integration: Evidence from China

　　报告人：Chaoqun Zhan

　　时间：2017年10月23日(周一) 14：30 ～ 17：00

　　地点：第三会议室(A321)

　　摘要：In this study we examine the eects 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 rm (target) is acquired by a domestic downstream rm. Our analysis takes China’s accession to the WTO (2001) as a quasi-natural experiment for trade liberalization. We nd that a decrease in taris on the target industry’s outputs reduces vertical integrations, but a decrease in taris on the target industry’s inputs increases vertical integrations. The result is obtained using the dierence-in-dierences technique and is robust to various specications 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 nding that the existence of underinvestment is the key to understanding the eects of tari reductions on rms’ organizational choices.

　　报告人简介：

　　占超群，经济学博士，本科和研究生毕业于于太阳集团tyc4633，现就读于香港大学经济系。

　　主要研究领域为中国经济，国际贸易，产业组织。