With the implementation of the CPC＇s eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectivel...With the implementation of the CPC＇s eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectively. Our empirical research has found that after the release of the ＂eight-point regulation ＂, investors responded negatively to private frms and positively to SOEs. Such market response is more significant for firms with a high degree of rent-seeking. Further research has found that rent-seeking helps both SOEs and private firms receive more subsidies from the government. While government subsidy from rent-seeking is conducive to the performance of private firms, it is not the case for SOEs. This implies that rent-seeking activities serve as a ＂lubricant＇for private firms but have a ＂stumbling block＂ effect for SOEs.展开更多
基金"A Study on the Rent-seeking,Political Capital Burst and Economic Consequences of Private Enterprises,Based on the Perspective of Officials Arrest"(Grant No.71702178),National Natural Sciences Foundation"Anti-Corruption,Reconstruction of the Relationship Between Government and Enterprises Social Capital Investment:An Integrated Research Based on Social Relation Network Theory"(Grant No.17YJC790005),MOE Project of Humanities and Social Sciences Foundation
文摘With the implementation of the CPC＇s eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectively. Our empirical research has found that after the release of the ＂eight-point regulation ＂, investors responded negatively to private frms and positively to SOEs. Such market response is more significant for firms with a high degree of rent-seeking. Further research has found that rent-seeking helps both SOEs and private firms receive more subsidies from the government. While government subsidy from rent-seeking is conducive to the performance of private firms, it is not the case for SOEs. This implies that rent-seeking activities serve as a ＂lubricant＇for private firms but have a ＂stumbling block＂ effect for SOEs.
