2026年第46期(总第1190期)

演讲主题：Foreign Political Connections, Government Procurement, and Firm Value

主讲人：Douglas Cumming 美国史蒂文斯理工学院教授

主持人：李安泰 计算金融系副教授

活动时间：2026年6月22日（周一）16:00-17:30

活动地址：管院大楼107教室

主讲人简介：

Douglas Cumming教授现任教于史蒂文斯理工学院，是一位在金融学领域具有广泛影响力的学者，h指数高达70，总引用次数超过16,500次。他的研究领域广泛，涵盖金融科技、公司金融、资本市场、公司治理及网络安全法等多个前沿方向。其研究成果丰硕，已发表223篇期刊论文，并撰写了20部书籍及44个书籍章节。近期研究尤其关注银行系统稳定性与网络犯罪法、董事会改革与公司治理、金融科技的颠覆性影响以及对冲基金在ETF中的投资等议题。

活动简介：

We theorize that political ties help foreign firms overcome the liability of foreignness, and as a result, connected foreign firms secure significantly larger government contracts and generate positive firm value. In contrast, local firms, typically more embedded in domestic political and institutional networks, should experience weaker or even negative value effects from political connections, since these ties may entrench rent-seeking or agency problems. Investigating the channel of value creation, we conjecture that politically connected government contracting improves investment sensitivity to growth opportunities for foreign firms but reduces investment efficiency for local firms. Institutional and economic development moderate these effects: higher home-country economic and financial development weakens the positive impact of political connections on government contracting for both foreign and local firms. Furthermore, the value created through politically connected contracting is amplified for foreign firms from more developed home countries but diminishes or disappears for local firms in similar contexts. The data examined from 27 countries are consistent with these predictions on how political connections influence government contracting outcomes. The findings underscore the context-dependent role of political ties in global government procurement and their heterogeneous effects on firm value.