基地研究员孔东民教授、王亚男副教授的合作论文“Deregulating the input market by central inspection: Lessons from China's primary land market”在国际权威期刊Journal of Economic Behavior & Organization在线发表。

摘要：Leveraging a reform that assigns central inspectorates to local units in China to oversee industrial land transactions, this study examines the effects of unleashing the local government's influence on land prices using a difference-in-differences design. Our research provides compelling evidence that the reform leads to an additional 50% increase in industrial land prices and significantly enhances the productivity of local industrial firms. The rise in land prices can be attributed to an increase in market-oriented transactions. Additionally, we discover an improvement in the quality of new entrants and a reduction in resource misallocation following the reform. By demonstrating the positive externalities of central supervision on local government intervention in the industrial land market, our findings suggest that, in certain cases, central inspection can mitigate distorting behaviors of the local government in input markets. This, in turn, facilitates the screening of productive entrants and hinders investments by unproductive incumbents, thereby improving the overall productivity of economic entities.

关键词：The helping hand; Local government; Land prices; Misallocation; Firm productivity

链接：https://doi.org/10.1016/j.jebo.2024.02.039

作者简介

孔东民，中南财经政法大学金融学院文澜学者特聘教授，博士生导师。中国管理现代化研究会金融管理专业委员会委员。主要研究方向为财务金融、行为金融与中国资本市场。在Journal of Law and Economics, Journal of Public Economics, Management Science,《经济研究》《金融研究》《经济学季刊》等国内外期刊发表论文多篇。主持国家社科基金重大项目以及多项国家自科基金与社科基金。目前担任Economic Analysis and Policy主编以及《金融学季刊》等期刊副主编。

王亚男，中南财经政法大学金融学院副教授。复旦大学经济学院金融学博士，德国WHU-Otto Beisheim School of Management联合培养博士生。主要研究领域为公司金融、合约理论以及行为金融。目前主持国家自然科学基金青年项目一项，并参与多项国家自然科学基金和国家社会科学基金项目。研究成果发表于《经济研究》、《金融研究》等国内重要期刊，以及Journal of Corporate Finance, China Economic Review, Energy Economics, Journal of Business Finance & Accounting, Economic Modelling, Pacific-Basin Finance Journal, Finance Research Letters等SSCI期刊。