讲座主题：Trade Liberalization and Domestic Vertical Integration: Evidence from China

　　主讲人：刘青

　　讲座地点：B228

　　讲座时间：2018年5月25日 上午9:30

　　主办单位：betway必威经济系

　　讲座摘要：In this study we examine the effects 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 firm (target) is acquired by a domestic downstream firm. Our analysis takes China’s accession to the WTO (2001) as a quasi-natural experiment for trade liberalization. We find that a decrease in tariffs on the target industry’s outputs reduces vertical integrations, but a decrease in tariffs on the target industry’s inputs increases vertical integrations. The result is obtained using the difference-in-differences technique and is robust to various specifications 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 finding that the existence of underinvestment is the key to understanding the effects of tariff reductions on firms’ organizational choices.

　　主讲人简介：刘青，对外经济贸易大学国际经济贸易学院教授，院长助理。研究领域为国际贸易，具体课题包括外国直接投资与跨国并购，跨国公司全球化与创新，全球化与中国经济，国际经济政策研究等。研究成果发表于Journal of International Economics, Review of International Economics, World Economy等。刘青教授还是全国高校国际贸易学科协作组青年论坛副秘书长，并担任中国国际贸易研究会(CTRG)副会长。