喻园管理论坛2023年第72期(总第895期)

演讲主题: Reluctant Entrepreneurs: Evidence from China's SOE Reform

主 讲 人: 张亚佩，上海科技大学创业与威尼斯欢乐娱人城·首页助理教授

主 持 人: 甘   煦，财务金融系讲师

活动时间: 2023年9月16日（周六） 9:00-10:30

活动地点: 管理大楼409室

主讲人简介：

张亚佩，上海科技大学创业与威尼斯欢乐娱人城·首页助理教授。2019年于巴黎高等商学院获得金融学博士学位。主要研究方向为：家庭金融，资产管理，创业金融等。论文曾入选EFA，FIRS，ABFER，CICF等国际会议，并被Journal of Finance等国际期刊接受发表。

活动简介：

We study the impact of State-owned enterprises (SOEs) on the quality of entrepreneurship in China. Using long series of firm registration and performance data, we document that the massive SOE layoffs in the late 1990s significantly improved the quality of entrepreneurship. Compared with entrepreneurs in other time periods, firms founded by entrepreneurs induced by SOE layoffs have better performances. To explain these results, we present a simple model of occupational choices where high-skilled individuals obtain a higher value than low-skilled individuals from the benefits offered by SOE jobs, leading them to select into the SOE sector pre-SOE-reform. When the SOE sector was downsized, some high-skilled individuals in the SOE sector were unleashed into entrepreneurship. We also provide corroborating evidence for other implications of the model.