报告人：高开娟 副教授

讲座题目：

Beyond Ownership: Shareholder Objectives and SOE Performance

时间：2026年4月29日上午10：00-11：30

地点：bw必威西汉姆联东校区财科馆318会议室

主持人：苏子豪 副教授

讲座摘要：

Exploiting a quasi-natural experiment in China in which the shareholders of SOEs place greater weight on financial objectives without privatizing SOEs, we examine whether the underperformance of SOE is driven by ownership or by shareholder objectives. Using a staggered difference-in-differences design, we find that pilot SOEs significantly increase ROA and TFP following the shock. These effects are stronger when the shift toward financial objectives is more pronounced. Further evidence shows that lower employee compensation, higher investment, and increased innovation explain the performance improvement. In addition, pilot SOEs increase their dividend payout ratios after the shock. Overall, our findings suggest that shareholder objectives are an important determinant of corporate performance.

报告人简介：

高开娟，湖南大学工商管理学院会计学系副教授，湖南大学会计学系主任，湖南省普通高校青年骨干教师。研究领域为中国情境下的财会审问题研究，研究成果发表于国内外高水平期刊Contemporary Accounting Research、Journal of Accounting, Auditing & Finance、管理世界、会计研究、金融研究、南开管理评论等，被JFE、MS、JDE、经济研究、管理世界等国内外高水平期刊引用，主持及参与国家自然科学基金、教育部人文社科基金、湖南省自然科学基金、教育部产学研协同育人项目等，担任国家自然科学基金委通讯评审及国内外高水平学术期刊审稿专家。