日期:2020年12月17日 (星期四)
騰訊會議
中國宏觀經濟研究組會 - 第九次活動
本次活動將由香港中文大學經濟系王鑫老師主講，安排如下：
時間：12月17日（四）下午14:00-15:00
平臺：騰訊會議
會議ID：394 534 095
王鑫老師
14:00-15:00
Special Deals from Special Investors: The Rise of State-Connected Private Owners in China
Coauthored with:
Chong-En Bai, Tsinghua University
Chang-Tai Hsieh, University of Chicago and NBER
Zheng (Michael) Song, the Chinese University of Hong Kong
Xin Wang, the Chinese University of Hong Kong
摘要
We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy of private owners: the largest private owners have direct investments from state-owned firms, the next largest private owners have equity investments from private owners that themselves have equity ties with state owners, and the smallest private owners do not have any ties with state owners. The network of connected private owners has expanded over the last two decades. The share of registered capital of connected private owners increased by almost 20 percentage points between 2000 and 2019, driven by two trends. First, state owned firms have increased their investments in joint ventures with private owners. Second, private owners with equity ties to state owners also increasingly invest in joint ventures with other (smaller) private owners. The expansion in the “span” of connected owners from these investments with private owners may have increased aggregate output of the private sector by 4.2% a year between 2000 and 2019.
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主講人介紹
王鑫老師於2014年獲得清華大學經濟學博士學位，2016年起在香港中文大學經濟系任副研究員。他的主要研究領域是經濟增長和中國經濟，重點關注的問題包括從非正式制度安排視角解釋中國經濟增長，才能與創業行為的關係等。
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關於中國宏觀經濟研究組會
中國宏觀經濟研究組會，是由清華大學-香港中文大學中國經濟聯合研究中心組織的一項長期、持續性的活動。組會的形式是召集清華經管學院有志於中國宏觀經濟學術研究的老師和同學，以及大陸和香港其他老師和同學，討論經濟中的熱點問題和自己的專案，或是不成熟的想法與相對初步的結果。組會的目的是促進和推動中國宏觀經濟的研究，加強教授和學生們之間的合作，討論項目中關鍵技術和難題，以推動研究的進一步發展。
歡迎大家積極聯繫並參與到組會的論文展示與想法分享！本組會的形式是非正式的討論和交流，展示的專案進度也可以相對初步，目的是通過共同交流推動宏觀經濟學研究的進展。希望大家踴躍參加！
如果大家身邊有其他有志於中國宏觀經濟學術研究，並準備以此領域為畢業論文或是未來職業發展方向的同學，歡迎向我們推薦。我們隨時歡迎新生力量和創造性思維的加入。希望大家共同進步，推動中國宏觀經濟的研究！
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