Date: 26 Aug 2021 (Thu)
Webinar
Monthly Webinar Series 2021:
Capital Market Development: China and Asia
10:00 am – 11:10 am, Thursday (Beijing-Singapore Time)
10:00 pm, Wednesday (US Time / Eastern Time)
The authors used 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. The authors 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 them-selves 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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Speaker
Chang-Tai HSIEH, Phyllis and Irwin Winkelried Professor of Economics; PCL Faculty Scholar, Booth School of Business, The University of Chicago and Senior Fellow, ABFER
Co-authors:
Chong-En BAI, Mansfield Freeman Chair Professor, Department of Economics and Dean, School of Economics and Management, Tsinghua University
Zheng (Michael) SONG, Professor at the Department of Economics, Chinese University of Hong Kong and Senior Fellow, ABFER
Xin WANG, Research Associate, Department of Economics, Chinese University of Hong Kong
Discussant
Randall MORCK, Stephen A. Jarislowsky Distinguished Chair in Finance and Distinguished University Professor, University of Alberta, Exco Member and Senior Fellow, ABFER
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Session Format
Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.
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Registration
Please register in http://abfer.org/events/abfer-events/212:webinarseries2021reg. A unique Zoom webinar link will be sent to you two days before the event. (Notice: Videos and screenshots will be taken during each session for the purpose of marketing, publicity purposes in print, electronic and social media)
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Organizing Committee
Zhiguo HE, Jun PAN, Michael SONG, Bernard YEUNG, Bohui ZHANG, Xiaoyan ZHANG (co-chaired by Zhiguo HE and Bernard YEUNG)
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Hosting Organizers
ABFER and University of Chicago's Becker Friedman Institute China (BFI-China)
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Collaborating Organizers
National University of Singapore (NUS) Business School, Shanghai Advanced Institute of Finance (SAIF), The Chinese University of Hong Kong (CUHK) Department of Economics, CUHK-Shenzhen and Tsinghua University PBC School of Finance (Tsinghua PBCSF)
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Event Website: http://abfer.org/events/abfer-events/monthly-webinar-series/211:webinarseries2021