【CESS】Special Deals from Special Investors – The Rise of State-Connected Private Owners in China

  • 研討會日期 : 2022-09-13
  • 時間 : 14:30
  • 主講人 : Professor Zheng Song (宋錚) (Chinese University of Hong Kong)
  • 地點 : online
  • 演講者簡介 : Professor Song received his Ph.D. in International Economic Studies from Stockholm University in 2005. He is currently the Wei Lun Professor of Economics and Head of Department of Economics at Chinese University of Hong Kong. His research interests are Macroeconomics, Chinese Economy, and Political Economy.
  • 演講摘要 : We use administrative registration records with information on the owners of all Chinese firms to document their connections through equity investments. We document a hierarchy of private owners: the largest private owners have direct equity investments from state-owned firms, the next largest private owners have equity in-vestments 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 net-work of “state-connected” private owners has expanded over the last two decades. The share of registered capital of private owners with state-connected investors increased by almost 20 percentage points between 2000 and 2019, driven by two trends. First, state owners 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 number of state-connected private owners may have increased aggregate output of the private sector by 2.5% a year between 2000 and 2019.