【经管院每周系列讲座第351期】Conglomerate Formation in China

2019-04-16 138次浏览

【经管院每周系列讲座第351期】Conglomerate Formation in China

主题 Conglomerate Formation in China

主讲人清华大学 香港中文大学 教授

主持人西南财经大学经济与管理研究院  张吉鹏副教授

时间2018426日(周五)10:30—12:00

地点西南财经大学光华校区 经管院314会议室

主办单位:经济与管理研究院  科研处

 

主讲人简介:

宋铮教授 清华大学经管院特聘教授和香港中文大学经济系教授,主要研究专长是宏观经济学与中国经济研究。

 

内容提要:

Abstract: Why does China have a thriving private sector? This paper argues that conglomeration serves as an informal institutional arrangement through which resources can be reallocated within conglomerate even in the absence of factor markets. Using firm registration data that covers all the 17 million firms in the economic universe of China, we document the following facts: (1) two hundred thousand state-owned firms are at the center of the universe in terms of the firm-to-firm ownership network, about two million private firms are connected to the state-owned firms and these connected firms account for two thirds of the registered capital in China; (2) hundreds of conglomerates are identified and the explosion of the universe was mainly driven by the expansion of incumbent conglomerates; (3) firm access to resources is highly correlated with its distance to the center of the conglomerate. We then develop a model of conglomerate formation, where connecting to a conglomerate helps to overcome financial constraints or entry barriers. The model generates the firm size and TFP distributions as well as conglomerate size distribution, which we use to compare with the data in structural estimation. The estimated model can also reproduce many dynamic patterns in the data, especially the booming private sector since 2000 and its connectedness with the state sector.

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