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“Special Deals from Special Investors: The Rise of State-Connected Private Owners in China” – HKU Macro Workshop
8Sep
Economics

“Special Deals from Special Investors: The Rise of State-Connected Private Owners in China” – HKU Macro Workshop

8 Sep 2021 | 12:30 p.m. – 02:00 p.m.
Hybrid Mode (Room 910, K. K. Leung Building & Zoom)
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Speaker:

Prof. Michael Zheng Song
Professor of Economics
Chinese University of Hong Kong

 

Abstract

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 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 “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.

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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
About Speaker
Prof. Michael Zheng Song

Professor of Economics, Chinese University of Hong Kong

“Special Deals from Special Investors: The Rise of State-Connected Private Owners in China” – HKU Macro Workshop
8 Sep 202112:30 p.m. – 02:00 p.m.
Hybrid Mode (Room 910, K. K. Leung Building & Zoom)
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