题目: Evolution of Local Government Equity Assets in China: A New Measure Based on Equity Networks

主讲人：刘岩（中山大学）

时间：2025年9月25日 下午14:00 – 15:30

地点：承泽园229

摘要：Measuring the equity assets of the government is crucial for assessing the financial stability and fiscal sustainability of the public sector. Using a novel business registration dataset of China, we propose a new measure of local government equity assets based on equity networks. Stylized facts indicate that the scale of equity assets decreases with administrative hierarchy. Furthermore, the dynamics trends show that the equity assets scales of local governments at various levels exhibit similar growth trends—steadily increasing before 2015, and experiencing higher growth rates thereafter. We use the implementation of real estate loan concentration management in 2020 as an exogenous shock to empirically explain the rapid expansion of equity assets between 2020 and 2022. Our study finds that prefectures more heavily impacted by this shock are more likely to engage in land acquisitions through LGFVs, thereby capitalizing land and leading to a sharp increase in equity assets.

主讲人简介：刘岩，中山大学商学院（创业学院）副教授。主要研究领域为宏观经济学、金融中介理论、货币银行学、公司金融，主持“中国银行业数据库（CBD）”项目，主持国家自科面上项目、青年项目，作为子课题负责人或主要人员参与多项国家社科重大项目、国家自科重点项目、科技部重点研发计划项目。在《人民日报·内参》《经济研究》、Review of Economic Studies、Journal of International Economics等国内外期刊发表论文近30篇。获得2020年首届PwC3535年度最佳论文奖，并两次获得中国金融学年会最佳论文奖。