-
首页
-
教学项目展开 / 收起
sidenav background教学项目
sidenav header background[12月15日]发展和政治经济学workshop
发布日期：2021-12-13 09:18 来源：
Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy?时间：12月15日周三14:00-15:30地点：承泽园246教室主讲人：祝武摘要：The finance–growth nexus has been a central question in understanding the unprecedented success of the Chinese economy. With unique data on all the registered firms in China, we build extensive ownership networks, reflecting firm-to-firm equity investment relationships, and show that these networks have been expanding rapidly since the 2000s, with more than five million firms in at least one network by 2017. Entering a network and increasing network centrality leads to higher firm growth. The effect of global centralities tends to persist and strengthen over time. Such positive network effects are more pronounced for high productivity and privately owned firms. The RMB 4 trillion stimulus, mostly in the form of newly issued bank loans and launched by the Chinese government in November 2008 in response to the global financial crisis, partially ‘crowded out’ the positive network effects. Our analysis suggests that equity ownership networks and bank credit tend to act as substitutes for state-owned enterprises, but as complements for privately owned firms in promoting growth.主讲人介绍：祝武，清华大学经管学院金融学助理教授，2021年获得宾夕法尼亚大学经济学博士学位与统计学硕士学位。博士期间曾在国际货币基金等机构实习。主要研究领域为公司金融，资产定价，机器(深度)学习，宏观经济学，网络经济学，及中国经济。他的研究曾多次获得金融学最佳论文奖或提名-如中国金融国际年会最佳论文将，中国金融研究最佳论文奖，美国金融管理协会投资最佳论文奖提名，美国中西部金融协会最佳博士论文奖提名等
国家发展研究院官方微信
Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
首页
-
教学项目展开 / 收起
sidenav background教学项目
sidenav header background[12月15日]发展和政治经济学workshop
发布日期：2021-12-13 09:18 来源：
Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy?时间：12月15日周三14:00-15:30地点：承泽园246教室主讲人：祝武摘要：The finance–growth nexus has been a central question in understanding the unprecedented success of the Chinese economy. With unique data on all the registered firms in China, we build extensive ownership networks, reflecting firm-to-firm equity investment relationships, and show that these networks have been expanding rapidly since the 2000s, with more than five million firms in at least one network by 2017. Entering a network and increasing network centrality leads to higher firm growth. The effect of global centralities tends to persist and strengthen over time. Such positive network effects are more pronounced for high productivity and privately owned firms. The RMB 4 trillion stimulus, mostly in the form of newly issued bank loans and launched by the Chinese government in November 2008 in response to the global financial crisis, partially ‘crowded out’ the positive network effects. Our analysis suggests that equity ownership networks and bank credit tend to act as substitutes for state-owned enterprises, but as complements for privately owned firms in promoting growth.主讲人介绍：祝武，清华大学经管学院金融学助理教授，2021年获得宾夕法尼亚大学经济学博士学位与统计学硕士学位。博士期间曾在国际货币基金等机构实习。主要研究领域为公司金融，资产定价，机器(深度)学习，宏观经济学，网络经济学，及中国经济。他的研究曾多次获得金融学最佳论文奖或提名-如中国金融国际年会最佳论文将，中国金融研究最佳论文奖，美国金融管理协会投资最佳论文奖提名，美国中西部金融协会最佳博士论文奖提名等
访问学者申请
EMAIL
北京大学
ENGLISH
