报告题目：Conglomerate Formation in China
报 告 人：宋铮 (香港中文大学 教授)
主 持 人：才国伟（中山大学岭南学院 教授）
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.
宋铮，现为香港中文大学经济系教授，香港中文大学社会科学院杰出学人，香港中文大学与清华大学中国经济研究联合中心主任，清华大学经管学院杰出访问教授。宋铮教授的研究领域为中国经济和宏观经济学。他曾在经济学顶尖期刊American Economic Review和Econometrica发表过论文。他的论文「Growing like China」获孙冶方经济学奖和中国青年经济学家优秀论文奖。 在加入香港中文大学之前，宋铮曾任芝加哥大学布斯商学院经济学副教授。 他的学术兼职还包括China Economic Review联合主编，Econometrica和Journal of European Economic Association副主编，中国经济学基金会学术委员会委员等。