报告题目：Understanding the Chinese Economy with Firms' Big Data
报 告 人：钱军
钱军教授的研究领域包括公司金融、金融机构和资本市场等方向的许多课题。钱军教授在American Economic Review, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of International Economics等发表多篇学术论文。钱军教授曾任Review of Finance副主编，完成专著《中国金融的力量》，完成多篇有关资本市场改革、金融体系安全的智库报告，曾任MIT、宾夕法尼亚大学沃顿商u乐、斯坦福大学商u乐、清华大学经济管理u乐等院校的特聘、访问和客座教授。
Using unique data on all the registered firms in China, we build extensive firm-to-firm equity ownership networks of 40 million firms for 1990-2017, and study two sets of questions (two working papers). First, the finance–growth nexus has been a central question in understanding the unprecedented success of the Chinese economy. We find that entering a network and increasing network centrality leads to higher firm growth, and the effect of global centralities strengthens over time. The positive effects of network positions tend to more pronounced for highly productive firms and firms with more financial constraints, whereas less pronounced for SOEs. We propose a financing channel and a resource-sharing channel through which network positions affect firm growth. Our evidence also shows that RMB 4 trillion stimulus launched by the Chinese government in 2008 partially “crowded out” the positive network effects. Equity ownership networks and bank credit tend to act as substitutes for state-owned enterprises, but as complements for private firms in promoting growth. Second, we re-examine the state sector and its role in the Chinese economy. We propose a new measure of state-owned enterprises (SOEs) and partial SOEs based on the firm-to-firm equity investment relationships. Our measure captures a significantly larger number of SOEs than the existing measures. The aggregated capital of all the SOEs (including partial SOEs) has climbed up to 85%, and the total state capital in all the SOEs has increased to 31%, both over total capital in the economy by the end of 2017. State ownership shows parallel trends of decentralization and indirect control over time. Mixed ownership is associated with higher firm growth and better performance as measured by higher profitability and productivity, while a greater hierarchical distance to the central and provincial governments is associated with better firm performance but lower growth.