Wednesday, April 3, 2019 | 10:00 - 11:30 a.m. | GPS 3106 (Ground level conference room)
"Growth of Chinese Conglomerates"
Presenter: Chang-Tai Hsieh, Phyllis and Irwin Winkelried Professor of Economics, University of Chicago
Abstract: We use data on owners of the universe of Chinese firms to document the following facts about the largest Chinese firms from 1995 to 2015. 1). The largest Chinese firms are conglomerates, where the largest 500 conglomerates in 2015 have an average of 17 thousand firms, and collectively account for almost half of all registered capital of all Chinese firms; 2) The largest conglomerates are linked via ownership networks; 3) The size of the conglomerate is increasing in the size and decreasing in the productivity of capital of the firm at the "center" of the conglomerates; 5) Conglomerates are typically partnerships between private firms and state owned firms, where state owned firms are typically at the center of the conglomerates; 6) The number and size of Chinese conglomerates increased from 1995 to 2015.
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