主题：Ownership Networks and Firm Growth: What the Forty Million Companies Tell Us About Chinese Economy
主讲人：祝武 清华大学
主持人：王彬 暨南大学
时间：2025年6月12日（周四）上午10:00-11:30
地点：暨南大学石牌校区经济学院大楼（中惠楼）306室
摘要
Using comprehensive data on all registered firms in China, we build detailed firm-to-firm equity ownership networks and document their rapid expansion since 2000, covering over 5.6 million in-network firms by 2017. We develop an equilibrium model with endogenous information acquisition and investment, showing that more central firms obtain more accurate information through recursive aggregation, thus leading to improved investment decisions and higher growth. Consistent with the model, empirically, we find that both entering the network and increasing centrality lead to higher firm growth, facilitated by financing and resource-sharing channels. Exploiting the 2008 global financial crisis (GFC) as a shock to China’s export sectors, we show non-export firms connected with the export sectors in the equity networks before the crisis gained centrality relative to otherwise similar unconnected firms, and experienced higher post-crisis growth.
主讲人简介
祝武，宾夕法尼亚大学经济学博士，统计学硕士，2021年起在清华大学经管学院担任助理教授，并自2023年起担任清华大学数智审计研究中心研究员。他主要讲授高级实证资产定价、金融大数据方法与应用、深度学习及其在金融中的应用等课程。研究领域涵盖金融、人工智能、大数据、网络经济学、投资组合管理与中国经济等。在Journal of the Royal Statistical Society B: Statistical Methodology, Journal of the American Statistical Association, Management Science等国际顶级期刊发表多篇论文（含接收），在Cambridge University Press出版Book Chapter，曾获得多项荣誉和奖项，如清华大学经管学院先进工作者等。
欢迎感兴趣的师生参加！
校对|王彬
责编| 彭毅
初审| 李仲达
终审发布| 何凌云
（来源：暨南大学经济学院微信公众号）
