时间：2018年11月7日(周三)下午15:00-16:30
地点：理科大楼A302（中北校区）
题目：Privatization and the Dynamics of Productivity and Investment in China since 1990
主讲人：周昊宇 华东师范大学
Abstract：Over the past decade, China's massive and rapid economic transformation has attracted considerable attention. Whereas previous work emphasized the effect of privatization on productivity, this paper argues that privatization and other policy changes in China during this time period more directly affected input prices, not productivities. I show that private and state-owned firms differed in their capital-labor ratio, and study how these differences varied in response to policy changes. In addition, I illustrate the importance of taking such differences into account by constructing a dynamic structural model of privatization, firm heterogeneity and industry evolution, and estimate its parameters using the ``Chinese Industrial Enterprises Database''. The results of my analysis indicate that the percentage difference in productivity between private and state-owned firms may be overestimated by as much as 135 percentage points if the difference in input prices is not properly addressed. In addition, my estimates of the model confirm many well documented institutional features about China's reform, including ``grasp the large and let go of the small'' policy, easy access to credit for state-owned enterprises (SOEs), and selection for privatization according to firms' probabilities of success. Finally, the estimated structural model enables policy simulations and, in particular, I ask and answer three important questions: (1) what are the effects of removing SOEs' easy access to credits, (2) what would happen if governments were to use an alternate privatization selection scheme, and (3)what would happen if governments shut down one of the following two channels of reforms, new firm entry and privatization of existing state-owned firms.