时间：2019年4月23日（周二）14:00—15:30
地点：永利集团3044am官方入口302教室
主讲人：Loren Brandt
组织人：张晓波 李力行 席天扬 刘怡 张鹏飞 郝煜 刘冲
主持人：刘冲
题目：Serial Entrepreneurship in China
摘要：
Little is known is about the role of serial entrepreneurs, which we define as individuals who establish more than one firm. In this paper, we draw on the Business Registry of the Ministry of Industry and Commerce in China to examine the role and contribution of serial entrepreneurship (SE). We first document how important quantitatively SEs is in China. We next develop a simple model to analyze the portfolio choice problem of SE that highlights the role of upstream and downstream linkages, and risk diversification. We then examine regional differences in the rate of new firm start-ups and serial entrepreneurship, with an eye to the link with the local business environment. A simple model helps rationalize role of endowments, ability, and features of the local environment in explaining differences between SE and non-SE. Drawing on Brandt, Kamborouv and Storesletten (2018), we measure differences in the local business environment by differences in the capital and output frictions (wedges) and entry wedges. In the cross-section, new firm entry and SE are positively correlated with lower capital wedges and larger subsidies (larger output wedges), and lower barriers to entry. Finally, drawing on supplementary data on firm output, assets, etc. collected by the Ministry of Industry and Commerce, we examine the relative productivity of serial and non-serial firms by the type of local business environment. Our results suggest that the local business environment greatly influences economic development through selection into entrepreneurship and serial entrepreneurship. In environments with fewer constraints on entrepreneurs, we observe both more entrepreneurs, and more of the “good” entrepreneurs establishing additional firms. Both contribute to higher productivity and growth.
主讲人介绍：
Loren Brandt教授于1983年获得美国伊利诺大学博士学位。1998年起至今为多伦多大学经济系教授，是研究中国经济问题的专家。同时，他还是德国劳动研究所（IZA）研究员、Explorations in Economic History编委。其学术论文发表于American Economic Review、Journal of Political Economy、Explorations in Economic History、Journal of Economic History、Journal of Population Economics、Journal of Monetary Economics、Journal of Development Economics等。其中关于中国经济的学术论文曾被发表于Journal of International Economics、Economic Journal等国际顶级期刊。 他是《牛津经济发展史百科全书》（Encyclopedia of Economic History，5册，牛津大学出版社2003年出版）领域编辑之一。此外，他还是《中国经济大转型》（China’ s Great Economic Transformation，2008年出版）一书的联席主编与主要贡献者，该书对中国过去35年的经济爆发式增长进行了综合全面的分析，是一项具有标志性意义的研究成果。Brandt教授目前的主要研究领域为中国的产业升级与创新、不平等、长期经济增长与结构转变等问题。
http://groups.chass.utoronto.ca/brandt/
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