创新发展学院学术讲座，理悦CEMA•知与行系列研讨会2025年第17讲将于12月12日（周五）中午11：30-13：00在学术会堂712会议室举行，由中国人民大学财政金融学院李戎教授报告论文：“Evolution of Local Government Equity Capital in China: A New Measure Based on Equity Networks”。欢迎广大师生（尤其是对科研有兴趣和追求的本科生、硕士生和博士生）参加。

题目

Evolution of Local Government Equity Capital in China: A New Measure Based on Equity Networks

摘要

Measuring the equity assets of the government is crucial for assessing the financial health and stability of public sector investments. Using a novel business registration data, we propose a new measure of local government equity assets based on equity networks. Stylized facts indicate that the scale of equity assets decreases with administrative hierarchy. Furthermore, the dynamics trends show that the equity assets scales of local governments at various levels exhibit similar growth trends—steadily increasing before 2015, and experiencing higher growth rates thereafter. We use the implementation of real estate loan concentration management in 2020 as an exogenous shock to empirically explain the rapid expansion of equity assets between 2020 and 2022. Our study finds that prefectures more heavily impacted by this shock are more likely to engage in land acquisitions through LGFVs, thereby capitalizing land and leading to a sharp increase in equity assets.

报告人简介

李戎，中国人民大学财政金融学院教授、博士生导师，入选国家“万人计划”青年拔尖人才，中国人民大学吴玉章青年学者，兼任中国人民大学政府债务治理研究中心副主任。主要研究方向为宏观经济理论、财政与货币政策、地方政府债务，在European Economic Review，American Journal of Agricultural Economics, Journal of Money, Credit and Banking，Journal of Regional Science,《经济研究》、《管理世界》、《经济学（季刊）》、《中国工业经济》等一流期刊发表论文30余篇，主持教育部人文社科重点研究基地重大项目一项、国家自然科学基金3项、中国财政学会自主性研究项目一项、中国人民大学科研基金重大项目一项，出版专著两部。

时间

2025年12月12日（周五）11:30-13:00

地点

中央财经大学学院南路校区学术会堂712会议室

撰稿：李戎

审稿：何其春

编辑：沈嘉怡

审核：王颖