2019年3月5日下午15：00，由复旦大学公共经济研究中心和复旦大学公共经济学系主办的“复旦公共经济与政策论坛”第104期在经济学院泛海楼808会议室举行。同济大学的钟宁桦教授应邀做了题为“Gathering Strengths for Economic Growth like China”的讲座。钟教授的讲座以其团队的最新研究成果为基础，旨在提供一个统一的政治经济学框架来帮助大家理解近年来中国经济增长中的一些显著特征。报告由公共经济学系封进教授主持。
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钟宁桦教授的讲座内容分为总体介绍、模型设定、数据来源、实证结果、结论与理论贡献共计五大部分。
首先，钟教授用翔实的数据和简洁的图表向大家展示了一些特征事实，如中国的债务比例和构成、不同资产规模的企业群体间在杠杆率和利润率上的差异等。针对这些现象，在既有文献研究的基础上，钟教授提出自己的猜想：地方政府可能为了推荐当地经济的发展，通过促成当地的大企业和大银行的合作而上马一批大项目。利用银行贷款、企业投资和官员任期等数据，钟教授初步验证了这些因素之间的相关关系。
接着，钟教授在上述理论和现实的基础之上提出了自己的理论模型，试图来解释为何大小企业之间的杠杆率会有不同，以及在资本回报率下降的情况下中国的投资水平仍然高企的原因。进一步地，经过一系列假定，钟教授从这一理论模型中得到了4条引理，为后续的实证检验提供了对象。
然后，钟教授对研究的实证检验部分进行了说明，包括数据的来源、回归检验的结果等。通过从一系列实证检验中得到的证据，钟老师基本验证了自己的猜想，即地方官员为了通过推动当地经济的发展来谋求政治晋升，往往会在其任期内促使辖区内的大型国有银行向当地的大企业提供更多的金融资源，使其进行更多的投资。这样的做法一方面会提升这些大企业的利润率水平，另一方面又通过影响高效率的中小企业对金融资源的可获得性，造成当地平均利润率的下降。
最后，钟教授对自己的研究进行了总结，认为其贡献主要有三个方面：第一，从一个新的视角来解释中国地方经济的增长方式，丰富了既有的文献；第二，探讨了金融效率和中国的资源错配问题，特别是官员通过银行来影响金融资源的配置，虽然在这一过程中对于大企业是有利的，但对整个地区却是不利的；第三，进一步研究了地方政府的融资方式，即通过银行来为当地企业融资。
公共经济系封进、孙琳、宋弘和刘宇老师到会。此外，本次讲座还吸引了范剑勇、陈硕、高虹等经济学院其他系所的老师，以及自上海交通大学、同济大学、上海财经大学、上海海事大学等院校师生的积极参与。整场讲座内容精彩，气氛活跃，与会的部分师生也积极参与到讨论之中。
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