We use administrative registration records with information on the owners of all Chinese firms to document the importance of "connected" investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy...

We use administrative registration records with information on the owners of all Chinese firms to document their connections through equity investments. We show that the largest private owners have direct equity ties with state owners, the next largest private owners have equity ties with...

We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a...