Das (wasted) kapital [[electronic resource] ] : firm ownership and investment efficiency in China / / prepared by David Dollar and Shang-Jin Wei

• Record Nr.: UNINA9910464834203321
• Autore: Dollar David
• Pubbl/distr/stampa: [Washington, D.C.], : International Monetary Fund, 2007
• ISBN: 1-4623-2153-4; 1-4527-2288-9; 1-283-51381-1; 9786613826268; 1-4519-1026-6
• Descrizione fisica: 1 online resource (40 p.)
• Collana: IMF working paper ; ; WP/07/9
• Altri autori (Persone): WeiShang-Jin
• Disciplina: 332.11
• Soggetti: Business enterprises - China - Finance - Econometric models; Corporations - China - Finance; Electronic books.; China Economic conditions 20th century
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: At head of title: Research Department.; "January 2007."
• Nota di bibliografia: Includes bibliographical references (p. 19).
• Nota di contenuto: Contents; I. Introduction; II. Conceptual Framework; III. Data; IV. Statistical results; V. Conclusion; References; Tables; 1. Firm Classification by Actual Ownership versus Registration; 2. Sources of Financing for Working Capital by Ownership Type; 3. Sources of Financing for Investment by Ownership Type; 4. Summary Statistics of VA/K Ratio; 5. Average Revenue Product of Capital and Ownership; 6. Average Returns to Capital: Adding Firm Size [ln(employment)]; 7. Summary Statistics of Marginal Revenue Product of Capital; 8. Marginal Revenue Product of Capital ((VA- wL)/K) and Ownership; 1. City Fixed Effects from Regression of ln(VA/K)2. City Fixed Effects from Regression of ln(VA/K)
• Sommario/riassunto: Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China with firm-level ; accounting information for 2002-2004, this paper examines the presence of systematic distortions in capital allocation that result in uneven marginal returns to capital across firm ownership, regions, and sectors. It provides a systematic comparison of investment efficiency among wholly and partially state-owned, wholly and partially foreign owned, and domestic privately owned firms, conditioning on their sector, location, and size characteristics. It finds that e