05692oam 22012134 450 991082608960332120240402051550.01-4623-2153-41-4527-2288-91-283-51381-197866138262681-4519-1026-6(CKB)3360000000443617(EBL)1608458(OCoLC)568151191(MiAaPQ)EBC1608458(IMF)WPIEE2007009(EXLCZ)99336000000044361720020129d2007 uf 0engurcn|||||||||txtrdacontentcrdamediacrrdacarrierDas (Wasted) Kapital : Firm Ownership and Investment Efficiency in China /David Dollar, Shang-Jin Wei1st ed.Washington, D.C. :International Monetary Fund,2007.1 online resource (40 p.)IMF Working PapersAt head of title: Research Department."January 2007."1-4518-6573-2 Includes bibliographical references (p. 19).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 Ownership1. City Fixed Effects from Regression of ln(VA/K)2. City Fixed Effects from Regression of ln(VA/K)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 foreignowned, and domestic privately owned firms, conditioning on their sector, location, and size characteristics. It finds that even after a quarter-of-century of reforms, state-owned firms still have significantly lower returns to capital, on average, than domestic private or foreign-owned firms. Similarly, certain regions and sectors have consistently lower returns to capital than other regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its investment intensity by 5 percent of GDP without sacrificing its economic growth (and hence deliver a greater improvement to its citizens' living standard).IMF Working Papers; Working Paper ;No. 2007/009Business enterprisesChinaFinanceEconometric modelsCorporationsChinaFinanceCorporate FinanceimfLaborimfMacroeconomicsimfTaxationimfIndustries: ManufacturingimfLabor Economics: GeneralimfMultinational FirmsimfInternational BusinessimfBusiness Taxes and SubsidiesimfIndustry Studies: Manufacturing: GeneralimfEmploymentimfUnemploymentimfWagesimfIntergenerational Income DistributionimfAggregate Human CapitalimfAggregate Labor ProductivityimfLabourimfincome economicsimfMultinationalsimfPublic finance & taxationimfManufacturing industriesimfForeign corporationsimfState equity participationimfManufacturingimfLabor economicsimfEconomic theoryimfChinaEconomic conditions20th centuryChina, People's Republic ofimfBusiness enterprisesFinanceEconometric models.CorporationsFinance.Corporate FinanceLaborMacroeconomicsTaxationIndustries: ManufacturingLabor Economics: GeneralMultinational FirmsInternational BusinessBusiness Taxes and SubsidiesIndustry Studies: Manufacturing: GeneralEmploymentUnemploymentWagesIntergenerational Income DistributionAggregate Human CapitalAggregate Labor ProductivityLabourincome economicsMultinationalsPublic finance & taxationManufacturing industriesForeign corporationsState equity participationManufacturingLabor economicsEconomic theory332.11Dollar David280556Wei Shang-Jin118987International Monetary Fund.Research Dept.DcWaIMFBOOK9910826089603321Das (Wasted) Kapital3990389UNINA